Saturday, 17 October 2015

More Questionable Land Dealings for Massive Profits


After extensive research, I can now say publicly, with the utmost of confidence, that LONG LAKE INVESTMENT INC. stands to profit significantly by flipping over 390 Acres of land along Tower Road for the proposed Regina Bypass. While sale prices are not yet being made public, we have confirmed that the minimum sale price offered for lands in that area is $100,000 per acre.  

This would translate to a total profit of at least $35 MILLION for the investors behind Long Lake Investment Inc. for the full 390 Acres. (Potentially up to $95 MILLION)

For a backgrounder, Long Lake Investment Inc. (LLI) was formed in 2011 with the apparent express intent of acquiring large amounts of land prior to the Bypass route being made public. These lands were presumably purchased knowing full well what the plans were for the Regina Bypass and with no intent to do absolutely anything with the lands other than hold them and sell them to the City and Province only a few short years later.

As per City of Regina Administration (See below), LLI made an arrangement with the RM of Sherwood to purchase lands at an agreed price of $12,500 per acre. In total today, LLI owns a minimum of 390.86 Acres. Do the math, and you will find they stand to gain nearly $35 MILLION in pure profit. And all they had to do was purchase the lands and hold onto them for a few years. Resulting in a 700% return on investment.

Further to this, file the following under the "what are they thinking?" category. On October 26, Regina City Council will vote whether to allow LLI to purchase a few select pieces of land, that are virtually worthless to any developer as they are Road Right of Ways. At least one of these pieces of land just happen to be smack dab in the middle of the new site for the Pacers Ball Park.

Then, LLI will immediately sell that very same land BACK to the City for an "undisclosed" price. Don't worry though, according to Mayor Fougere, the Province "should" be covering the cost of purchasing this land (back), so it won't impact the City's finances. (Apparently that's okay because provincial tax dollars come from some magical land and not from your back pocket as well)

Yes, Regina, this is how bold these guys are. 
They are literally allowing a private investor to buy and sell the same parcel of land for an assumably substantial profit right before your very eyes

Why isn't the media reporting on this? You tell me. Any other city in North America, they would have seen this and been all over it before an individual such as myself had to do the legwork to report on it. 

This particular land transaction is set to go before Regina City Council at the next City Council Meeting on Monday, October 26, 2015 at 5:30PM. As it is a Public Bylaw, you can attend the meeting and address this issue without a prepared speech. Keep in mind, however, that you are still subject to the five minute time limit and the typical rules of decorum apply. 
I've put together this handy dandy visual for the new Pacers Ball Park questionable land deal. The very interesting part of this is the land in the middle that is set to be sold to Long Lake Investment Inc. below market value ($12,500/Acre) and without public offering on October 26, 2015. This very same land is then set to be sold BACK to the City to allow for the new park development. The prices are TOP SECRET at the moment, but it would be fair to assume market rate which is currently between $100k-$250k/Acre.

I've noticed some on are questioning the current market value, and I thought I would do them a favour and share a current listing to demonstrate lands in the area going for $250,000/Acre.

I posted the following on my Facebook page just over a week ago, before the above information came to light.

The current route for the Regina bypass has been touted as the best option - but the question is best for whom? It would appear private developers have been pulling the strings of this project all along.

What can you do? You need to ask some very pointed questions of your Saskatchewan Government about the TWO BILLION DOLLAR BYPASS that doesn't even "bypass" the City!

If this was truly about PUBLIC SAFETY:
- the overpass at Pilot Butte would have been the #1 priority and begun long ago. Traffic lights would have been implemented years ago. This would have prevented so many tragedies that have occurred in recent years.
- the bypass would actually BYPASS the City of Regina. Where it is currently planned, homes and businesses will be smack next to it. Not to mention new neighbourhoods that will only be built IF the bypass is built along Tower Road.
- the initial stage of the bypass would be routed where it would actually take the heavy trucks off of Victoria Avenue. The majority of heavy trucks don't even go south of Regina. The majority are destined for the industrial area, which would not be helped in any way by the current proposal. The logical route would have been NORTH via the already existing Highway 46. It would also save taxpayers about a billion dollars.

It appears the current bypass is more about PRIVATE PROFIT:
- majority of lands along Tower Road between Arcola and Victoria were purchased in 2012 by a private investment company PRIOR to the official route being made public. This investment company is headed by a known ally of Mayor Fougere, Premier Wall, Prime Minister Harper and also happens to be a current board member of a City of Regina agency.
- Harvard Developments, DREAM Developments and Forster Developments all have neighbourhood and/or business developments in the immediate area of the East and West legs of that bypass.