Rem Agreement

If the owner does not respond to the notices, DOF and HPD will submit enforcement documents to the New York Supreme Court to begin the seizure process. Owners can still enter into a payment agreement on this date, but penalties will be added. The optimization of work and the response to the challenges posed by the agreement lead to an adjustment of the REM budget of 3.6%, or $230 million. The total cost of building the project is now $6.5 billion and yields are in the range of 8 to 9%. In addition, this agreement is an active response to the challenges faced during the first 18 months of work, including: if owners continue to fail to respond, they receive a final notice of judgment. At that time, these owners can still avoid enforcement by entering into a payment contract and paying a large part of the amount owed. MONTREAL, December 17, 2019 /CNW Telbec/ – CDPQ Infra, a subsidiary of the Quebec De-erisation and Placement Fund, today announced the conclusion of a work optimization agreement with NouvLR, the consortium that builds the REM. This agreement strengthens the timetable for the completion of the entire project and adapts some aspects of the work that is continuing at a steady pace. Given the priority given to meeting the overall schedule, performance miles were also defined as performance conditions in the agreement with NouvLR, particularly with respect to the Mount Royal Tunnel. The payment of part of the sums announced today is therefore conditional on the completion of these steps. The new agreement therefore follows the principles of rigour and better value applied by CDPQ Infra from the beginning of the REM project.

The $1.28 billion investment will fund the project to the tune of $6.3 billion. The agreement is subject to the execution of the final documents. If the owner or interested persons contact DOF or HPD during this period, additional penalties and forced executions can be avoided. The owner of the property then has the choice of paying the full amount owed or entering into a payment contract. “We are very pleased to welcome the Infrastructure Bank of Canada as a partner in the REM project. With this $1.28 billion investment, REM`s funding is now fully completed. Construction of the project is progressing well and will intensify in the fall,” said Macky Tall, President and CEO of CDPQ Infra. Project planning is complete. Our team has carried out major consultation phases and made three changes. Construction of the REM began in April 2018. The first descents are planned for 2022 on the South Shore branch. Before the Start of the Rem Foreclosure process, the Department of Finance (DOF) sends several communications to the registering postal address and to all other people who have registered to obtain the tax invoices for this property.

These tips contain detailed contact information so that the recipient can respond without problems. If you owe property taxes or other property rights over a longer period of time, your property may be foreclosed in Rem. If taxes and fees remain unpaid, you may lose your property. For more information: Contact with the media: Emmanuelle Rouillard-Moreau, 514-847-2896, 438 881-1884, [email protected] Assistance is also available for tenants threatened with eviction by seizure. If you`ve already contacted the Ministry of Finance for a problem and haven`t been able to fix it, visit the Taxpayers` Council page to find out how to get help.