Take stock – April 8

Red Deer’s municipal planning commission has authorized the placement of two above-ground diesel tanks in Edgar Industrial Park.

Diesel tanks approved for Edgar Industrial Park

Red Deer’s municipal planning commission has authorized the placement of two above-ground diesel tanks in Edgar Industrial Park. The commission approved the tanks as a discretionary use at 7381 Edgar Industrial Dr., which is occupied by Calfrac Well Services Ltd. Each of the tanks, which will be double-walled and monitored internally for leaks, will have a capacity of 67,000 litres.

Feds consider $150-million fund for broadcasters

The federal cabinet is considering a $150-million fund for the country’s private broadcasters to help rescue local TV stations and their newscasts. Members of the cabinet priorities and planning committee met Tuesday to discuss their options for helping broadcasters who warn they are stretched to the max, sources said. Canwest, CTVglobemedia and Quebecor have all been lobbying Prime Minister Stephen Harper’s Conservative government to come up with both short-term and long-term assistance.

Coalition applauds move to enforce softwood lumber deal

The United States is slapping a 10 per cent duty on Canadian imports of softwood lumber from four provinces in a new test of the 2006 softwood lumber agreement. The United States Trade Representative said it is owed US$54.8 million in penalties from Ontario, Quebec, Manitoba and Saskatchewan for failing to sufficiently lower exports of lumber as prices dropped. But Trade Minister Stockwell Day said Canada has offered a payment of US$36.66 million “that we believe cures the breach.” He said he plans to appeal the new tax.

Real estate execs expect ‘a lot worse’

TORONTO — Commercial real estate is in for “a very bad year” characterized by high-profile bankruptcies among commercial property owners, executives say.

David Henry, president of U.S.-based Kimco Realty Corp. said Tuesday the coming year will be “a lot worse” for commercial real estate as property owners find themselves unable to pay off or refinance their debt.

“We have a massive wave of debt maturities coming, at least in the U.S.,” Henry said during a panel discussion at CIBC’s annual conference on North American real estate equities.

“Most of this is securitized, and there will be a massive amount of workouts, there will be some extensions, but there will also be some very high-profile bankruptcies, very high-profile forced sales.”

Maturing debt on commercial real estate will peak in 2012, and Andrea Stephen, an executive vice-president with Toronto-based Cadillac Fairview Corp. said it will be “devastating for the industry.”

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