December 02, 2013 - 8:35 AM
KELOWNA - Kelowna Mountain developer Mark Consiglio announced Friday afternoon that the B.C. Securities Commission granted approval to resume trading its Limited Partnership units.
In August, 2012, the B.C. Securities Commission issued a Cease Trade Order against Kelowna Mountain for failing to file an offering memorandum in accordance with the Securities Act. To begin selling securities again, Consiglio had to disclose more information and give shareholders an opportunity to get their money back.
“Eighty-eight per cent of our 528 unit-holders stayed in our project,” Consiglio said.
The announcement came during a press conference at Kelowna Mountain where Consiglio also unveiled drawings of an ambitious, 11 million sq. ft., $100-million Wine Park, which he says complies with current zoning regulations.
“The Park will feature a two kilometer-long canal and promenade, surrounded by 12 spectacular, architecturally-unique greenhouses, each growing grapes for 12 different wine products,” said Consiglio. “Our family and investors hope that the wine park will become the most popular, single-owner tourist attraction in British Columbia.”
The area is currently zoned RU-1, which allows agricultural use, agri-tourism use and accommodation as well as a winery. Buildings cannot exceed four stories.
“The buildable square footage under our existing zoning is over 11 million square feet,” he said. “That’s approximately 11 Orchard Park Malls.”
Answering questions from reporters, Consiglio also spoke about court action he is pursuing to force the Central Okanagan Regional District to issue an occupancy permit for a $5 million building he was previously granted a building permit for.
“We disagree with the Regional District’s clause that they put in our occupancy permit,” he said. “We have asked the courts for what’s called a Judicial Review…to see if the District has the right to issue someone a building permit, watch them spend $5m building it, and then say that they can’t use (it).”
The Regional District has until next Friday to file their response.
“I’m sure within 30 days after that, a judge will review the information and… perhaps once and for all we will clearly see that Kelowna Mountain has been following the rules, getting the permits that we needed to get and building everything as we should.”
“I can hardly wait for it to be before the courts and let a higher authority render a decision that is fair.”
To contact the reporter for this story, email Adam Proskiw at email@example.com, call (250) 718-0428 or tweet @AdamProskiw.
News from © InfoTel News Ltd, 2013