The Land Conservancy of B.C. will be seeking approval for a plan to bring more than three years of creditor protection to an end.
If creditors support the proposal on Dec. 2, it will go to the Supreme Court of B.C. for a final decision.
Court-appointed monitor Wolrige Mahon said in a report to the court that the proposal is “fair and reasonable.”
Two votes — one for secured creditors and one for unsecured creditors — will be held at the Sandman Inn, 2852 Douglas St. A secured creditor is a lender that has access to an asset if the money is not repaid.
The Land Conservancy once owned 46 properties around B.C., representing historic and ecologically sensitive sites.
The organization plans to hold onto seven properties with a book value of $7.4 million:
• Abkhazi Garden in Victoria
• Madrona Farm in Saanich
• Second Lake in Highlands
• Kurta/Clearwater near Wells Gray Provincial Park
• Todd Road near Kamloops, south of the South Thompson River
• Fort Shepherd, south of Trail
• Nimpo Lake, 300 kilometres west of Williams Lake in the Chilcotin region
Of those, six have some sort of limitation on the organization’s ability to sell them.
They could also receive more money through a plan for a zoning bonus density swap.
That proposal would see Victoria developer Chris Le Fevre pay $250,000 to The Land Conservancy for the density allowed at Abhkazi Garden, which has zoning that would allow townhouses on the site.
Le Fevre would transfer that density to another project. Abhkazi Garden would remain in its current state.
Abhkazi Garden is considered its flagship property and is a revenue generator.
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