NDIT and Commonwealth Settle Legal Battle
Prince George, B.C. – Northern Development Initiative Trust says it has reached a settlement with Commonwealth Campus to end a legal proceeding regarding development lands in the 400 block George Street.
In a news release issued late Friday afternoon, NDIT says the development of these lands can now proceed and can be positioned for additional investment in a part of the city’s downtown that has been transformed in recent years to include new shops, restaurants, a renovated Ramada Hotel and the Wood Innovation and Design Centre.
On November 28th, 2012 NDIT had filed a foreclosure notice in B.C. Supreme Court against Commonwealth Campus and its partners. The specific matter involved a mortgage and security agreement taken by the group with NDIT to buy property parcels on George Street in the vicinity of the former Prince George Hotel. NDIT was allegedly owed more than $1.45 million, plus interest, and had been expecting the amount to have been fully re-paid by October 31st, 2012.
In it’s news release NDIT says the terms of the mediated settlement remain confidential. It continues “for Northern Development the settlement resolves an outstanding proceeding, creating more certainty for the organization as it remains in a strong financial position to continue investment in communities throughout central and northern BC.”
“Due to the confidential nature of the agreement, the Trust will not provide further comment on the matter at this time.”