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

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

Just Posted

Halle Krawczyk of Salmon Arm celebrated her 12th birthday in November 2020. Halle suffers from a rare form of cancer that she requires surgery for but her family is unable to get funding to go to the leading surgeon in the United States. (Contributed)
Salmon Arm parents raise funds for surgery to combat daughter’s rare cancer

Parents want renowned U.S. expert to do surgery on 12-year-old but they say MSP won’t pay

Salmon Arm RCMP officers responded to two public COVID-19 demonstrations held in Salmon Arm on Saturday, Nov. 28. (File photo)
Organizer of Salmon Arm COVID-19 demonstration fined $2,000 by RCMP

Police said some participants weren’t aware of the public health order prohibiting gatherings

A man wearing a face mask to prevent the spread of COVID-19 walks past a mural in Vancouver on Monday, Nov. 30, 2020. THE CANADIAN PRESS/Marissa Tiel
212 new COVID-19 cases in Interior Health over the weekend

A total of 490 cases remain active; 15 in hospital

Salmon Arm RCMP say patrons are harassing local businesses over mask requirements. (Lachlan Labere-Salmon Arm Observer)
Police urge respect after Salmon Arm businesses report being harassed over mask rules

Wearing of masks in businesses and public spaces is currently mandated by the province

The video was used for (KGH Foundation - YouTube)
Okanagan filmmaker, poet win at L.A. Film Awards

Spoken word artist Shane Koyczan wrote and filmmaker David Nault produced the commercial

A B.C. Ambulance Service paramedic wearing a face mask to curb the spread of COVID-19 moves a stretcher outside an ambulance at Royal Columbia Hospital, in New Westminster, B.C., on Sunday, November 29, 2020. THE CANADIAN PRESS/Darryl Dyck
B.C. records deadliest weekend of COVID-19 pandemic with 46 deaths; more than 2,300 cases

Provincial health officer Dr. Bonnie Henry provides COVID-19 update

Fossil finds at Mt. Stephen. (Photo: Sarah Fuller/Parks Canada)
Extreme hiking, time travel and science converge in the Burgess Shale

Climb high in the alpine and trace your family tree back millions of years – to our ocean ancestors

Join Rob Dinwoodie and bandmates for a Cowboy Christmas, Dec. 11 and 12 at Vernon and District Performing Arts Center. Seating is cabaret style on the stage for an intimate concert. (Contributed)
North Okanagan cowboys go virtual for Christmas

Cowboy Christmas streamed Dec. 11-25

Vernon is getting in the Christmas spirit with many homes decorating with lights and extras. (Caitlin Clow - Morning Star)
Christmas lights tour mapped out by Vernon realtor

More than 20 of the community’s best lit houses make up annual tradition

Kettle bells sit aligned in an indoor fitness studio. (PIxabay.com)
1 COVID-19 case at a B.C. fitness studio leads to 104 more infections, 6 school exposures

According to case data released by Fraser Health, one case of the novel coronavirus carries a big impact

Vehicles drive past a display thanking essential workers in Burnaby, B.C. on Sunday, Nov. 29, 2020. THE CANADIAN PRESS/Marissa Tiel
B.C. changing COVID-19 case reporting as virus spread continues

Manual counting takes more time, leads to errors

The Wrong Turn Tavern in Keremeos is trying to lighten the mood during this pandemic. (Facebook photo)
Keremeos Tavern has fun with some not-so-fun restrictions

Sign posted at the Tavern warns if you don’t wear a mask you must strip naked

Black Press Media and BraveFace have come together to support children facing life-threatening conditions. Net proceeds from these washable, reusable, three-layer masks go to Make-A-Wish Foundation BC & Yukon.
Put on a BraveFace: Mask fundraiser helps make children’s wishes come true

From Black Press Media + BraveFace – adult, youth and kid masks support Make-A-Wish Foundation

Sunny the cat, who jumped out of the truck at the Revelstoke Landfill earlier this month, was quickly reunited with his owners. (Contributed)
Cat returns home with the help of two landfill workers

Sunny jumped out of the truck at the landfill in November

Most Read