A draft rendering of what a public campground located on the former Waterway Houseboats property would have looked like. (District of Sicamous Image)

Calgary company outbids Sicamous on former Waterway Houseboats property

BC Supreme Court approves $2.6 million sale to Checkpoint Developments Ltd.

Plans for a new public campground in the Shuswap may have been dashed.

A purchase offer on the former Waterway Houseboats property by the District of Sicamous Development Corporation (DOSDC) is no longer on the table after a competing bid from a Calgary-based company was approved by the BC Supreme Court.

The property, located at 1 Meryvn Road, on the shore of Mara Lake south of Sicamous’ town centre, is up for sale as part of the receivership process initiated by CIBC against the houseboat rental company in June.

The DOSDC, which is owned by the District of Sicamous, submitted a $2 million purchase offer for the 16.33 acre property in late November. The offer was approved by the receiver.

The DOSDC intended to develop the property into a recreation area, including a public beach, park, boat launch and 75 RV and camp sites.

Read More: Sicamous plans to buy former Waterway Houseboats property, build campground

Read More: Proposed Waterway property purchase in hands of Sicamous development corporation

The DOSDC received notice on Dec. 13 that a competing bid of $2.6 million, submitted by Checkpoint Developments Ltd., was going before the court for consideration on Monday, Dec. 16. The competing bid was for the real estate and other items formerly owned by Waterway.

A Dec. 19 report published by the receiver notes that along with the $2 million offer from the DOSDC for the purchase of the real estate, a parallel offer for items on the property was submitted by Able Auctions Ltd. An earlier report states Able’s offer beat three other would-be liquidators with a guarantee the receiver would receive a minimum of $575,000 for the saleable chattel held by Waterway, as well as a split for any sale proceeds exceeding $650,000, with 75 per cent going to the receiver and 25 per cent going to Able.

Read More: More than $13 million owed to creditors by Waterway Houseboats

Read More: 51 out of work as Sicamous’ Waterway Houseboats shuts down

The Dec. 19 report says the offer from Checkpoint was not monetarily superior to the combined offer by the DOSDC and Able. It states a single purchaser for the real estate and other items might result in no site clean-up costs being incurred due to unsold assets remaining after the liquidation.

The DOSDC and the District of Sicamous were granted five days to consider modifying their original offer; they met on Dec. 18 to discuss their options and also invited Checkpoint to discuss their plans for the property. According to the DOSDC, the development firm shares their vision for repurposing the lands.

On Dec. 20, the B.C. Supreme Court approved the sale of Waterway’s lands and other items to Checkpoint.

“Moving forward, the DOSDC and the DOS look forward to working with Checkpoint Developments in redeveloping these lands for its future,” a statement from the DOSDC reads.



jim.elliot@saobserver.net

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

Shuswap resident spots waterspout near Salmon Arm

The rare weather event was spotted early in the morning on July 4.

Seymour Arm landslide interrupts drinking water to 500 people

The July 3 slide damaged a water system and a logging road.

Police seek boat, trailer stolen from Salmon Arm property

The aluminum fishing boat has been gone since June 29

Collision snarls traffic west of Sorrento

Reports on social media suggest the crash involved two semi trucks.

Princeton RCMP arrest suspects in violent Salmon Arm home invasion

Two men who allegedly staged a violent home invasion in Salmon Arm… Continue reading

VIDEO: Musqueam Chief captures captivating footage of bald eagle catching meal

‘This is why we have chosen to live here since time immemorial,’ Chief Wayne Sparrow’s nephew says

Police ramp up efforts to get impaired drivers off B.C. roads this summer

July is dedicated to the Summer CounterAttack Impaired Driving Campaign

Migrant workers stage multi-city action for full status amid COVID-19 risks

‘COVID-19 has exacerbated an existing crisis’

Police searching for missing Lake Country man

David Anthony Jenken, 65, was reported missing Friday and was last seen on June 28

PHOTOS: B.C.’s top doc picks up personalized Fluevog shoes, tours mural exhibition

Murals of Gratitude exhibit includes at least one portrait of Henry alongside paintings of health-care workers

Okanagan school drops ‘Rebels’ sports team name, citing links with U.S. Civil War

Name and formerly-used images “fly in the face” of the district’s human rights policy, says board chair

In troubled times: Independence Day in a land of confusion

Buffeted by invisible forces and just plain worn out, the United States of America celebrates its 244th birthday

Stop enforcing sex work laws during COVID-19, advocates say

There are provisions in Canada’s prostitution laws that make workers immune from prosecution, but not from arrest

Liberal party finished 2019 having spent $43 million, raised $42 million

All political parties had until midnight June 30 to submit their financial reports for last year

Most Read