The Chinese entity which purchased just under 1,200 acres of land at the City of Terrace Skeena Industrial Park just south of the airport is to start drilling for water.
Taisheng International Investment Services, the Burnaby-based firm which acts for the Qinhuangdao Economic and Technological Development Zone (QETDZ) located in Qinhuangdao, China, is to move a drill rig onto a portion of the land, says a city press release.
“The intent is to develop the site in two phases. The first phase will include build out of 692 acres on the eastern corner of the property along Highway 37,” indicates the city release.
It expects land clearing to take place the second half of this year or in early 2017.
At the same time, the city says economic development officials at the Qinhuangdao Municipal Bureau of Commerce are asking for information on the property here.
This indicates “support for the project to be chosen as one of the [commerce bureau’s) priority industrial parks in the manufacturing sector,” the city release adds.
“This is positive news as the Chinese Ministry of Finance provides financial incentives for qualified industrial parks in foreign countries,” the release continued.
The nearly 1,200 acres was purchased by the QETDZ in 2014 for $12.4 million which was then followed by a development agreement negotiated with the city.
Today’s city release also indicates a name has been given to the property bought by the development zone – the Qinhuangdao Economic and Technological Development Zone (QETDZ) Industrial Park.