As the financial struggles of one local sawmill come to light, the City of Terrace has sold off land which had previously housed another failed mill.
In 2006, the lands formerly held by the Terrace Lumber Company were sold to the City after the company failed to meet its own tax obligations.
Their properties at the time had included two lots on the 5000 block of Keith Avenue, and one on Kenney Street, near the Keith intersection.
In total, the lands cover roughly 15 acres and have now been purchased by Progressive Ventures for just over $5 million.
City officials say the earnings from the sale will be held for use in future land or capital asset purchases.
There is no word yet on what Progressive Ventures plans to use the land for, though it is situated a stone’s through from their NSD Inland Port and transloading facility development.
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