Frequently Asked Questions

Here are answers to some the the questions we get most frequently, but if you don't find what you want please contact us. Or call us at any time if you have concerns.

What is the current status of the property?
The property is owned fully by Belay Enterprises Ltd. Belay’s shareholders and directors consist of Sean Staplin and John Toffan. The Cedars is located within the City of Fernie and is currently zoned for 265 units of mixed residential use. We also have a current appraisal(April,09) from The Altus Group valuing the land at 7.44 million.
What is a preferred share?
We are issuing 1000 preferred F shares of Belay enterprises Ltd for each unit purchased. Each unit can be redeemed for two lots. The shares are non-voting which means they do not allow the owner to have a say in how the company chooses to operate. The sole asset of the company is the 120 acre parcel on Mount Fernie Park Road. As a preferred shareholder you have first rights to the proceeds if the land must be sold in the event that the project fails to move forward.
How are my funds protected?
In the event of the project failing to move forward, Belay Enterprises Ltd is required to reimburse your funds plus 3% annual interest within three years of the closing date of the subscription.
What size are the lots?
There are two different types of single family R2 lots in the development. We have component designated as ‘small lot’ which have a minimum size of 4000 sq feet and there are regular lots which will be a minimum of 7500 sq feet. You will be able to choose one of each.
Will there be architectural controls?
Yes. The Cedars will have architectural controls that work with the natural environment of the site. These will be provided with disclosure statement.
How will the proceeds of this offering be used?
The monies raised will be used to retire all debt on the property, and to cover all costs associated with subdivision approval. Please refer to The Budget on this website.
What are the projected timelines for subdivision approval and servicing?
Subdivision approval is projected to be complete in the January to March 2010 time period, with servicing commencing in either summer 2010 or 2011.
Can I split the cost with a friend?
Yes, but as the funds must be submitted by an individual a separate agreement must be made by the two parties, without forming a company specifically for this purpose as set out in paragraph 6.h of the subscription agreement.
How and when can I deliver my cheque?
Funds and completed subscription agreement must be delivered to Demiantschuk Milley Burke & Hoffinger LLP either in person, by mail, or fax with originals to follow as set out in paragraphs 12, 13, and 14.
Am I able to buy more than one unit?
Yes.
When would I be able to sell a lot or lots?
Once your lot is serviced you would then be able to sell.
How will the services, (roads, water, sewer etc), be financed?
We can either pursue conventional financing from a financial institution or have a second share offering