April 25/08 3:09 am - Dukes Cycle Hit with Demolition Bill
Posted by Editor on 04/25/08
Dukes Cycle Hit with Demolition Bill
The February fire which destroyed much of a retail block in downtown Toronto, including Dukes Cycle, continues to bring new woes to Gary Duke and his family - and sobering lessons to other retailers. The latest shock to Duke is the $46,000 bill the City of Toronto tax department presented him with this week to cover the costs of demolition on the site. While Mr Duke's insurance may cover the cost, it will come out of whatever settlement is made, thus reducing the funds available for rebuilding and replacing inventory. A further concern is that when the planned new building is opened, it may also be subject to an increase in property and business taxes of up to 600%, since it would be assessed as a new property.
The Globe and Mail newspaper has further details on the situation Here.