Lake Placid will miss City of Saskatoon's payment deadline

Media Release

Release: Immediate
Date: Friday October 30, 2009
Contact: Mike Lobsinger, Chief Executive Officer Lake Placid Group of Companies

(Saskatoon, SK, Canada): Michael E. Lobsinger, Chief Executive Officer of the Lake Placid Group of Companies, announced today that Lake Placid is in a situation where delays have arisen around the deadline with the City of Saskatoon. For this, Lake Placid sincerely apologizes.

International finance is a complex and time consuming process. Lake Placid continues to work with its international financier to provide the $200 Million credit facility that is required for the development of Saskatoon River Landing.

All development and legislative approvals were not obtained until May 2009. Pursuant to the lender’s written financial commitment, the financing is still expected to arrive but will not do so in time to meet the October 30 deadline. The City of Saskatoon will be advised that although Lake Placid is not in a position to meet today’s deadline, it may be in that position very shortly.

It is particularly unfortunate that circumstances beyond the control of Lake Placid have resulted in missing this important deadline. Lake Placid has spent two years and over $7 Million planning this premier development which includes payment to the City of Saskatoon of over $700,000. Lake Placid has received significant interest from the local community for the purchase of residential properties, and from commercial tenants and hoteliers. They will be contacted directly.

Lake Placid would like to thank all of the supporters of this project including the City of Saskatoon administration, City Council and the Mayor’s office for their significant support in the progress made to date. In addition, Lake Placid would like to thank the Premier of Saskatchewan and the appropriate Ministers who worked diligently to pass the necessary amendments to the Condominium Properties Act and the Land Titles Act which allow for the development of mixed use projects in Saskatchewan. Without those legislative amendments which were passed in May 2009, this project could not have proceeded.

Lake Placid believes in the future of the great city of Saskatoon and has every intention of developing there in the near future. The company thanks everyone for their patience and understanding in this matter.

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