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Rink begins to give back deposits on stalled project in Kamloops

Nelson Daily Editor
By Nelson Daily Editor
November 26th, 2010

By Timothy Schafer, The Nelson Daily

Those who placed a deposit on their Kutenai Landing condominium could have an avenue to get their money back, according to a Kamloops Daily News article.

On Thursday the Daily News reported a buyer in Kamloops’ Mission Hill project — who complained publicly last month he couldn’t get his deposit refunded on the unfinished and dormant building — has been paid out.

New Future Building Group’s Mike Rink  — the Mission Hill and Kutenai Landing developer — has reportedly refunded deposits to three people who requested them.

The people had their lawyers send letters to New Future to get their money back and the company has complied.

Mission Hill is under a court-ordered monitor who oversees Rink and his companies as part of the Companies’ Creditors Arrangement Act (CCAA) process, while Kutenai Landing is stalled with not enough units having been sold to begin construction, and is operating under a two-year extension granted by City council last spring.

Rink said last month in the Daily News he could not sign off on returning buyers’ deposits, where terms weren’t met due to delays, because lenders and other parties were involved.

Although further ahead than the Kutenai Landing project in Nelson. Mission Hill was stalled earlier this year, with the permit for the first building expiring at the end of October. Rink has since filed for protection from creditors.



Categories: Business


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