BACKERS of the plan to purchase the Shames Mountain ski facility gather outside city hall last night. Council debated

BACKERS of the plan to purchase the Shames Mountain ski facility gather outside city hall last night. Council debated

Co-op has three-year Shames buy deal

THE LOCAL non-profit group which wants to buy the Shames Mountain ski facility says it now has a three-year deal with Shames Mountain Ski Corporation, the current owners.

  • Aug. 23, 2011 8:00 p.m.

THE LOCAL non-profit group which wants to buy the Shames Mountain ski facility says it now has a three-year deal with Shames Mountain Ski Corporation, the current owners.

In a statement posted to its website, My Mountain Co-op says it has agreed to a price of $550,000, down from the corporation’s original price tag of $1.295 million.

The monies paid for the first payment will ensure that the past creditors, local Terrace businesses, owed about $200,000 for past operations will be paid, thus ensuring locals are not left unpaid,” says the My Mountain Co-op statement.

With $380,000 raised or committed, the statement urges My Mountain members to keep working toward the purchase price.

But still unknown is how nearly $560,000 in Shames Mountain Ski Corporation debt to the provincial government will be handled.

The figure had been bundled into the corporation’s asking price but has now been stripped out of the amount My Mountain Co-op has now agreed to pay.

We must negotiate the deferral or forgiveness of debt to the province, which we are diligently working on,” the co-op says.

Co-op officials last week said they had a buy deal in place. The details were released yesterday afternoon just hours before Terrace city council decided against providing the co-op with $90,600.