Catalyst Paper has sold off some of its land to a limited partnership between local government and a native group.
Catalyst Paper has sold off some of its land to a limited partnership between local government and a native group.
According to a report by the Vancouver Province, the company confirmed that the 1,000-member Sliammon band and the city of Powell River have established a limited partnership in order to develop the local economy where Catalyst operates a mill.
According to the terms of the transaction, Catalyst will sell roughly 325 hectares of land that it doesn’t need for its own operations, to the partnership. The partnership itself has a secured five-year mortgage of $4.5 million, the Vancouver Province reported.
Catalyst and the partnership will then subdivide and sell parts of the property and redevelop other sections of land. The Vancouver Province confirmed that plans are in the works for the construction of a marine-business park, a light-industrial park, a residential subdivision and parkland. Profits from any of these ventures will be divided amongst the three partners.
“This is a unique venture and a first for us,” The Province reported Catalyst president and CEO Russell Horner as saying. “Not only are we divesting surplus real estate at a fair price, we are proceeding with a new approach to local economic revitalization that makes business sense for the industry, municipalities and First Nations.”
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