North Shore News October 3 2014

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FRIDAY Oct. 3

For Today’ s Market 团

2014

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WV fisheries site in huge land deal First Nations, federal agency form real-estate joint venture JANE SEYD jseyd@nsnews.com

Three First Nations, including the Squamish, Tsleil-Waututh and Musqueam, announced this week they have

reached a deal as part of a joint venture with the federal Canada Lands Corp. giving them ownership of three properties worth more than $307 million. The three parcels are all

former federal government lands.They include the $237-million 21-hectare Jericho lands overlooking the waterfront in Vancouver’s Point Grey, as well as an $11 million two-hectare parcel of vacant former fisheries department land on West Vancouver’s Marine Drive. The deal also includes an 8.5-hectare $59-million

former RCMP property on Vancouver’s Heather Street. Under the deal announced Wednesday, the three First Nations own 50 per cent of a joint venture partnership that will work to develop the properties, while Canada Lands — a federal Crown corporation — will own 50 per cent. As part of the deal,

Ottawa gave the three First Nations a 28 per cent share in the properties — worth about $86 million — as a settlement for claims they had over the land.The bands agreed to buy another 22 per cent of the joint venture — worth about $68 million — bringing their share of the massive real estate deal to 50 per cent.

Canada Lands is financing that portion of the deal. As the land is developed, the First Nations will pay back that loan. Chief Ian Campbell of the Squamish Nation described the deal as a “positive step forward” for the band that will result See Development page 5

Panorama parking turf war heats up JEREMY SHEPHERD jshepherd@nsnews.com

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The grace period is over in one of the most hotly contested parking turf wars in Deep Cove. The District of North Vancouver is set to start ticketing illegally parked vehicles on Panorama Drive, which has been the site of a struggle between Baden Powell hikers, the street’s residents and commuters who park near the marina before heading to their homes across the water. The District of North Vancouver instituted residents’ only parking on Panorama Drive at the outset of summer, handing out 34 warnings to wayward drivers during the road’s busiest months. “We will start enforcement next week,” said the district’s engineering general See Trail page 3

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