The city of Terrace and Kitselas Nation have announced a land deal that officials from both parties say will prove instrumental in the development city-owned industrial land.
This is the second sale of Skeena Industrial Development Park land to be made since last August and will see 66.7 hectares purchased by the Kitselas First Nation’s Kitselas Development Corporation for $1,647,700.
The sale has been in the works for some time with Kitselas Development Corporation general manager Jim Dopson saying previously that the development corporation was waiting to finalize a deal with one or more other companies interested in using the land before making the purchase.
“Securing this land gives us an opportunity to diversity our immediate and long-term revenue streams, and to build some valuable business partnerships that support regional economic activity,” said Dopson in a press release today.
“We plan to explore as many scenarios as possible, including joint ventures, partnerships and land leases. Our Corporation shares the long-term vision for the Skeena Industrial Development Park,” he continued.
Terrace mayor Dave Pernarowski said this land sale is key to the realization of the 2,000 acre Skeena Industrial Development Park, and will allow infrastructure upgrades necessary to attract other developers.
“Money generated from land sales at the Skeena Industrial Development Park will be used for infrastructure development of the park as per our Joint Venture Agreement,” said Pernarowski of the city’s partnership with the Kitselas to cost-share development of the park which is located on the band’s traditional territory. “This sale will allow us to continue that work without having to borrow funds like we’ve done in the past.”
In December the city passed a resolution to use the proceeds from the taxation of any eventual development in the industrial park to reduce business and residential property taxes based on a yearly review.
The Skeena Industrial Development Park is located south of the Northwest Regional Airport and contains a total of over 2,000 acres of flat, stable land that the city has been purchasing at a discount from the province.
Money from the sale of land is being put into a corporate lands account that the city plans to draw from to service the industrial zone.
Other deals include one finalized with a company called Global Dewatering Ltd. for equipment storage, as well as proposed deals with Veresen Inc. to develop a gas-powered generator and an early-stage negotiation with a Chinese industrial zone called Qinhuangdao to buy up to 1,000 acres for undisclosed industrial use.