The City of Terrace is set to receive the necessary approval to follow through with the sale of the old Co-op property on Greig Ave between Emerson St. and Kalum St.
The city has completed its environmental work on the lot as required by the province, and on Monday council approved a $65,000 letter of credit and letter of commitment, which the Ministry of Environment needs before issuing a certificate of compliance, clearing the way for development.
READ MORE: Terrace Co-op lands’ environmental clearance costs rise
It is currently under a sales agreement to Superior Lodging for a hotel development. City officials said in 2013 that the deal with Superior fit its vision for the former Co-op property as a cornerstone of downtown revitalization.
The city expected to complete the work and obtain certification from the provincial government in 2016, indicating that the property was clear of contaminants from when the now-defunct Terrace Co-operative Association had a large shopping and gas bar complex.
READ MORE: Backhoe gradually pulling down Co-op
The certificate is required before final work can begin on a neighbouring lot to the east, the former site of the Co-op gas bar and subject of a land offer to the Terrace and District Museum Society. The lot west of the site was previously sold to local startup Skeena Brewing.
As early as this summer the city is now planning street-reconstruction paving and landscaping to increase the area’s aesthetics and marketability.
Last year council approved $112,500 to complete the final environmental work on the 2.79 -acre property tied to the Superior Lodging sale.
quinn@terracestandard.com
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