Millard Properties: Locations and Ownership

[musicaljoke]

Even if it is split for ownership purposes, it was still WM's principal residence so there are no capital gains applicable upon his death pertaining to the home, regardless of what else WM owns. The original poster questioned if the ownership with DM was for tax sheltering purposes and the like. Which does not apply to principal residences in Ontario.
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That applies if you own only one home. Once you have multiple homes, it becomes more important to protect your property from capital gains. If WM was planning on acquiring or selling more than one home, then does it not make sense to transfer full ownership of one to his son's name and then claim the other as his principle residence? This might make even more financial sense if he was planning on getting married and his finance also had a house.

But ... I haven't been keeping track of how many houses WM owned.

 

[CanuckSleuth]

I agree musicaljoke. I was basing my opinion on the reports that say they both were living in the Etobicoke home at the time of WM's death. This indicates that WM was still residing there. If I remember correctly, they had a few homes that were owned together but only one they were living in as their principal residence. If we knew when DM became sole owner, that would answer the question (whether it was prior to the death of WM or after) but we aren't privy to that (yet).

This article says "home shared by WM and DM":
http://kitchener.ctvnews.ca/investi...s-in-connection-with-dellen-millard-1.1286519
This article says the home is "jointly owned":
http://www.torontosun.com/2013/05/17/police-reviewing-the-death-of-dellen-millards-dad

 

[BobRadley]

All these cash purchases and the recent article giving light of an organized theft ring, to me it looks like some form of money laundering.

 

[canadiangirl]

http://www.aviationacres.com/Ontario.asp?CMD=ComDetail&LI=76622&SI=44223

Not sure if anyone has seen this yet. Ummm $1.00??

 

[CB01230]

http://www.aviationacres.com/Ontario.asp?CMD=ComDetail&LI=76622&SI=44223

Not sure if anyone has seen this yet. Ummm $1.00??

WOW what a find! I noticed the name of the agent who is selling to property.... interesting to note....

 

[CB01230]

WOW what a find! I noticed the name of the agent who is selling to property.... interesting to note....

Also if you look at the Bio of the seller, the address is DM's Etobicoke address... is it not??? Perhaps someone is liquidating all other assets that could not be legally sold to his mother for $1.00 as it was reported that he did with the condo in Toronto. I read that on MSM and it is probably on here before, i can't find the direct link. OR perhaps because it is on rented property (the 50 year lease from the Waterloo area), or something maybe it had to be listed publicly before she could own it for $1.00. Pure speculation on that last part.. just seems fishy for $1.00.

 

[Blomquist]

Also if you look at the Bio of the seller, the address is DM's Etobicoke address... is it not??? Perhaps someone is liquidating all other assets that could not be legally sold to his mother for $1.00 as it was reported that he did with the condo in Toronto. I read that on MSM and it is probably on here before, i can't find the direct link. OR perhaps because it is on rented property (the 50 year lease from the Waterloo area), or something maybe it had to be listed publicly before she could own it for $1.00. Pure speculation on that last part.. just seems fishy for $1.00.

It is more than likely $1 per square foot !

 

[flipflop]

Also if you look at the Bio of the seller, the address is DM's Etobicoke address... is it not??? Perhaps someone is liquidating all other assets that could not be legally sold to his mother for $1.00 as it was reported that he did with the condo in Toronto. I read that on MSM and it is probably on here before, i can't find the direct link. OR perhaps because it is on rented property (the 50 year lease from the Waterloo area), or something maybe it had to be listed publicly before she could own it for $1.00. Pure speculation on that last part.. just seems fishy for $1.00.

On the Kitchener Waterloo Airport website, there is a development plan on it. Within this plan the leasing prices are $/per sq foot. Therefore I am assuming that the $1 is per sq foot

 

[Xler8]

On the Kitchener Waterloo Airport website, there is a development plan on it. Within this plan the leasing prices are $/per sq foot. Therefore I am assuming that the $1 is per sq foot

Isn't it a lease takeover? So likely it's just $1 to assume the existing lease. I doubt $1/sq/f somehow.

 

[Alethea Dice]

Isn't it a lease takeover? So likely it's just $1 to assume the existing lease. I doubt $1/sq/f somehow.

$1 per square foot does sound awfully expensive. But it is definitely a lease, not for sale. Could it be negotiable, but they had to put something in so they just put $1? You could be right that is just to take over the existing lease, but I'd want something as well to try to recoup some of the money spent building the hangar.

 

[flipflop]

$1 per square foot does sound awfully expensive. But it is definitely a lease, not for sale. Could it be negotiable, but they had to put something in so they just put $1? You could be right that is just to take over the existing lease, but I'd want something as well to try to recoup some of the money spent building the hangar.

IIRC I believe they had to sign a 50 yr lease, I guess anyone in there is better than no one in there, so I assume they are desperate for anyone in the aviation industry to move in and take over.

 

[CanuckSleuth]

I think the $1.00 on the Lease/Rent of the hangar ad is one of two things - A) a dollar amount had to be entered in order to post the ad or B) $1.00 is the nominal amount of legal tender required to transfer the lease to a new leasee.

 

[Alethea Dice]

IIRC I believe they had to sign a 50 yr lease, I guess anyone in there is better than no one in there, so I assume they are desperate for anyone in the aviation industry to move in and take over.

I think you're right - 50 years and $19,000 per year. I guess it might be worth it just to not have to pay that $19,000 for the next 50 years.

 

[Archangel7]

$1 per square foot does sound awfully expensive. But it is definitely a lease, not for sale. Could it be negotiable, but they had to put something in so they just put $1? You could be right that is just to take over the existing lease, but I'd want something as well to try to recoup some of the money spent building the hangar.

I would be surprised, IF the hanger was funded with any government(city) funds, that the gov. would allow subletting and it should state so in the lease.

 

[Blomquist]

I think the $1.00 on the Lease/Rent of the hangar ad is one of two things - A) a dollar amount had to be entered in order to post the ad or B) $1.00 is the nominal amount of legal tender required to transfer the lease to a new leasee.

Yes that is possible... when I have seen business premises up for lease they usually go by sq footage... so hard to know for sure without inquiring. So who's going to make the call??? hone:

 

[Factoria]

Yes that is possible... when I have seen business premises up for lease they usually go by sq footage... so hard to know for sure without inquiring. So who's going to make the call??? hone:

I vote for you to make the call, Blomquist... You do have a way with words, and tend to ask the right questions!

 

[Alethea Dice]

I would be surprised, IF the hanger was funded with any government(city) funds, that the gov. would allow subletting and it should state so in the lease.

I believe the govenment funds were for improvements to the airport - runways, strengthening the asphalt for larger planes - not for the hangar itself.

Council spent $5.4 million between 2009 and 2012 to prepare the airport’s northwest corner for businesses. Work included repairs to an aging taxiway, runway improvements and elements requested by Millardair to accommodate large jetliners.

But what does this mean?

In 2011, council approved a 50-year land lease with Millard Properties for about $19,000 a year, depending on final hangar design. Regional government has refused to release the lease, citing objections from Millard’s lawyer. Lease rates are standard for airport land and increase with the cost of living. Millardair paid a further $372,000 as its share of servicing costs for airport land.

If I'm reading it correctly, it sounds like Millard's lawyer objected to having the lease released? Would they object because it would mean they would also lose their investment in the hangar? They built the hangar and would, therefore, just want to sublease the land and also be able to lease the hangar with it?

http://metronews.ca/news/kitchener/688568/waterloo-region-spent-5-4m-on-millardair/

I know DM did meet with CW and discussed the potential of a new tenant or different business.

Wood says he last met with Dellen Millard in March, three months after he had taken over the company following the death of his father, Wayne Millard.

They talked about Millard’s plans for the future of the company, which Wood recalls as potentially including a new tenant or different commercial business within the confines of the 50-year lease.

http://kitchener.ctvnews.ca/activity-at-millard-air-hangar-not-what-airport-boss-expected-1.1302652#ixzz2Uo3CMzOI

 

[Xler8]

I think you're right - 50 years and $19,000 per year. I guess it might be worth it just to not have to pay that $19,000 for the next 50 years.

$19000 a year? I suspect that's dramatically understated.

 

[Alethea Dice]

$19000 a year? I suspect that's dramatically understated.

That's what the article I linked above said - "about $19,000 a year, depending on final hangar design".

 

[Archangel7]

AletheaDice, you may be correct. However I am thinking that the airport holds the land and WM et al paid for hanger on airport land.

The catch may be that the airport et al may wish it leased so they aren't left holding the bag on a what is shaping up to be a less than optimum investment.