SUNDAY March 24, 1996

agency NSEDC under

investigation

THE NORTH Vancouver RCMP economic crime unit is investigating the non-profit North Shore Economic Develop- ment Commission (NSEDC),

By Anna Marie D’Angelo News Reporter

The NSEDC is funded by the three North Shore municipalities and the provincial government.

The organization works with an annual budget of about $200,000, according to Mel Palmer, North Vancouver District (NVD) manager and a NSEDC board member .

NSEDC chairman Peter White declined to comment about the police investigation on Friday.

ANSEDC statement released Friday states that long-time NSEDC-paid eco- nomic development officer Bonnie M. Pyplacz is no longer with the commis- sion.

The NSEDC statement notes that Pyplacz’s departure this month is a per- sonnel matter and that the NSEDC board is unable to comment further.

Judy Perkins is now the interim pro- ject manager at the commission.

The NSEDC was formed in 1989 to foster, diversify and promote economic and employment development on the North Shore.

The NSEDC has conducted studies including one of the Dundarave busi- ness district. It has also compiled a directory of high-tech industries based on the North Shore. More recently the NSEDC developed an Internet web site for businesses.

NSEDC board members include North Vancouver District Coun. Don Bell, West Vancouver District Coun. Ron Wood, Vancouver Port Corp repre- sentative Warren McCrimmon. North Vancouver Chamber of Commerce rep- resentative Weldon Congdon, West Vancouver Chamber of Commerce rep- resentative Peter Kvarnstrom, North Vancouver City Coun. Barbara Sharp, Capilano College representative Alan Smith, William Scott and Greig Weaver.

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2

NEWS photo Terry Peters

NORTH VANCOUVER City Coun. Bill Bell sees a bright future for the ramshackle Versatile Shipyard site.

NVC considers a $200,000 look at Versatile options

WITH IFS industrial, history-laden past firmly behind it, the future of the old Versatile Shipyards site seems to be now.

By Robert Galster Contributing Writer

A staff proposal put before council in February outlines a land-use study of the site that would set in motion the wheels of change for the area. Although the $200,000 study proposal was deferred by councillors to the city's finance com- mitlee, one city councillor said it is unlikely the issue will be sidetracked now.

“There's no question in my mind that we have to break the logjam ... at Versatile,” said Coun. Bill Beil. “Obviously it’s the prime area cn the North Shore that's up for development right now.”

The area's present (otal assessed value is $16,262,300, but its true market value is likely higher and will be higher still upon any rezoning of the property.

Bell sees that as an opportunity for the city to extract amenity space from future developers.

“We'll have to allow the kind of development that’s profitable,” said Bell. “That means not indus- trial.”

The city’s portion of the study's price tag is $70,000 with the remainder being split between the area's two owners, Shieldings Inc. and Vancouver Port Corporation (VPC).

The study's stated goal is “to transform a por- tion of the shipyard site into a major TownCentre destination that is active and diverse, interesting and publicly accessible, economically viable. respectful of the site's historic past and compatible with the surrounding Lower Lonsdale community. while retaining an active marine industrial-ship- yard operation on the easterly portion of the site.”

The picture is complicated because Shieldings is in receivership and the Bank of Nova Scotia is a major creditor. The bank has stated that it is not interested in playing a part in the area’s eventual development and plins to shed its interest in the site.

To facilitate the east-west division of land uses a proposed land exchange between the two parties has also been discussed, but could not be finalized until the results of the proposed study are known. The exchange would redraw the present north- south ownership lines. VPC spokesman Dietmar Setzer said he expects the study, if approved, to take about one year to complete. He added that its findings are critical to any future negotiations.

Far more on Versatile see page 3

THE OWNERS

THE FOLLOWING represents: the murky ownership structure of the old Versatile Pacifle Shipyards lands.

Apart from North Vancouver City’s interest in the future of: the site, two parties have a hand in the property. : ae

One part is owned by Vascouver Port Corporation (VPC). The other resembles a trail of overlapping sub- sidiaries. Sce the graphic on page 3 for a geographical breakdown.

The non-VPC lands are owned by a company registered as 366466 B.C. Ltd. However, this company is whol- ly owned by another company regis- tered as 379186 B.C. Ltd. which is in turned owned by Shieldings Inc.

In 1994, Shicidings went into receivership with Coopers. and Lybrand Ltd. as the appointed receiver and the Bank of Nova Scotia being a major creditor.

A company registered as Yarrows Ltd., which holds a fease for the Versatile site, is also owned by 379186 B.C. Ltd., a subsidiary of Shieldings Inc.