SM International Holdings Ltd., the company that owns Station Mall in Sault Ste. Marie, Ontario, faces a mounting tax debt exceeding $3.6 million. This revelation comes on the heels of the mall's recent receivership due to a failed mortgage payment. City officials say they have various legal options to recover the unpaid taxes.
The southern Ontario company that plunged Station Mall into receivership when it defaulted on an $18-million mortgage has racked up another hefty bill.
The grand total owing on the mall property is $3,649,092.64, according to tax certificates prepared by city hall. The newly released figures shed more light on the financial struggles facing SM International, the Markham-based company that purchased Station Mall in the summer of 2022. Known as a “Request for Reconsideration,” the appeal was filed with MPAC, the organization that assesses property values in Ontario. A decision has yet to be rendered.Tom Vair, the city’s chief administrative officer, said there are various legal means to recoup unpaid property taxes, making it “highly unlikely” that the city will not eventually recover this money. But he noted that “an overdue balance of this size is not a regular encounter for the city.
As for the mall, the situation is on track to be remedied much quicker than that — to the city’s benefit. If the mall is eventually sold as part of the receivership process, the outstanding property taxes would need to be paid before any deal could close.
TAXES RECEIVERSHIP PROPERTY DEBT STATION MALL
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EXCLUSIVE: Station Mall in receivership after owner fails to pay $18M mortgageSouthern Ontario company that bought the mall did not meet court-imposed deadline to pay back loan — despite a promise to make good with 'family money' from China
Read more »
Station Mall’s $18M mortgage is due today — will it be paid?A judge had given SM International Holdings 90 days to pay the outstanding balance, which the company president promised to do with 'family money' coming from China
Read more »
Station Mall: A Call for RevitalizationThis article reflects on the decline of the Station Mall in Sault Ste. Marie, highlighting its past vibrancy and the need for its revitalization. The author proposes a vision for the mall's future, envisioning it as a hub for both residential and commercial spaces, with a focus on community well-being.
Read more »
Senators Owner Remains Optimistic About Ottawa Despite Arena Delays, Eyes Quebec City GamesOttawa Senators owner Michael Andlauer continues to believe in the Ottawa-Gatineau region despite delays in securing a new arena. While negotiations for a new arena in Ottawa's LeBreton Flats remain stalled, Andlauer announced two pre-season games in Quebec City, expressing a desire to see the Senators play regular season games there as well.
Read more »
Toronto's Old City Hall Faces Closure, City Seeks Museum IdeasToronto's Old City Hall is set to become vacant as courts relocate, prompting the city to explore new uses. Mayor Olivia Chow aims to secure funding, possibly through a partnership with the Canada Infrastructure Bank, to repurpose the building, with a museum being a prominent suggestion. City officials are seeking public input on the building's future.
Read more »
Trams collide in Strasbourg, France and injure dozens, though none critically, officials sayAn investigation is underway after the collision near the city’s central train station
Read more »