Tuesday, December 8, 2009  
   Volume 79 - Issue 49 Website:www.passherald.ca   email: passherald@shaw.ca   $1.00   
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Quote of the Week
“Administration is recommending a mutual agreement be developed so we can bring this to a conclusion.”
- CAO Gordon Lundy  
- on sorting out the   
Crowsnest Centre   

 

Developers are restructuring debt to attempt to move forward
 
There is still a great deal of work to be done, but Bill Bradley, with the Bridgecreek Development Corporation, says that River Run is still a go and that they are encouraged that the future is looking clearer.
Currently, says Bradley, the company is in the process of restructuring its debt with its different investor groups, so that they can move ahead to seek bank financing and new sources of private investment. There are four main investor groups, he says, which together represent approximately 50 percent ownership of the River Run project.
Bradley told the Pass Herald that they have successfully restructured their obligation to one of the four groups, and hopes to have a decision from one of the others within the next week. They have had extensive meetings with the final two groups, he says, and will meet with them again in January to continue working toward a solution.
Once the restructuring is complete, he says, "We'll have the time and ability to bank-finance River Run." In addition, they are pursuing additional private financing to move forward. "We're encouraged that the sources of funding are looking promising. I think we've made significant progress in that regard."
 
While they are working to sort out the financial end of things, they are also sorting out new plans for the 52-acre property in Blairmore, where they still intend to see the full scope of the project realized. Bradley says that they are entering a business relationship with Viceroy Homes, a Vancouver-based international home-building company, to have them build all of the homes on River Run.
"They're a high quality firm," says Bradley. "That's going to be significant for the Pass."
They are still trying to decide what to do with the sales centre on 129th Street in Blairmore, which has been sporadically staffed and which Bradley says has failed to build the sort of interest locally that they hoped for. Bradley says that people appear to want a full show home instead, and they plan to start building those show homes on the property in the first half of 2010.
In addition, he says, they are once again in negotiations with a large hotel chain to re-include a hotel, conference centre, and indoor pool on the property. That plan was shelved after the planned Raddison hotel fell through, but Bradley says they are now again in the design phase for that project.
"River Run is definitely a go," he says. "We haven't walked away. We're not quitters. The whole mood of the investment market, the whole market in general, has shifted and is much more positive."
Bradley says that they are aware of the need to prove themselves in the community. The nature of projects such as this, he says, is that they take time, but they still see River Run as a big part of the future in the Crowsnest Pass.
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   Volume 79 - Issue 49 Website:www.passherald.ca   email: passherald@shaw.ca   $1.00   
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