Offer accepted on sale of Carter Bay property

MANITOULIN—A representative for a financial institution that is in possession of, and holds the mortgage, on the Carter Bay property confirmed Wednesday an offer has been made and accepted on the property from a well-known Ontario company.

Sean McKay, a representative for an Ontario financial institution, told the Recorder, “I hold the mortgage on the property and am handling the sale of the Carter Bay and Deer Trail Cabins property, which are two separate mortgages and sales.”

Mr. McKay said a new offer on the property was made and accepted on October 23. “We don’t have a closing date yet, this comes 30-60 days after the agreement is signed and due diligence has been met, but if everything works out as it should, the actual sale will take place sometime between December 2012 and March (2013).”

Mr. McKay would not divulge the names of the group or individuals that are in the process of purchasing the Carter Bay-Deer Trail Cabins property, but did tell the Recorder, “it is my understanding they have some strong ties to Manitoulin Island, although their primary business is in southern Ontario and they have developed in several areas, including Parry Sound and Oshawa. I know they are very secure financially, and they seem to be very above board—a good company and they have closed quite a few big developments.”

“I haven’t gotten into a lot of the details with the group as to what they are going to do with the property, we are only here to sell the property,” said Mr. McKay. “I assume from what I know and understand that they will be providing a significant amount of employment for the Island and provide a huge tax base for the municipality (Central Manitoulin). They want to mould their proposed development to be in a consistent manner with what local residents and the municipality would be in favour of.”

“They want to develop it in a proper manner, talking to the municipality, getting input from the local residents—I understand they will be trying to make as many people as they can happy—the township, residents, while bringing in more jobs and development for the Island.”

“This will definitely not be a gated community for the super rich, they are looking to make this development fit in with what local residents and the municipality would like to see,” said Mr. McKay. “One of their biggest concerns is that they don’t want to fight with anyone, they want to work with the municipality and get input from the local residents. And the fact that they have made sure there is a lot of communication with our firm makes me think this will be very positive.”

The Recorder’s interview with Mr. McKay on Wednesday followed a conversation this reporter had with a representative of the company which has had its purchase offer accepted.

The investor, who wished to remain anonymous at this time, told the Recorder, “I have called you as a representative of our group to let you know that on October 23 a new offer we made was accepted on the property and consists of Carter Bay and the adjacent Deer Trail Cabins property.”

However, the offer has several conditions on it and the group purchasing the property is currently going through the process of meeting these conditions, the investor told the Recorder. “But I can tell you there is the very strong possibility that there will be a sale of the property to our group,” he said, noting numerous corporations and groups have looked at purchasing the property.

“We are doing due diligence, but so far we are happy with our findings and if everything continues on this same path, there will be a sale,” he said. “We plan on developing the property to benefit everyone on the Island, plan to work with the Island community to make sure everything is done properly, with input from the municipalities, First Nation bands, community leaders and getting input from residents.”

“We expect to generate quite a bit of employment and our plans will be a plus plus for the Island—we want to put together a project that people on the Island will be very proud of; and the communities will like the increased tax base and business generated. There will definitely be employment generated on the Island,” he said, noting, “Our company has a very good reputation.”

“Once we affix our name to the property it is going to bring change and bring a lot of additional viability and sustainability to the Island,” said the investor. He noted that although rumours have been flying around concerning the sale of the property, “we are not affiliated with the Blue Goose Company.”

“This is definitely going to something positive for the Island and with our development we plan on generating additional employment for the Island and more business that will help bring in tourists and hopefully other businesses as well,” the investor told the Recorder. “Days after the offer was signed we had people on the property and we are hoping for a quick close of the deal so that we can move things forward. But I will stress again, we want to make sure we have the support of the community as we go forward with our plans.”

Tom Sasvari