Crowsnest Centre site sold

Crowsnest Centre

Joni MacFarlane
Crowsnest Promoter

A large construction company has just been awarded the sale and contract of the former Crowsnest Centre site.

Council voted unanimously on Jan. 22 to enter into a sale and construction agreement with Medican General Contractors.

Started in Medicine Hat as a concrete company, Medican began building single-family homes and condominiums and was one of the first builders to introduce luxury condos for homeowners aged 40 and up.

They’ve now expanded across the country with completed condo developments in Quebec, Saskatchewan, B.C. and Alberta.

The municipality said details of the sale would be released to the public shortly.

Comment: There is so little information here and what little there is is both confusing and contradictory from what we have been led to believe all these many months since the mayor announced a hotel for this site last June.

This company has never built a hotel, nor are they hoteliers? What exactly are we getting here and more importantly what have we gotten ourselves into?

Spoke with Joni and she couldn’t shed any more light on this story than what there is above but promised to update it as soon as she hears more. Stay tuned, as they say “the proof is always in the pudding.”

 

When buying and selling are controlled by legislation, the first things to be bought and sold are legislators.

from John Prince
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16 Responses to Crowsnest Centre site sold

  1. Anonymous says:

    They are builders of big senior complexes. There are some in Calgary. Really nice.
    Good news. Things are moving all of a sudden. All good.

  2. Anonymous says:

    Pretty good. Google them, some good projects some not so good, interesting.

  3. Anonymous says:

    Senior complexes is not a flag ship hotel?

  4. Anonymous says:

    I think it is probably a better idea than a hotel. Either would have been okay though. I guess they will tell us more soon.

  5. Anonymous says:

    This is kinda scary, don’t you think?

    Medican secures 95.5 per cent creditor support for its plan of Arrangement

  6. Anonymous says:

    More here

  7. Anonymous says:

    Needing only to put up a for sale sign, 2.5 years later, this is the best this mayor and council could do, negotiate a deal with a company verging on bankruptcy?

  8. Anonymous says:

    Wow, Now I am really interested in what kind of deal did this council get. It is all about the details and I am quite worried that the mare and lemmings might of screwed us again, just so they can say they got a deal done.
    Council, please release the details. What did you sell that land for. Who is paying for removal of the hospital?What gaurantees did you get about actually building something?
    I am hoping for the best, but fearing the worst, again.

  9. Peter Rosner says:

    Lets get the cash upfront no “I OWE YOU”.

  10. Anonymous says:

    Office of the Superintendent of Bankruptcy Canada

    Ernst & Young – Medican [CCAA Monitor]
    The “Amended Plan of Arrangement …” 3.1 Overview is interesting.

  11. Anonymous says:

    WOW first a mine now a BIG hotel, We are in the money honey Ya right.

  12. Anonymous says:

    Many development initiatives of Medican originate from sylvan lake. Is not our CEO from sylvan lake.

  13. Jose says:

    Collin Gallant’s article in the Medicine Hat News on August 29, 2012 shows that the restructured company has a long way to go before its many creditors are repaid. A kitty of $1 million has to be in place before any creditor payments are distributed, and as of that date no payments had been made. The new Company must now be back on track if they have received approval from the Muni to buy the Crowsnest site. Lots of nail biting with this deal, I’m sure.

    Good luck to them. One thing is that they have the experience and background to get things done. We will see about the money. With fingers crossed and wrecking balls ready.

    Jose

  14. Anonymous says:

    Excellent source material . For those that do not have time to research. Here is a summary.

    In January 2012 the majority of some 500 unsecured creditors, owed a total of $29.8 million according to court filings.

    If I were to do business with them…one statement…”Show me the Money”

    Some of the Cities and Towns
    City Of Calgary 2,216.60
    City Of Calgary – Finance Dept 55,633.55
    City of Edmonton 20,226.00
    City of Grande Prairie 52,295.28
    City Of Lethbridge 2,180.83
    City Of Medicine Hat 108,109.21
    City of Red Deer 36,202.01
    City Of Red Deer-Accts Rec. 52,324.62
    City of St. Albert 6,351,07
    Town Of High River 2,026.14
    Town Of Redcliff 75.00
    Town of Sylvan Lake 64,626.51

    Some of the larger unsecured creditors that are owed monies
    Spider Electric Ltd $ 1,322,111.12
    Bruin’s Plumbing & Heating Ltd $ 1,045,706.94
    Hybar Mechanical Contract Ltd $ 946,521.46
    Jetco Mechanical Limited $ 527,753.10
    Fox Air Systems Inc $ 494,236.40
    Carpet Supermarket Sales Ltd $ 492,944.03
    Floorright Interiors Ltd. $ 487,210.04
    B.M.H. Construction $ 455,903.17
    Dorren Electric 1985, Ltd $ 451,488.47
    Bornhorst Mechanical inc. $ 377,004.18
    Minister Of Finance $ 374,797.23
    Westridge Cabinets $ 374,253.98
    KCB Excavating $ 365,090.47
    Forest Park Electric (1997)Ltd $ 349,854.05
    Empire Drywall Ltd. $ 347,929.03
    Focus Intec. $ 342,830.14
    Thibeault Masonry Ltd. $ 322,275.86
    Scheffer Andrew Ltd. $ 308,836.40
    Artistic Stairs Ltd. $ 300,166.04
    Gunthers Masonry Construction $ 299,091.32
    Nordic Mechanical Ltd. $ 293,634.69
    Meyers Norris Penny LLP $ 288,038.04

  15. Anonymous says:

    What happened is Medican went broke a couple of years ago. It appeared that its creditors would get nothing if its assets were liquidated. So the creditors agreed to set up a new “Medican 2012” to continue the business in the hope of getting back ten cents on their dollars.

    It doesn’t seem likely that “Medican 2012” has the cash to do this project. They will have to do it with OPM (other people’s money). Like Bridgegate and Riversdale.

  16. Anonymous says:

    UNAPPROVED COUNCIL MINUTES
    JANUARY 22, 2013

    BUSINESS OUT OF CAMERA

    M#6748-13: Councillor Gallant moved that Council direct the Chief Administrative Officer to enter into a Sale and Construction Agreement for the Development of the former Crowsnest Centre Site with Medican General Contractors Ltd.

    CARRIED UNANIMOUSLY

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