More information today from Bob Mackin in Business In Vancouver about the sale of 38 acres at Jericho to three First Nations by the Provincial Gov’t. The source is a document presented to Squamish Band members on March 23, 2016.
The provincial government will pay $96 million to three First Nations for them to become the new owners of the Jericho Lands on Vancouver’s west side, according to a document obtained by Business in Vancouver.
The document, which was given to Squamish Nation band members at a March 23 community presentation, said the lands are valued at $480 million and the accommodation funds flowing from Victoria to the Squamish, Musqueam and Tsleil-Waututh would be split one-third each . . . .
. . . . At the March 23 meeting, Campbell told band members that, under the deal, the three nations will put up no cash. He said a seven-year vendor take-back mortgage arrangement with the provincial government would mean the accommodation payment would total roughly 30% of the $480 million.
The March 23 document warned band members that the acquisition could come under criticism from all corners: “West Point Grey Residents Association. Politicians of all stripes: municipal, provincial and federal.
“Low-income housing activists, environmentalists and other NGOs.
“It is important to note that many longtime Point Grey residents are affluent and have access to powerful lobbyists and the media.”