Property Specs for Kalamalka Park Estates
Kalamalka Park Estates Ltd.
- This property is beneficially owned and operated by a Cooperative Association consisting of all registered shareholders of Kalamalka Park Estates Ltd. Kalamalka Park Estates Ltd. is the registered owner of the property in the Land Title Office and holds the property in trust for the Cooperative Association.
- Management of the property is entrusted to six directors who are elected by the shareholders.
- Thirty shares have been issued, each having one vote and an entitlement to a designated "site" according to a written Co-ownership Agreement and Shareholders Agreement.
- Shareholders may build on their site or hold it as an investment.
- All shareholders may use the common property and have an interest in any future development of the thirty-one acres.
- A Shareholders Agreement and a Co-ownership Agreement govern shareholders. The majority of the shareholders may amend these agreements at any time.
- The property, thirty-one acres, 2400 ft of lakeshore, is almost entirely surrounded by park. The only access road is gated for the benefit of the shareholders.
- When you purchase a share, there is no Provincial land sales tax or GST. On a share priced at $729,000, this is a saving of about $12,000 on the Provincial land sales tax and an additional 36,450 on 5% GST. The share is transferred to you and recorded in the company records. You become one of the thirty owners of the company.
- The Disclosure Statement, Shareholders Agreement and other corporate documents are available for review.
- Environmentally Sensitive Construction
- A building scheme has been implemented to protect the integrity of the development.
- Your source of power will be solar. Homes will have earth tone, fire-rated hardy plank siding.
- The footprint will be 1184 sq ft or smaller. Full basements with two storeys would give you over 3500 sq ft.
- The 2007 Maintenance fee was approximately $60/month.
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