2 - Friday, October 30, 1992 - North Shore News

Negotiations for NV shipyard site break off |

NEGOTIATIONS BETWEEN Yarrows Ltd. and the Van-
couver Port Corp. (VPC) for the acquisition of the former
Versatile Pacific Shipyards Inc. (VPSI) site on the North
Vancouver City waterfront have broken off.

fn an interview from) Victoria
this week, where Yarrows
(formerly VPSJ) operates a second
shipyard, company president Don
Nicholson said the breakdown in
talks over the sale of the land is
centred around how much VPC is
willing to pay for the [6-hectare
(40-acre) property.

“we were the willing seller

By Surj Rattan
News Reporter

and agreed to a price in 1991,
“They opted to change the price
on an open-ended basis that was
not satisfactory to ous,’’ said
Nicholson.
He added that, in the mean-

No Infarest charges

ments uri Ap biting siatament.
# purchase price iene in fut by April billing statement dus

dale, biharwise tnistest due from data of purchase. Noma?

credit tasms apply a'ior Api billing statement.
Taxes ew cba wie purchase OAC

“ems marked “SALE" ate on sate. Omer items ot our guaranjeed every

day regular low prices. Personal shopping only, no fetditers. We
reserve the fagnt ld imi quanuties. Apple, Apple logo, and Macintosh
lore renistered tracesnarks of Appie Computer. ** Not os tiustrated.
XBCHYDRO REBATE

time, the site is being cleaned up.

“we continue to do some in-
dustrial work. Whatever happens
on the site, whether it is sold for
industrial use or ather uses, | have
to clean it up and | have to do it
an economical way.”

Nicholson said that the old
VPSI site is also being rented out
fo other tenants such as Jocal film
ard television productions.

He added that he would Hke to
keep the site for industrial marine
use.

Nicholson said lawyers for both

Yarrows’ parent [oronto com-
pany, Shieldings, and the VPC are
still communicating via letters.

He declined to say what the
original negotiated price for the
shipyard site was.

But Nicholson said he was will-
ing to reopen negotiations.

VPC spokesman Trace Acres
said Thursday thet the Crown
corporation was still interested in
acquiring the Versatile site.

“Negotiations are at a highly
sensitive stage. Beyond that If
can’t comment,’’ Acres said.

North Vancouver City Mayor
Jack Loucks said he understands
that the VPC does not want to
pay top dollar for the Versatile
site and then have to pay more
money to have the land cleaned of &
any residual toxic rnaterials. :

Loucks added that he was not
aware that negotiations between
Yarrows and the VPC had broken
off.

Last year Versatile was forced
to lay off virtually its entire x
workforce after the company ran
into major financial difficulties.

3f

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