Page A10 — Terrace: Standart, Wedostey, November 7, Agreements signed ; ' 1980 Ski loan. i a | soon TERRACE — The first portion ° of a long-awaited $502,000 government loan” for ‘the Shames Mountain ski develop- ment should be here very soon, says its president. It'll arrive iri instalments and takes the form- of reim- bursements for purchases already made for the $2.2 million development off Hwy16 west of Terrace, said Gerry Martin, Final paperwork was. con- cluded last week in a series of documents involving the pro- vincial government, the Shames Mountain Ski‘ Corporation and the Kitimat-Stikine regional district. The iatter was involved because it had to surrender its security on ski lift and other equipment bought but not paid for by. the corporation, four years ago. That equipment came from the district's now- closed Kitsumkalum ski hill. Those assets were required by the province as security for its loan before it would lend the money. . In turn, the regional district and Shames have a new agree- ment calling for. the latter to begin payments on the $313,000 owed dating back to the 1986 purchase of the ski lift and’ other equipment. Payment takes the form of i in- stalments, carrying a 10 per cent interest rate, in a series of che- . ques, beginning two years from now and concluding in the year 2005. As well, the regional district - has forgiven unpaid ac- cumulated interest of $94,000 owed by Shames dating back to the 1996 purchase. Ski corporation president Martin said the $502,000 federal-provincial loan — it car- ries a 2.5 per cent interest rate — was crucial to the develop- ment which is scheduled to open next month, ‘“‘That's 25 per cent of a $2.2 million development and that’s a big chunk. To not get thatand |. to have to raise that’in a’sriall ~ |" ” community where there is not a. |. lot of venture capital could have © meant we wouldn’t have a ski hill,'” he said, UNICEF British Columbia 1-604-687-9096 Gerry Martin Martin also said the board welcomed the regional district's forgiving the $94,000 in unpaid interest’ from the original pur-: chase agreement with the regional district. “One of the (Shames board’s) negotiating points was that in the original purchase we would start paying back when the hill was up and operating,”*. he said. -curred,’® he said. And although the -regional Martin called the new pay- ment agreement: with «the regional district an extension of that principle... “Certainly; there, would have - been a lot of reaction from. the {Shames) board had that not o¢- Dea district now has. no Security of assets on the money, it is owed by Shames, Martin said itis ina stronger position than before to be repaid. “It may bein second position (for repayment) but it is in se- cond position after a $500,000 loan where there is already a $1.5 million investment in a ski hill that will be operating,”” he said, “That’s a stronger ‘position than four years: ago: and - stronger than a month ago, for that matter,”’ Martin added... He said one of the other negotiating points used by the Shames board was that the 1986 purchase price of $131,000 did . not reflect the 1990 irue value of... the equipment. 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