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19-Jan-2018 20:14 by 9 Comments

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Bonds to help fund the startup costs for Fortress Real Development's Sky City project were issued in 2013.

"A return on investment for a purchaser of bonds is dependent upon the ability of [Fortress's Manitoba-based company] to meet its obligations of principal and interest," reads the memorandum of offering.

A bond investor, who did not want to be identified, said he had received a similar notice of default.

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The land title for the Graham Avenue parking lot where Sky City will be built lists dozens of investors who have put in anywhere between ,000 and 0,000.

Marketing materials say they will receive eight per cent interest paid on a regular basis and the face amount of the investment "is fully registered and secured via a charge against the property." The money raised through syndicate mortgages is used for startup costs — permits, marketing, the sales centre, initial construction including excavation and building the foundation, plus fees to Fortress Real Developments.

Syndicate mortgages are regulated by the Financial Services Commission of Ontario which requires brokers to disclose the current as-is value of the land to syndicate mortgage investors because "security is only as good as the value of the property." Fortress bought the land, which was and still remains a surface parking lot, for .5 million in 2013.

The city currently has the lot assessed at .4 million.

Thirty-five investors in the proposed Sky City Centre development from Alberta, Saskatchewan, Manitoba and Ontario bought in for a total of

Marketing materials say they will receive eight per cent interest paid on a regular basis and the face amount of the investment "is fully registered and secured via a charge against the property." The money raised through syndicate mortgages is used for startup costs — permits, marketing, the sales centre, initial construction including excavation and building the foundation, plus fees to Fortress Real Developments.

Syndicate mortgages are regulated by the Financial Services Commission of Ontario which requires brokers to disclose the current as-is value of the land to syndicate mortgage investors because "security is only as good as the value of the property." Fortress bought the land, which was and still remains a surface parking lot, for $9.5 million in 2013.

The city currently has the lot assessed at $4.4 million.

Thirty-five investors in the proposed Sky City Centre development from Alberta, Saskatchewan, Manitoba and Ontario bought in for a total of $1.7 million in bonds, according to Ontario Securities Commission documents.

"That's very serious,'" said Al Rosen, accountant with Accountability Research Corporation in Toronto.

Also it would be nice to have won a Grand Prix at Cannes.

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Marketing materials say they will receive eight per cent interest paid on a regular basis and the face amount of the investment "is fully registered and secured via a charge against the property." The money raised through syndicate mortgages is used for startup costs — permits, marketing, the sales centre, initial construction including excavation and building the foundation, plus fees to Fortress Real Developments.Syndicate mortgages are regulated by the Financial Services Commission of Ontario which requires brokers to disclose the current as-is value of the land to syndicate mortgage investors because "security is only as good as the value of the property." Fortress bought the land, which was and still remains a surface parking lot, for $9.5 million in 2013.The city currently has the lot assessed at $4.4 million.Thirty-five investors in the proposed Sky City Centre development from Alberta, Saskatchewan, Manitoba and Ontario bought in for a total of $1.7 million in bonds, according to Ontario Securities Commission documents."That's very serious,'" said Al Rosen, accountant with Accountability Research Corporation in Toronto.Also it would be nice to have won a Grand Prix at Cannes.

.7 million in bonds, according to Ontario Securities Commission documents.

"That's very serious,'" said Al Rosen, accountant with Accountability Research Corporation in Toronto.

Also it would be nice to have won a Grand Prix at Cannes.

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