BACKUP OFFER FOR HARMAC
The local press is reporting that the owners of the Cable Bay development have put forward an offer of $20 million for the Harmac site, should the present deal fall through.
It is said that the offer by the Cable Bay developers is a defensive bid to insure that someone else can not buy the property should the present company be unable to complete their purchase agreement.
The developers do not like the possibility of someone turning the site into a garbage dump or some such thing as it would not enhance their development.
Spokesman for the new company owned by Harmac employees and three investors say they will be able to complete their end of the deal by the deadline of Aug. 29.
It is further reported that the startup of the mill will employ 210 of the previous 530 employees at the mill.
The successful operation of a viable mill would certainly best suit the employees and their families involved as well as the City of Nanaimo as these jobs would pay considerably better than the service sector which makes up a large part of the local economy.
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