The Tsawwassen First Nation has reached a financing deal with Vancity on significant infrastructure projects.
Officials with the First Nation, Vancity, Delta and the province were on hand Thursday at the site of a new TFN sewage treatment plant now under construction for the announcement of the commercial partnership. It's a significant step for the First Nation as it develops its lands with major commercial, housing and industrial projects.
The $40 million deal with the financial institution will help build the treatment plant, a new road and utility infrastructure. About half that amount will be directed to the treatment plant.
"These are major projects for Tsawwassen First Nation, critical for the success of our nation's future. They're also important projects for Vancity. We are now excited to have their support and trust as we move forward to an exciting future. It means a lot to the Tsawwassen First Nation," said TFN chief Bryce Williams.
Noting a functioning sewer system has long been recognized as a key to future development, Williams said once their land use plan was completed, infrastructure was seen as a huge challenge.
"The Indian Act legacy left us with a major infrastructure deficit, which was not ready to support the community we needed to build. We all know infrastructure is very expensive and when we came to the decision that we needed to build our own sewer treatment plant, we knew we would need assistance with financing," he said.
Williams added Vancity is committed to helping build communities, so the partnership was a perfect fit for the TFN.
Stewart Anderson with Vancity said the financing deal is all about helping build stronger communities, including the necessary infrastructure and supports.
The new plant is to be fully operating by fall 2015.
Ivanhoe Cambridge and Property Development Group are developing almost 1.8 million square feet of shopping and office space on 180 acres at Highway 17A at 52nd Street. Those project is to be completed by May 2016. Meanwhile, the TFN land use plan will see 2,200 new homes built over the decade with Tsawwassen Shores comprising 850 of those units. The first phase of Tsawwassen Shore under construction is already sold out.
