City of Terrace and Kitselas First Nation Complete $3 Million Buy-back of Skeena Industrial Development Park Lands

It took legal action to end the near-decade long saga, but the Skeena Industrial Development Park Lands are now back under familiar ownership.

A buyback of the lands has now been completed by a joint venture representing the City of Terrace and Kitselas First Nation.

They had initially purchased the 1,200 acres of land in 2005 to support industrial growth and development within city limits.

In 2014, they sold the lands to Taisheng International Investment Services for roughly $12 million, who had intended to develop the lands.

But, Taisheng would later miss numerous permitting deadlines, forcing the City to issue multiple extensions.

Last year, the City and Nation agreed to exercise a re-purchasing option built into the initial contract, but Taisheng still failed to cooperate.

Legal proceedings launched as a result have now wrapped up, with the joint venture re-purchasing the lands for roughly $3 million.

That will come from the initial purchase funds, over $6 million of which still remains in the joint venture’s coffers.

They can now proceed with marketing the lands, in an effort to find a new buyer to boost industrial revenues for both the City and the Nation.