Bob Mackin writes in Business In Vancouver about financing of the “other” Jericho Lands (the province’s $480M 38.8 acre piece). The article also has a bit of speculation around timing of the ensuing development.
According to a 2004 Supreme Court of Canada ruling, governments must consult and accommodate First Nations when selling Crown land. That sometimes means payments or loans to help native bands buy the land.
Squamish Nation chief Ian Campbell would not say how much the accommodation payments are worth on the Jericho deal because of confidentiality.
“Aspects of the deposit and the property transfer tax and other soft costs to carry the land are coming out of accommodation moneys that were negotiated between the three nations and the province,” Campbell told Business in Vancouver.