Member Donation Helps Pay Down Abkhazi Garden Mortgage; Sale of TLC’s Hardy Mountain Doukhobor Village furthers debt elimination goal

/, Okanagan, Press Release, Vancouver Island/Member Donation Helps Pay Down Abkhazi Garden Mortgage; Sale of TLC’s Hardy Mountain Doukhobor Village furthers debt elimination goal

NEWS RELEASE

MEMBER DONATION HELPS PAY DOWN ABKHAZI GARDEN MORTGAGE

Sale of TLC’s Hardy Mountain Doukhobor Village furthers debt elimination goal

FOR IMMEDIATE RELEASE: July 16, 2015

Victoria, BCThe Land Conservancy of B.C. (TLC) has made further progress with its Plan of Compromise and Arrangement this week, paying off $577,000 in debt to secured creditors on two properties.

Effective today, July 16, TLC transferred ownership of Hardy Mountain Doukhobor Village near Grand Forks to the local Regional District of Kootenay Boundary (RDKB. TLC purchased the 18.53 acre property in 2004 for $150,000 when a coalition of concerned citizens approached TLC for assistance. The RDKB purchase retired the remaining $38,000 mortgage and outstanding property taxes.

“I’m excited about the next stage, where we get to work with our community here to create a future vision for the site,” said Roly Russell, member of the RDKB’s Board of Directors. “Hopefully we can establish a good partnership with a local group, or groups, that are eager to help us create that vision.”

The property remains protected through a heritage designation bylaw previously passed by the Regional District of Kootenay Boundary and by virtue of its location within the Agricultural Land Reserve, which further restricts the potential for development for other uses.

TLC also this week paid $539,000 toward the mortgages on Abkhazi Garden after receiving a substantial donation for that purpose from a generous long-time TLC member who wishes to remain anonymous.

The donor first became involved with the organization in 1999 when TLC stepped in to raise funds to prevent the garden from becoming developed. With local resident support, TLC purchased the 1.81 acre heritage garden for $1,565,000, protecting the property from becoming a townhouse development. Two years later, TLC acquired the neighbouring 0.197 acre lot for $210,000. The mortgage now stands at $475,000.

We are extremely grateful for the generosity of this donor who shares the desire to preserve this wonderful property,” said Briony Penn, TLC’s Board of Directors’ Chair. “According to the Plan of Arrangement, Abkhazi will remain in TLC’s ownership. This donor wish is for TLC to own Abkhazi Garden debt free and that is our aim.

TLC hopes to generate funds from Abkhazi Garden from a sale of density transfers associated with the gardens. Previously zoned for 12 townhouses, these densities are currently for sale as part of TLC’s Plan of Arrangement with creditors.

We are forever grateful for our creditors’ patience as we work through our Plan of Arrangement,” said John Shields, Director of Operations for TLC. “We are continuing to meet our obligations to creditors and look forward to the completion of the Plan next year.”

About The Land Conservancy of BC:

The Land Conservancy of BC (TLC) is a non-profit, charitable Land Trust working throughout British Columbia. TLC’s primary mandate is to benefit the community by protecting habitat for natural communities of plants and animals. Founded in 1997, TLC is membership-based and governed by an elected, volunteer Board of Directors.  TLC relies on a strong membership and volunteer base to help maintain its operations. 

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Media contact: John Shields, TLC Director of Operations     (250) 479-8053

By | 2016-10-26T18:37:55+00:00 July 16th, 2015|Kootenay's, Okanagan, Press Release, Vancouver Island|0 Comments

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