Peachland View

Page 1

PEACHLAND VIEW

Every house... Every business... Every week

September 16, 2016 | Volume 12 Number 38

www.peachlandview.com

ThePeachlandView

@PeachlandView

Simple

CREMATION by Choice™

250-768-1187 Call 24 hrs info@simplecentral.ca simplecremationbychoice.ca

THE WEST KELOWNA Tiger Cats had a rough ride out of the gate to start the Southern Interior Football League Conference Sept. 11. See story and photos page 19.

JEN SCOTT

Ponderosa reborn: Company on road out of CCAA protection CRAIG GILBERT EDITOR

@CraigbGilbert

Stop the presses - Ponderosa isn’t bankrupt, and as of Wednesday morning, they even have a clear path out of CCAA protection. Norm Porter, chair and CEO of Treegroup Developments Corp., told the View Thursday the judge’s decision rendered Sept. 6 approved the various agreements connected to the sale of Ponderosa Peachland Development Ltd. to a company controlled by Romspen Investment Corp., the original mortgage holder.

That company will take over as the lead developer with intentions to build a re-envisioned Ponderosa subdivision, including a golf course. “We’re thrilled and thankful to have achieved exit from CCAA protection after an arduous two-year journey,” Porter said. “We’re all looking forward to bringing the Ponderosa project back to a full-scale development.” Keeping the golf course, which remains the anchor of the Ponderosa Living website, is their “wish.” “I know the community and West Bank First Nation and individual council mem-

bers are all supportive of the golf course being included,” Porter said. “I think the success of Ponderosa and bringing the project back will require work from all stakeholders, including the district, the developer and the community.” Porter said there are lots of reasons projects fail, and it is almost always cash flow. “We all have to agree on a plan that’s going to work so the financing is paid as it goes,” Porter explained. “(Ponderosa) was very front-end heavy in terms of the infrastructure we had to put in, including an amenity like the golf course. A development can never get off the ground if you

can’t have a single element that is ready to bring products to market and bring in that cash flow.” Porter said more details, including the name of the new company and more on time lines, would be forthcoming in the next couple of weeks. Next steps include going back to the public for a consultation. “We need a product type that fits the market,” Porter said. “There’s a desire on all sides so we need to jointly come up with a plan that works.” The companies have until Sept. 19 to pay off old debts, cross Ts and dot Is.

ICBC has upgraded their computer system To ensure that your insurance transaction is processed in a timely manner, please bring your documents, identification and your patience. We will greet you with a smile and make this transition as seamless as possible!

Johnston Meier Insurance 5878C Beach Avenue, Peachland | 250-767-2500 | 1-877-767-2510


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.