Nanaimo, BC, April 15, 2013 -- The memorandum of agreement
(MOA) signed between the Nanaimo Port Authority (NPA) and Pacific Northwest
Marina Group in May 2012, has not been extended past its April 1,
2013 deadline and the Pacific Northwest Marina Group (PNMG) will no longer be
taking on the revitalization and long-term lease of the Nanaimo
marina.
“While we are disappointed to lose this opportunity for needed
investment into our marina, we understand and respect the Pacific Northwest
Marina Group’s desire to pursue other immediate opportunities,” said Bernie
Dumas, CEO of Nanaimo Port Authority.
The NPA and PNMG had signed the MOA to work towards a 30-year lease
of the Nanaimo marina. The lease agreement was to be finalized in the fall after
PNMG had secured the necessary approvals for the redevelopment and satisfied
several conditions precedent related to the operation of the marina. The
expected total commitment to the project by PNMG was approximately $9 million
and 100 per cent of the capital for the redevelopment was also coming from the
developer. The changes to the CEAA environmental assessment process in 2012
shifted the responsibility of the lead review agency to the NPA on this project
which caused delays during the transition period. PNMG perceived these delays
have caused additional risks to the project which contributed to their decision
not to renew the MOA.
“We will continue to manage the Nanaimo marina, and our door
remains open to partners who can help us improve what is an incredible asset to
the Nanaimo community,” says Dumas.
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