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Local youths dig up the past at archaeology camp. Sunnydale kids shine in summer production. Viewpoint Arts Calendar 16 You said it [camera ah, I Saab at Kitchener Waterloo 663 Victoria St. N. 744-5811 WHAT'S INSIDE Canadian Automitive Review' Murray's Clothing" Domino's Pizza' Dashwood Windows and Doors' 'Seleded Distribution PF()PI I 1ttldiiSR. Page 6 City suing marina oven RIM Park thttttttthttg 0 more players have been I added to the legal battle launched by the City of Waterloo over the financing of RIM According to a statement of claim filed Monday with the Ontario Superior Court of Justice in Kitchener. the Clarita Life Insurance Co. and The Maritime Life Assurance Ctr. have be included, along with MFP Financial Services Ltd. of Mississauga and one of its vice-pres- idents. David Robson, as litigants in the lawsuit. The statement of claim also alleges fraud. deceit and fraudulent misrepresentation on the part of MFP and Robson in regards to the The team from Grand River Hospital was raring to 90 Saturday during the Talus Dragon Boat Festival at Laurel Creek Conservation Area in Waterloo, The hospital team was one of dozens of teams t? compete? in the annual festival. Also featured at the event was the Dragon Dance, performed by membeis of the Central Ontario Chinese Cultural Association BY ANDREA Bum - Chronicle Staff WEDNESDAY, JULY 25, 2001 I WATERLOO, ONTARIO Serving y0u_r community since 1856 effective rate of interest and total rent payable by the city over the 30- year_lease agrteTent. _ _ The city claims when the loan agreement was signed last September, it was believed the deal would carry an interest rate of 4.73 per cent over three decades. In the minds of city staff mem- bers, the figure owed to the finance company should have added up to $1 12.9 million. Instead, a closer look at the agree- ment by outside auditors revealed that in reality the interest rate sits at 9.25 per cent; more than doubling the total amount owed to over $227 million. Since that time, MFP sold the debt to Clarica Who. in turn, sold a portion of the deal to The Maritime Life Assurance Co. BtttittrtmitNrt.rttttrttrttgtm The statement of claim calls for all defendants to rescind, in other words cancel, head lease and sub- lease agreements for the recreation facility. If this is not granted. the state- ment calls for rectification of the loan agreements to ensure the inter- est rate on the contract will sit at 4.65 per cent; or, failing this, less than five per cent. "Rescission of the lease agree ments is an unusual request," said Waterloo Mayor Lynne wooistencroft. "But if that can't be done. we are prepared to discuss tectitication of the loan agreement with the original amount of money." The statement of claim also shows the city is pursuing $60 mil- lion in damages from MFP and Robson, as well as $5 million in $1 INCLUDING GST KIl'CHlilek PUBLIC LIBRARY AI fNMAURIilzN LHzSON. 85 ()l'IIIN ST N. KITCHHNllR. ON NIH 2HI The city is also seeking an unspecified amount of money from "‘Clarica and The Maritime Life Assurance Co. to cover legal costs and interest charges. punitive damages and $5 million in agggglvated damaggs, . " “We've put a lot of time in with the lawyers on this statement of claim. and so has city staff," Woolstencroft said. "This has not been done lightly." The mayor also said three meet- ings took place between the city and MFP since the controversy began in May, and before the statement of claim was filed. in hopes of avoiding litigation. A resolution couldn't be mached. "We waited until almost the last (moment) we could." Woolstencroft said. “We've been very patient." Dim" CRAtqthAV ”0010