In 1995 the Tk’emlups Indian Band made an important economic development decision and voted by a landslide margin of 74% to sell this leasehold interest, allowing a portion of its reserve land to be reverted back to the federal government for leasing. Today this prime parcel of real estate overlooking the city of Kamloops and South Thompson River has become Sun Rivers, one of Canada’s most innovative resort communities. Experts consider this lease agreement to be one of the most comprehensive and secure ever established.
While Sun Rivers holds the 99 year head lease, plus 20 year development term, over the 460 acre parcel, the head landlord is ‘Her Majesty the Queen in right of Canada’ (the crown). The lease has been structured to most fully protect the investments of the homeowners, the investors, the lenders and Sun Rivers. The amended lease date will end on June 30, 2115; in effect, the earliest parts of the Sun Rivers Community have a total lease of up to 119 years.
LEASEHOLD FAQ
What exactly is a pre-paid lease and who pays it?
At the time you purchase your interest in the lot of your choice, Sun Rivers will have paid the lease in full up front. At Sun Rivers the buyer has no further lease payments during the entire 99 years.
Who owns the Land?
Title to the lot remains in the name of the federal government and has been assigned to Sun Rivers for a period of 99 years plus the development period. Buyers at Sun Rivers buy a subdivided piece of the leasehold title.
Are there monthly costs?
Similar to a strata-title development all owners pay a reasonable common area maintenance fee which provides for the resort level of maintenance to parks, entrance and water features, trails, street light decorations etc. Residents in our adult communities and town home neighbourhoods will pay additional costs of common area maintenance, individual lot landscaping and other convenience and lifestyle services that may be part of their neighbourhood.
How are property taxes levied and paid?
Under our Master Servicing and Development Agreement the Tk’emlups Indian Band has retained the responsibilities of local government and like any municipality will provide certain services to Sun Rivers and collect property taxes. Services are provided through a number of arrangements with service providers such as the new water treatment plant, City of Kamloops and Sun Rivers Services. Homeowners are assured through the agreements that taxes will be:
1) reasonably comparable to the City of Kamloops,
2) set based on assessments conducted by an independent third party, and
3) eligible for homeowners grants.
What if one party wants to change the terms?
This lease is a legally binding contract and cannot be changed without the consent of the parties. Further, the lease contains clauses that provide assurances to the leaseholders that in the event of future changes in laws, or by-laws which may conflict with our agreements that the agreements would prevail. This provides the certainty and security required for investment.
Is the access to Sun Rivers a public road?
Sun Rivers has obtained approvals from all necessary levels of government for the full term of the lease to ensure Sun Rivers’ residents have full and unrestricted access to the community. Permits are in place for the full term of the lease from the federal and provincial governments as well as the Kamloops Indian Band.
How do I know this lease is secure?
The lease is a legally binding contract entered for the mutual benefit of the Tk’emlups Indian Band, the Federal Government and Sun Rivers. The Tk’emlups Indian Band voted by a landslide margin to sell the leasehold interest and allow the lands now known as Sun Rivers to revert back to the federal government for leasing. The head landlord is Her Majesty the Queen in Right of Canada (the Crown).
