The 2010 Vancouver Olympic Village, also known as North America’s greenest neighbourhood, can add to its list of titles the biggest real estate project placed under receivership in the Lower Mainland in 2010.
On Wednesday, Ernst & Young was appointed receiver of Millennium Southeast False Creek Properties Ltd., a subsidiary of Millennium Development Corp. that built the financially troubled Millennium Water project.
“They’re done,” said Lawson Lundell partner Heather Ferris on Millennium’s future role in selling the project. “The receiver can do whatever needs to be done to market the development.”
The project was placed in receivership after months of negotiations between the City of Vancouver and Millennium over plans to revise the marketing plans for the development and a plan to pay back the $740 million in loans Millennium is still owed to the city. High unit prices and the slowdown in Metro Vancouver’s real estate market helped cripple sales at Millennium Water.
Most of the units in the project remain unsold. But whether Vancouver city taxpayers will get all their money back remains an open question.
Mayor Gregor Robertson admitted it will still be difficult to recover the city’s entire investment in the project.
Posted Thursday, November 18
Another former Vancouver Olympic Organizing Committee (VANOC) executive has moved into the public arena. On Tuesday, E-Comm 9-1-1, southwest B.C.’s emergency communications centre, appointed David Guscott its new president and CEO effective November 22.
Guscott is VANOC’s former executive vice-president of celebrations and partnerships and during the Games was responsible for maintaining the relationship between the organizing committee and its municipal, provincial and federal government partners.
The move comes nearly six months after David Cobb, VANOC’s former executive vice-president and deputy CEO, was named BC Hydro’s latest president and CEO.
Posted Tuesday, November 16
A First Nations business has entered into an agreement to buy the global rights for an energy conversion and waste disposal technology.
On Tuesday, Vancouver-based Nass Valley Gateway Ltd. announced plans to invest US$2 million over the next year to produce Env-X production units.
The units convert organic waste to fuel oil and other byproducts that cut CO2 emissions from municipal solid waste and create forms of usable power.
Nass Valley was formed via a joint venture agreement between Mineral Hill Industries Ltd. and Gitxat’in Development Corp. Gitxat’in is a wholly owned subsidiary of the Nisga’a Nation’s Village Government of Laxgalts’ap.
Nass Valley is the first time the Nisga’a people of northwest B.C. have formed an alliance with a publicly listed company.
In addition to its contribution to environmentally responsible waste management, Nass Valley will be positioned to generate revenue and sustainable employment through the pursuit of its business and extension of its joint venture activities.
Imperials Metal Corp. (TSX:III) issued an updated feasibility study for its Red Chris project Tuesday envisioning a mine that’s significantly more expensive than it was in 2005.
The Vancouver-based company said the copper-gold project, which is in northwest B.C., would cost approximately $443 million to build. That’s higher than the $225 million predicted in 2005, but president Brian Kynoch said the increase is mostly the result of higher construction and copper prices.
Red Chris contains approximately 5.14 billion pounds of copper and 7.16 million ounces of gold in measured and indicated categories. The project will create an estimated 300 long-term jobs.
Posted Wednesday, November 17
Western Coal Corp. (TSX:WTN) could soon become one of the largest coal producers on the planet.
On Thursday morning, the Vancouver-based miner said negotiations were underway regarding a combination with Walter Energy Inc. (NYSE:WLT), a Florida-based mining company with annual revenue of approximately $1.2 billion. The deal, worth $3.3 billion, would see Western shareholders receive a mixture of cash and Walter shares valued at $11.50 per Western share.
B.C. is expected to be an economic engine for the country in 2011, but some of that growth might be lost after the government’s executive council decided to suspend the 15% personal income tax cut Premier Gordon Campbell announced October 27 during a televised address.
The Liberal cabinet said it was suspending the tax cut to give itself maximum flexibility to set the government’s economic and fiscal agenda. The decision came after Campbell announced his resignation November 3, but said he would stay on as premier and Liberal party leader until a new leader was selected in February.
The uncertainty over income taxes further muddies the waters in a provincial tax system that already faces uncertainty over the fate of HST, which will decided in referendum next September.
Posted: Thursday, November 18
A fledgling life sciences company has obtained an exclusive licensing agreement with the BC Cancer Agency for a device that aims to detect lung cancer earlier than current methods.
Vancouver-based T-Ray Science Inc. (TSX-V:THZ) said Tuesday the Verisante Core series lung cancer detection device has been clinically tested on more than 50 patients with “excellent” results.
The BC Cancer Agency developed and tested it in collaboration with the Lung Centre at Vancouver General Hospital.
Posted Tuesday, November 16
An award-winning vegan cheese producer has only recently started selling in the Canadian market despite being based in Vancouver.
Daiya Foods, which produces two styles of shredded vegan cheese, is quickly expanding its market share despite being on the market in Canada for less than two months.
Kristen Bourke, Daiya’s brand manager, said the company’s products have been available on retail shelves in the U.S. since April. But its product only recently came on the market in Canada after it overcame labelling issues.
“We couldn’t refer to it as a cheese in any way.”
Its products are available in specialty food retailers such as Whole Foods and Choices.
Posted Monday, November 15