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

Axe throwing, road hockey among Salmon Arm food drive festivities

Fill the Pantry event wraps up on Monday, Feb. 17 with day of activities. 600lbs of food collected.

Shuswap artists come into focus for upcoming exhibit

Salmon Arm Art Gallery presents 20/20, an open community exhibition

RCMP report woman arrested after ramming police cruiser

Suspect wanted for crimes allegedly committed in Kelowna, Salmon Arm and 100 Mile House

Salvation Army’s Coldest Night of the Year fundraiser in Salmon Arm welcomes you

Make community connections while taking a walk and contributing to $35,000 goal

Letter: South Shuswap incorporation a foregone conclusion?

Writer overwhelmed with information at committee meeting

Protesters barricade Premier John Horgan’s home ahead of B.C. budget unveiling

Demonstrators from the Extinction Rebellion have blocked the Langford driveway

Budget 2020: Not much new for B.C.’s struggling forest industry

Focus on wood waste utilization, efficiency, ministry budget cut

Skull reconstruction gives new insight into unknown man found in B.C. cemetery

RCMP released a 3-D skull reconstruction of a man who was found dead on July 2, 1998

Forest industry supporters and convoy arrive at B.C. legislature in Victoria

Rally delivers petition in favour of ‘working forests’

Ten poisoned eagles rushed to veterinary hospital in Nanaimo

Eagles stricken after eating flesh of euthanized animal at Nanaimo Regional Landfill

Trudeau says Wet’suwet’en crisis, rail blockades a critical moment for country

First Nations leaders suggest it may be time to peacefully end the blockades

Osoyoos Indian Band seeks support for casino

The 6000 to 7500 square foot casino would be located on Osoyoos Indian Band land.

B.C. budtenders become first private cannabis workers to unionize in Canada

Two of seven Clarity Cannabis storefronts vote to join UFCW 1518 union

Kids exposed to household cleaners as newborns more likely to get asthma: B.C. study

Air fresheners, plug-in deodorizers, antimicrobial hand sanitizers and oven cleaners were the worst culprits

Most Read