THE LAND CONSERVANCY OF BC TRANSFERS OF 28 PROPERTIES TO
CONSERVATION ORGANIZATIONS AND REGIONAL DISTRICT
FOR IMMEDIATE RELEASE: September 30, 2015
Victoria, BC – The Land Conservancy of B.C. (TLC) will complete transfers of 28 properties to like-minded conservation organizations and a regional district on September 30 as part of the non-profits restructuring plan.
TLC received approval from the Supreme Court of B.C. on September 29 to transfer its Tofino property, Monks Point, to the District of Tofino for a $250,000 contribution to the organization. The transfer also triggers a debt forgiveness of $1 million of Debtor in Possession (DIP) funding and $75,000 in unsecured debt from long-time TLC supporters.
TLC received Monks Point Park in 2008 as part of the estate of Harold Monks. TLC has been working with the District of Tofino to generate funds from Monks Point Park while upholding Harold Monks’ wish for the site to remain accessible to the public. By negotiating the transfer to the District with a covenant, TLC will generate revenue for creditors while ensuring the site remains protected. The covenant, which will be co-held by the Alberni-Clayoquot Regional District and TLC, will protect the Point from development and subdivision, and allow public access.
TLC also transferred 26 conservation properties to the Nature Conservancy of Canada (NCC) and one property (4% undivided interest in Squitty Bay) to The Nature Trust of BC (TNTBC) on September 30. With NCC contributing $1.5 million to TLC’s restructuring plan, funds from the partnership will pay TLC creditors according to the agreed upon Plan including DIP funding, legal fees, municipal taxes, and mortgages on Horsefly River Riparian Conservation Area, Cowichan River, Luke Creek, and Wycliffe Wildlife Corridor.
Properties transferred to NCC include Avola Creek, Center Creek, Clare Winnett Copeland Property, two parcels on the Cowichan River, Creekside Rainforest, 60% interest in Cusheon Cove, Elizabeth Lake, Goodall Ecological Land Reserve, Horsefly River Riparian Conservation Area, 60% interest in Kindwood, Laux Property, Lehman Springs Conservation Area, Lohbrunner Bird Sanctuary, Luke Creek Wildlife Corridor, two parcels on the Nanaimo River, Natasha Boyd Wetland Conservation Area, Peachcliff Conservation Area, Similkameen River Pines, South Winchelsea Island, Talking Mountain Ranch, Turtle Valley Farm, West Twin, Woods Family Property, and Wycliffe Wildlife Corridor.
“We are very pleased to have found a way to ensure these important properties remain protected and to uphold the expectations of the donors who had originally contributed to their conservation,” says Nancy Newhouse, acting BC Regional Vice President, Nature Conservancy of Canada. “The Nature Conservancy of Canada take very seriously the need to provide for the long-term stewardship of all our conservation properties, and we are honoured to assume the responsibility for these special places.”
“The Board and I are thrilled that TLC’s secured creditors will be paid in full this fall while our properties will remain protected,” said Briony Penn, Chair of TLC’s Board of Directors. “Our creditors have shown such patience throughout this process and we are so grateful to them all. We look forward to completing our restructuring plan next year.”
TLC entered creditor protection in October 2013 to definitively resolve the organizations debt. In April 2015 creditors and the Supreme Court of B.C. approved a Plan of Arrangement detailing how creditors would be paid. The first of three tranches, to be completed in October, will complete payments to secured creditors.
Upon completion of the Plan of Arrangement TLC will continue to own Abkhazi Garden, among other properties, and continue to hold more than 200 conservation covenants across B.C.
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 contacts: Briony Penn, TLC Board Chair 1-250-653-9996