NEWS RELEASE
City, Seaspan and Southern
Rail enter into MOU
MOU a key step in redevelopment of 1 Port
Drive
The City of Nanaimo, Seaspan Ferries Corporation
(SFC) and Southern Railway of Vancouver Island Limited (SVI) are pleased to
announce that they have entered into a Memorandum of Understanding (MOU)) to set
out a process to move towards a partial discharge of the existing SFC
right-of-way on City owned property at 1 Port Drive.
The MOU confirms SFC's plans to
relocate to Duke Point in 2017 and their ability to return up to 9.3 acres of
land and water to the City of Nanaimo.
The MOU indicates that the City
will need to compensate SFC for the value of the portion of the right-of-way
that will be returned to the City. A professional appraiser will be hired to
arrive at a value to form the basis for negotiations.
Prior to the
discharge of the existing SFC right-of-way, a new right-of-way in favour of SVI
will be granted by the City to ensure the long term viability of rail on
Vancouver Island.
The three parties anticipate a formalized deal by the
end of 2015.
"I'm very pleased to announce today that the
City of Nanaimo, Seaspan and Southern Rail have come together to work
collaboratively to unlock this important waterfront property. Given the
complexity that can sometimes accompany initiatives like this one, I am
encouraged at the speed by which important steps forward are now being
taken." - Bill McKay Mayor City of Nanaimo
Map Shows Proposed New Right of Way
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