Through its wholly owned corporations, Powell River Waterfront Development Corporation (City) and Tees'kwat Land Holdings Ltd (Tla'amin), the parties retired the mortgage being carried by PRSC and acquired Catalyst's interest in the Limited Partnership for $3 million. The transaction was approved by the courts in 2012 when Catalyst was undergoing financial restructuring while under creditor protection.
"We are pleased to arrive at the final stages of this jointly beneficial agreement," says Catalyst President and CEO Joe Nemeth. "This transaction represents a mutual investment in community prosperity and continued cooperation between community and our industry. It addresses the City and Tla'amin's need for a diversified economy while enabling Catalyst to focus on core operations."
As a result of this transaction the Limited Partnership Board will be restructured to have 3 representatives from each partner. Representing Tees'kwat will be Chief Councillor Clint Williams, Councillor Walter Paul and Sliammon Development Corporation President Roy Francis. Representing PRWDC on the PRSC Board will be City CFO Shehzad Somji, and Powell River citizen appointees Kevin Sigouin and Chris Roddan.
