Land slated for a sprawling golf resort south of Nanaimo has been redeemed by its owners after the city purchased both properties in a tax sale in September 2011.
In July, Canadian Property Investments paid $39,858 plus interest to reclaim title on 24-hectare 1170 Phoenix Way and $60,990 plus interest for 36.5-hectare 1270 Phoenix Way after failing to pay taxes for the previous three years. Administration costs also apply.
Both properties are part of the Oceanview resort and golf course proposal. The plan includes 2,677 multi-density housing units, a spa, golf course, retail centre and hotel.
Work on the controversial project has stalled as a result of the economic slowdown.
Brian Clemens, Nanaimo's director of finance, said about 30 properties purchased by the city in last September's tax sale were redeemed by their owners.
"We're not looking for any properties to change hands, we want to make sure that property taxes are all paid," said Clemens, explaining why the city purchases the properties.
The 2012 tax sale took place on Monday. The city purchased all seven properties listed.