Terra Nova Estates

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History of the park and information to purchasers.

History of how we got here

The Terra Nova Estate was incorporated in 1983.
The Legal name is "519918 Ontario Limited".The original articles of incorporation can be seen here "Incorporation #1" "Incorporation #2".
 It was made up of campers and others that joined in at the time when the original camping park
 called "Bellevue Park" was renovated and put up for sale by the owner around 1982.

How the park shares work

Terra Nova Estates is a Cooperative housing Corporation.
This means that the owners of each Unit are the Shareholders.
The Board of Directors are elected from the Shareholders by the Shareholders.
There are 100 lots/units in the Estate. Each lot has one Class "A" voting share.
Each lot also comes with a number of Class "B" shares as decided in the original forming of the Corporation.
There is a total 1,280,000 Class "B" shares The smallest lot comes with 9,500 to the largest lot at 18,500.
This means the owner of each unit also owns a percentage of the whole property.
Every thing that happens of significance is decided by a vote of the shareholders and not one person.

Estimated value of the park/shares

Option A
No one can really say what the shares are worth until the property sells.
That would require 50 % +1 class A shareholder to vote YES to sell.
In the past offers to purchase have been refused for large amounts so it is hard to put a value.
We can calculate the following for a reference but does not in any way mean the true value of the shares.
Terra Nova is part of Lot 33 Concession 1 Regional Municipality City of Ottawa.
The other part of lot 33A sold this year for $1,300,000 and was 1.5 acres = 65340 sqft
That means the value of that lot was $19.8959/sqft
The calculated value of the TNE property if everything was equal (it is not) would be
TNE Lot 33B is 4.5 acres = 196020 sqft  x $19.8959/sqft
This would calculate to a Property value = $ 3,899,994
That means with 1,280,000 shares would mean each Class B share = $3.0469/share
Option B
Based on the MPAC assessment for 2019 the property value is $4,574,900.00
Using this number the 1,280,000 shares would mean each class B share = $3.5741/share

How the monthly costs work

The property taxes are shared between the share holders of the 100 lots.
Average tax bill is around $66.34/month for each lot, it does vary and is dependent on the number of Class B shares.
 The water bill, snow removal, hydro for street lights and common buildings,
sewer pumps and common area maintenance etc. are also shared between the share holders of the 100 lots.
Currently the common fees are at $215/month for each lot for the 2022 year.
There is also a $75/month water project cost for upcoming water upgrades and repairs.
Total monthly cost paid to the Corporation is: property taxes + Common fees + water project.

How the lease for each property works

Every lot owner signs a lease agreement with the Corporation that covers the standard up keep of the unit and lot.
It is an administrative tool for the Corporation it has no limit of time.
These leases are for a term of 21 years but
Every lease is automatically renewed at the end of the 21 years.

Up coming significant events for 2022/2023

Terra Nova Estates has begun a water and sewer pipe renewal project.
Phase I has commenced which will provide a complete plan approved by the City of Ottawa and
a work plan to complete the project with a cost estimate.
Once we have a firm estimate financing will be negotiated and an amertisation will be chosen by the shareholders.
At this point we will have a much better idea of what the monthly increase to each shareholder common fees will be.

In order to own a unit in the park

Attend a meeting with the board of directors complete an interview and complete an Information Sheet.
Go through a Credit Check and Criminal Check
Clear any outstanding debts owed to the Corporation with respect to the lot in question.

Once accepted by the board to be a resident the following paper work must be completed

Provide proof of insurance.
Provide proof of sale.
Complete the lot share transfer and board approval form.
Sign the lease agreement for the lot.Last update: 17th May 2022
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