Millard Properties: Locations and Ownership

[Pepse]

It is more than likely $1 per square foot !

You can do a family transfer but you can't do $0, so $1 is the default price for a transfer "For natural love and affection from son to mother"

 

[Blomquist]

You can do a family transfer but you can't do $0, so $1 is the default price for a transfer "For natural love and affection from son to mother"

Yes you are correct about the family transfer.. I am just wondering why it says $1 on the site that is leasing the premises. You have to pay the legal fees even with a family transfer which is annoying. They only allow lawyers to electronically file in my area..which costs money, I think we should be able to go there and make adjustments like it used to be...JMO...

Welcome by the way.. I see this is your first post...

 

[Gibson67]

Yes you are correct about the family transfer.. I am just wondering why it says $1 on the site that is leasing the premises. You have to pay the legal fees even with a family transfer which is annoying. They only allow lawyers to electronically file in my area..which costs money, I think we should be able to go there and make adjustments like it used to be...JMO...

Welcome by the way.. I see this is your first post...

maybe the fees are not being published to the public therefore the reason for only putting 1.00 on the ad, that is probably not what the cost is.

 

[Snoofo]

Large commercial leases, especially a long-term lease such as this, are extremely complicated in that there are usually many types of rates that can be included. There is never one dollar amount of rent, there are a lot of variables. The $1 is so vague in this ad that it is meaningless, they just had to fill the space, IMO. I guess if anyone can access other like ads we can compare but my guess is the $1 was representing nothing.

I imagine this lease came with a great subletting clause. The Millards have rented hangar space before at Pearson so they would negotiate this as favourably as possible.

These types of leases almost always (and I say this without ever seeing one that didn't...and i see them frequently) set out in detail all permitted uses. Specific restrictions/prohibited uses are often included as well.

It's no surprise DM's lawyer would argue against the termination of the lease. If its terminated, it's terminated. If it isn't and it is sub-leased, there's more good steady income for many years to come. BTW $19k a year doesn't sound right, or maybe that was the initial rate while building/fixturing. $19k sounds more like a monthly rate, IMO.

 

[swedie]

Waterloo region spent $5.4M on airport project housing Millardair hangar

Regional council spent $5.4 million to develop part of the airport where a giant hangar became the site of a homicide investigation.

Politicians spent part of the money to support Millardair, which proposed storing and repairing jetliners inside a hangar it built for $6.4 million in 2011.

Millardair asked council to widen and strengthen the asphalt outside its proposed hangar, to support aircraft as big as a Boeing 757 capable of carrying 280 passengers. Regional government met the request at a public cost it will not specify.

The jetliner venture never got off the ground after council leased the hangar land for 50 years.

They expect the hangar at 51,516 square feet will ultimately be put to good use, to justify the private investment. It’s the largest hangar at the Region of Waterloo International Airport.

“It’s unfortunate that it happened but I think life will carry on and the airport will continue to succeed,” Seiling said.

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.

Public spending to support Millardair is part of $100 million council has spent since 2000 to upgrade and expand the airport as an economic development engine.

The airport has drawn new hangars and businesses. It struggles to secure the passengers it needs to ease a public subsidy that has tripled to more than $6 million a year.

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

 

[gcplayer19]

First, I understood it was join-ownership, that in estate law would mean the property then is divided amount the other owners in this case one-Dellen.

What becomes sticky is the other investments W.M. owned. First all debtors have to be repaid (as per a legal notice upon a person's death)...I will look into this as I had some experience as and executrix in the past.

The big question here would be in regards to insurance policies as WM would have most likely had his only son on any properties or accounts jointly as an only child.

 

[musicaljoke]

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

The building is 50,000 sq. feet.

http://skiesmag.com/news/articles/17044-built-for-bigger.html

Are we not looking at two different leases with this property - a 50 year lease between Millardair and the airport for the land for $19,000 per year, and a second lease which is the hanger rental agreement between Millardair and a potential new tenant.

I suspect that Millardair is offering the hanger space at a commercial rate to be negotiated with the tenant, and is offering to sublet the land lease at $1.00 per year to attract a tenant. (Apparently, it's not uncommon for airports to offer land leases at $1.00 per year.) The income from the commercial lease would offset the land lease which Millardair would continue to pay annually.

http://www.mdt.mt.gov/aviation/docs/surveys/2012-ga-rates.pdf

Just guessing, though.

 

[greenthumb]

http://www.thespec.com/news-story/3255771-millard-s-land-deal-bombshell/

In the days following his arrest for the alleged murder of Tim Bosma, Dellen Millard transferred ownership of three residential properties to his mother … for $1. The conspicuously-timed real estate dump raises concerns about Millard's intentions, according to eight legal experts specializing in real estate, tax and estates who reviewed the documents at the request of the Toronto Star.

Those experts agree the timing of the transfers is "highly unusual" and poses serious legal questions.

 

[jash]

http://www.thespec.com/news-story/3255771-millard-s-land-deal-bombshell/

Thanks greenthumb!

"Six days after signing over power of attorney, on May 17, three of Millard's properties were transferred into his mother's name: a condo in the Distillery District; a condo in Vaughan; and a bungalow in Etobicoke, all for a nominal $1 consideration."

"The Star is aware of two other properties owned by Millard that remain in his name: a six-unit residential property on Riverside Road and the Ayr farm where Bosma's badly burned body was found."

http://www.thespec.com/news-story/3255771-millard-s-land-deal-bombshell/

I wonder why he didn't transfer those to his mother. Maybe he has taken out mortgages, or there are other liens on those properties?

 

[nettie_82]

http://www.thespec.com/news-story/3255771-millard-s-land-deal-bombshell/

That's a lot of transfers to make, $ to spend on laywers, etc for a guy who is innocent isn't it? LOL.

 

[Factoria]

http://www.thespec.com/news-story/3255771-millard-s-land-deal-bombshell/

I actually don't find it the least bit odd that he would transfer properties to his mother, especially if those properties are owned free and clear. IMO, DM's lawyer has probably indicated to him that he's likely going to remain in prison until the trial and he'd be wise to protect those assets immediately. He'll likely file bankruptcy once the costs of his legal representation have eaten up all of his personal assets, and there's a time frame leading up to declaration of bankruptcy in which one would be penalized for selling or gifting assets away.

What I DO find rather telling, however, is that he did NOT transfer title on the farm. If, indeed, that property was purchased outright in 2011, and no mortgage was subsequently taken out against it, why on earth would he not protect that $800,000 + asset? The other transfers were made ON May 17, which is the same day that LE began their investigation on the farm. It would make perfect sense, of course, if the other transfers were made after that time, but if they were initiated prior to LE presence at that location, it appears foreboding to me. I hope LE has thoroughly investigated the Riverside property too. All MOO.

 

[matou]

Thanks greenthumb!

"Six days after signing over power of attorney, on May 17, three of Millard's properties were transferred into his mother's name: a condo in the Distillery District; a condo in Vaughan; and a bungalow in Etobicoke, all for a nominal $1 consideration."

"The Star is aware of two other properties owned by Millard that remain in his name: a six-unit residential property on Riverside Road and the Ayr farm where Bosma's badly burned body was found."

http://www.thespec.com/news-story/3255771-millard-s-land-deal-bombshell/

I wonder why he didn't transfer those to his mother. Maybe he has taken out mortgages, or there are other liens on those properties?

I don't think he can transfer the farm if he could, because it is a crime scene. Was his father's home transferred too?

 

[greenthumb]

I actually don't find it the least bit odd that he would transfer properties to his mother, especially if those properties are owned free and clear. IMO, DM's lawyer has probably indicated to him that he's likely going to remain in prison until the trial and he'd be wise to protect those assets immediately. He'll likely file bankruptcy once the costs of his legal representation have eaten up all of his personal assets, and there's a time frame leading up to declaration of bankruptcy in which one would be penalized for selling or gifting assets away.

It may not be odd, but there are laws that prohibit such transactions in Ontario. No doubt the transfers were done on his lawyer's advice but the moves appear to be anticipatory of potential civil suit(s) against him, IMO... and it's just one more thing that makes DM look conniving, self-serving and guilty. All MOO

Legal experts agree the documents show a series of sophisticated — and curious — transactions for which, they say, there is a case to be made against Millard under the provincial Fraudulent Conveyances Act.

The act clearly states the transfer of property to "defeat, hinder, delay or defraud creditors or others of their just and lawful actions" — including suits or damages — is void if not done in "good faith" or with knowledge of such action against them.

A judge would ultimately rule on whether the transfers are null after hearing arguments on why they were made.

BBM

 

[AddyFinch]

Out on a limb here, but can't the courts seize property that has been obtained thru the proceeds of crime? He could lose anything that can be proved that was paid for by dirty money???? Hence transfer ownership to someone else.

 

[newone]

Out on a limb here, but can't the courts seize property that has been obtained thru the proceeds of crime? He could lose anything that can be proved that was paid for by dirty money???? Hence transfer ownership to someone else.

I believe so:scared:

CCRA - undeclared income

 

[Snoofo]

That's a lot of transfers to make, $ to spend on laywers, etc for a guy who is innocent isn't it? LOL.

It actually wouldnt cost much to do.

 

[Snoofo]

I am not sure how a real estate lawyer would call this smelly. Any person with assets who gets arrested for anything not just murder, would do the same. Plus the fact that she is holding them in trust could make a difference to what can be done with them.

 

[swedie]

Out on a limb here, but can't the courts seize property that has been obtained thru the proceeds of crime? He could lose anything that can be proved that was paid for by dirty money???? Hence transfer ownership to someone else.

I am sure a judge can freeze all assets just as one did in the R. Williams case. His mother won't be allowed to purchase any of these properties. If she already has, they will taken away. Of course his lawyer wouldn't see anything wrong with this LMAO. He thinks his client is innocent. Maybe there was also something wrote up in the sale/contract of the properties to ensure DM's lawyer receives his money before anyone else does kwim.

Edit: According to the article, chances are DM's assets will be frozen. Sorry I read this after my post.

Legal experts agree the documents show a series of sophisticated –— and curious — transactions for which there is a case to be made against Millard under the provincial Fraudulent Conveyances Act.
The act clearly states the transfer of property to “defeat, hinder, delay or defraud creditors or others of their just and lawful actions” — including suits or damages — is void if not done in “good faith” or with knowledge of such action against them.
A judge would ultimately rule on whether the transfers are null after hearing arguments on why they were made.

http://www.thestar.com/news/crime/2013/06/05/millard_land_deals_beyond_smelly_experts_say.html

 

[swedie]

The <modsnip>! JMO. The airport hangar must be in debt, otherwise why didn't he sign that over to his mother. That would be the most valuable property of all if it were free and clear. I bet there is nothing to be had with that property. This may have been discussed earlier somewhere in a thread which I haven't had time to read much of lately. I would think she believes her son is innocent or she wants/needs the money. I sure wouldn't want his blood money son or no son kwim. She's between a rock and a hard place that's for sure. MOO

Protecting his assets from future lawsuits was among the potential motivations cited by several of the lawyers interviewed. A search of Millard&#8217;s name on the provincial property database no longer reveals his connection to any of the three addresses.
It&#8217;s an issue that arose in the case of convicted killer Russell Williams, who was accused in court of fraudulently transferring his Ottawa home to his wife to protect the asset from legal liability.
Experts interviewed by the Star say Millard&#8217;s real estate transfers could face similar scrutiny for contravening provincial laws that forbid such transactions.

In the days following his arrest for the alleged murder of Tim Bosma, Dellen Millard transferred ownership of three residential properties to his mother for $1, the Star has learned. Those experts agree the timing of the transfers is &#8220;highly unusual&#8221; and poses serious legal questions.

Six days after signing over power of attorney, on May 17, three of Millard&#8217;s properties were transferred into his mother&#8217;s name: a condo in the Distillery District; a condo in Vaughan; and a bungalow in Etobicoke, all for a nominal $1 consideration.

That same day, he transferred to her a condo at 281 Woodbridge Ave. that he&#8217;d bought in 2011 for $392,049, and a third property, the Maple Gate Court home where he grew up.

The Star is aware of two other properties owned by Millard that remain in his name: a six-unit residential property on Riverside Rd. and the Ayr farm where Bosma&#8217;s badly burned body was found.

http://www.thestar.com/news/crime/2013/06/05/millard_land_deals_beyond_smelly_experts_say.html

 

[Sillybilly]

If DM was only concerned with his properties being managed, all he had to do was give his mother Power of Attorney. IMO, there is no doubt the transfer of assets was designed with a view to protect them in the event of civil litigation.

I was concerned that a quick forfeiture under proceeds of crime legislation could take precedent over any action Tim's family might take, but the following article indicates that such forfeiture could actually be used to compensate victims of crime (to what extent it doesn't say). In addition, it would not be necessary to wait for a criminal conviction, because under the Ontario Civil Remedies Act, the matter can be dealt with by judicial approval based on a balance of probabilities.

http://www.treatingyourself.com/vbulletin/archive/index.php?t-35847.html