Hay River’s Mackenzie Place highrise appears to set to remain under the same ownership after nobody placed a bid for the building at a Town of Hay River tax auction on Thursday morning.
Sam Mugford, the Town of Hay River’s director of finance, confirmed no bids were received for any of the properties available at the auction. The apartment building was listed for $1.45 million.
The property – listed as 3 Capital Drive – will now most likely go back up for sale in next year’s tax auction.
As of June, the Town of Hay River said owner Harry Satdeo owed about $170,000 to the municipality in tax arrears.
Mugford said the legislation outlining the auction process “wants to give people every opportunity to pay what they owe” so, even if a bid had been made, Satdeo would have had 30 days to make sufficient payment to keep it.
Satdeo, who could not be reached for comment on Thursday, previously told Cabin Radio he is trying to find a group to pay off the building’s debts in return for taking ownership of it.
Speaking last month, Satdeo said the total debt on the building amounts to about $1.6 million. He believes approximately $50,000 is needed for “minor” additional repairs before the highrise can reopen.
The building, if otherwise unsold, will appear at next year’s tax auction unless its value decreases significantly, to the point where at least 50 percent of its assessed value is owed in arrears.
At that point, said Mugford, the Town of Hay River could begin a process to turn the property into a town asset.