Business

City of Langford revokes occupancy permit for unsafe highrise – CTV News

Published

5 years ago

December 21, 2019

VANCOUVER —
The City of Langford has decided to revoke the occupancy permit for an award-winning, 90-unit highrise apartment building.

On Wednesday, the city warned residents of the recently completed Danbrook One development – one of the city’s tallest buildings – that their new homes may be unsafe.

At the time, the city said it was unsure of the extent of the safety issues facing the building, but added it was offering support – including temporary hotel accommodations, money to cover moving expenses and assistance finding comparable rental accommodations in the area – for those who wanted to move out immediately.

The decision to revoke the building’s occupancy permit on Friday came after a city council reviewed a report from WSP engineers, an independent company the city hired to inspect the building.

WSP’s report found “life safety” deficiencies in the building’s design and construction, according to a summary provided by the city.

Tenants should expect to spend “a minimum of seven days” in temporary accommodations while building owner Centurion Property Associates makes short-term repairs to make the building safe, the city said.

“Given the ongoing uncertainty, tenants also have the option to work with Centurion Property Associates and city staff to secure long-term, alternative accommodations,” the city said.

Langford city staff have opened a “command centre” at 780 Goldstream Avenue to speak with tenants affected by the situation. The centre will be open from 5 p.m. to midnight Friday, from 7 a.m. to 9 p.m. Saturday, and from 7 a.m. to 6 p.m. Sunday.

Tenants can also reach out to city staff by emailing danbrookone@langford.ca or by calling 250-857-0314.

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Business

Restaurant owner MTY Food sees profit, revenue slide in Q3

Published

2 days ago

October 11, 2024

Anne Joseph

MTY Food Group Inc. says its profit and revenue both slid in its most recent quarter.

The restaurant franchisor and operator says its net income attributable to owners totalled $34.9 million in its third quarter, compared with $38.9 million a year earlier.

The results for the period ended Aug. 31 amounted to $1.46 per diluted share, down from $1.59 per diluted share a year prior.

The company behind 90 brands including Manchu Wok and Mr. Sub attributed the fall to impairment charges on property, plants and equipment along with intangibles assets.

Its revenue decreased slightly to $292.8 million in the quarter from $298 million a year ago.

While CEO Eric Lefebvre saw the quarter as a sign that the company’s ongoing restructuring is starting to bear fruits, he said the business was also hampered by significant delays in construction and permitting that resulted in fewer locations opening.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:MTY)

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Business

Montreal’s Taiga Motors sells to British electric boat entrepreneur Stuart Wilkinson

Published

2 days ago

October 11, 2024

Anne Joseph

Taiga Motors Corp. says the Superior Court of Québec has approved its sale to a British electric boat entrepreneur.

The Montreal-based maker of snowmobiles and watercraft says it will be purchased by Stewart Wilkinson.

Wilkinson’s family office is behind marine electrification brands that include Vita, Evoy, and Aqua superPower.

Wilkinson and Taiga did not reveal the terms or value of the deal but say Wilkinson will assume Taiga’s debt to Export Development Canada and has committed to funding Taiga’s business plan.

The companies say the transaction will allow them to achieve greater economies of scale and deliver high-performance products at compelling prices to accelerate the electric transition.

The sale comes months after Taiga sought bankruptcy protection under the Companies’ Creditors Arrangement Act to cope with a cash crunch.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:TAIG)

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Business

TD fined US$3.09 billion by U.S. regulators

Published

3 days ago

October 10, 2024

Anne Joseph

Toronto-Dominion Bank is facing fines totalling about US$3.09 billion from U.S. regulators in connection with failures of its anti-money laundering safeguards.

The bank also received a cease-and-desist order and non-financial sanctions from the Office of the Comptroller of the Currency that put limits on its growth in the U.S. after it was found that TD had “significant, systemic breakdowns in its transaction monitoring program.”

More coming.

Companies in this story: (TSX:TD)

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