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More than 100 First Nations could purchase the Trans Mountain expansion pipeline

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Dozens of First Nations leaders are meeting this week to discuss a plan that could make them the next owners of the controversial Trans Mountain pipeline.

Indigenous leaders will debate Wednesday which financial model is ideal if they are able to purchase the pipeline project, which would boost the amount of oilsands bitumen shipped from Alberta to the B.C. coast.

After a private “high level” meeting with the federal government was held in Calgary last month, the Indian Resources Council of Canada (IRCC) is optimistic it will be able to present a proposal to Ottawa to acquire the pipeline project in the coming months. The IRCC represents 134 First Nations that have oil and gas resources on their land.

The leaders are meeting at the Grey Eagle Casino and Resort on the Tsuut’ina Nation outside Calgary.

The proposed Trans Mountain expansion pipeline would ship oilsands crude from Edmonton to the Vancouver area for export. The federal government purchased the project for $4.5 billion from Kinder Morgan Canada last summer, but it doesn’t want to be a long-term owner.

The project is stalled after the Federal Court of Appeal ruled in late August there needed to be more consultation with First Nations. The National Energy Board was also instructed to explore the potential environmental impacts from increased marine shipping.

Stephen Buffalo, chief executive of the Indian Resource Council of Canada, says the pipeline is an opportunity to get out of poverty. 1:15

The IRCC says the majority of its members want to purchase the project and make the pipeline 100 per cent owned, operated and monitored by Indigenous people.

“We all want a safe and proper environment; the environment is so key,” said Stephen Buffalo, chief executive of the IRCC. “But we can continue to still do some economic development and have that balance. And that’s what we need to strive for — to find that balance.”

Along the pipeline route, some First Nations have signed benefit agreements to support the project, while others have resisted and tried to stop progress through protests and legal challenges. The IRCC said it supports those First Nations in B.C. who want to protect their land and waterways, specifically the Musqueam, Squamish and Tsleil-Waututh, which have territory near the Burrard Inlet terminal. 

Those who oppose the project have concerns about a potential oil spill, including the impact on salmon and other marine life.

People drum during a rally celebrating a recent federal court ruling against the Trans Mountain pipeline expansion, in Vancouver, on Sept. 8, 2018. (Darryl Dyck/Canadian Press)

However, the organization says efforts to oppose the project are also holding back the First Nations that support the pipeline and are counting on it for economic gain.

Not every First Nation has lucrative land holdings or casinos to benefit from, said Buffalo.

“Our job right now is to get the chiefs together and the leadership together to help make a consensus to ensure we’re all on the same page. We’re all looking for something to get out of poverty,” he said.

If Indigenous people own the project, there would be increased job and economic opportunities, in addition to more control over environmental monitoring, he said.

“I’ll be satisfied to know that there are no rail cars along the rivers and lakes. That there is no possibility of a car derailment,” said Buffalo.

One of the First Nations opposing the project doesn’t seem to care much who owns the pipeline now or in the future because concerns with Trans Mountain remain.

“It doesn’t change the fact on the ground that the federal government has the responsibility to respect our rights and they haven’t yet, and that’s the standard that we set for ourselves,” said Khelsilem, a Squamish Nation councillor and spokesperson.

“The reality is, if they want to build this pipeline they have to come through our titled land. That is our land. They don’t have the right to say anything about what happens on our territory just like we don’t have the right to say what happens to theirs,” he said.

The 1,150-kilometre Trans Mountain expansion pipeline aims to move oil from Edmonton to a terminal in Burnaby, B.C., near Vancouver, where it will be exported. (Scott Galley/CBC)

The IRCC said First Nations in B.C., Alberta, and Saskatchewan are interested in purchasing the project and the group wants to see if Indigenous people in other provinces want to be involved.

Some Indigenous leaders have already said they want to buy the pipeline.

“First Nations should be the owners of Trans Mountain. All of that resource is coming out of our territory,” said Archie Waquan, chief of the Mikisew Cree First Nation, located north of Fort McMurray in northern Alberta, in an interview with CBC News in November. “I’d like to see First Nations that are not even close to the pipeline to be owners so they can benefit from it.”

The Whispering Pines First Nation near Kamloops, B.C., has also expressed its interest in an ownership stake.

Some Indigenous groups have already expressed their interest in an ownership stake including Mikisew Cree First Nation chief Archie Waquan, left, and Athabasca Chipewyan First Nation chief Allan Adam. (Geneviève Normand/Radio-Canada)

Federal finance minister Bill Morneau’s office declined an interview request. In an emailed statement, a spokesperson said the government is focused on moving forward with the project.

“With that in mind, we welcome the interest of Indigenous groups in the future ownership of the project and will continue these discussions at the appropriate time,” said the spokesperson.

Indigenous involvement in the oil and gas sector has grown in recent decades as First Nations sign benefit agreements with industry, in addition to a number of Indigenous-owned businesses providing services to the oilpatch.

Some First Nations point to the East Tank Farm oil storage project in the oilsands region as an example of an Indigenous ownership deal that has benefited the local community. Calgary-based Suncor sold a 49 per cent stake in the project to the Fort McKay First Nation and the Mikisew Cree First Nation for $503 million in 2017. The First Nations borrowed money to cover the cost.

Four different ownership models will be considered by Indigenous leaders at a conference organized by the IRCC on Wednesday. At this point, the IRCC said some of the details are under non-disclosure agreements and can’t be shared publicly.

While there are several obstacles to overcome for Indigenous groups to own the proposed pipeline, the significance of such a deal can’t be understated, according to Ken Coates, a University of Saskatchewan professor who studies Aboriginal rights.

“It would be extremely difficult to pull off because you have to find ways of getting all the members on board, you have to find ways to raise the capital, you have to find the management system that works,” he said, among other challenges.

However, Coates said he is delighted the IRCC is looking so closely into purchasing the pipeline because it’s a sign of confidence of Indigenous business people and the determination of some First Nations to have greater control of oil and gas projects.

“It changes the game on a number of levels,” he said. “From their point of view this is not just a pipeline investment. This is an investment in the future of their community. Is it possible? Absolutely possible.”

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Couple from Toronto buys dream home in Mushaboom

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MUSHABOOM – A couple who lived and raised a family in downtown Toronto developed a five-year plan in 2015 to purchase their dream home.

In September they moved into the home – located on Malagash Island in Mushaboom on Nova Scotia’s stunning Eastern Shore – that met and exceeded their best dreams for their retirement.

The Camerons, Bruce and Tanya, decided in 2019 they would explore the Maritimes to see what real estate was available to become their potential retirement home. In the spring of 2020, during a global pandemic, the real estate boom hit their city, and they were hearing the same for Nova Scotia. Our province was their first-choice for attaining their desire for an entirely different lifestyle – away from the busyness of the city.

“We had $300,000 to $350,000 as a home value in mind to buy. Our semi-detached located off Danforth in Toronto was priced at $850,000. We wanted to come out ahead, so we would be secure in retirement,” Tanya said.

Their century-old home had prime location near the subway and GO Transit Line for a great 13-minute commute downtown.

“We enjoyed our community,” explains Bruce “… we had great neighbours, young children around and street parties – lots of social activity.”

Bruce says, “Our agent suggested a starting quote of $899,000. We did not do any renovations and only some staging. Fifty couples went through and we received four significant offers. Six days later we sold – with zero conditions – and a price of over a million dollars. We just requested a closing of September 2020 to get the kids off to school – which we got.”

The couple got more than they had anticipated.

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Rabobank Announces Leadership Changes in U.S., Canadian Offices

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NEW YORK, Dec. 16, 2020 /PRNewswire/ — Rabobank, the leading global food and agribusiness bank, has appointed two of its top executives, Tamira Treffers-Herrera and Robert Sinescu, to become Co-Heads of North American Client Coverage, positioning the Bank for future growth in the region.

Treffers-Herrera has also assumed the role of Vice Chairperson and Head of the Atlanta office, where she additionally oversees Rabobank Mexico, which is led by Eduardo Palacios. Sinescu is the Head of the Chicago office, and also oversees Rabobank Canada, led by Marc Drouin, who was recently appointed as Canada’s General Manager.

Treffers-Herrera and Sinescu report to David Bassett, Head of Wholesale Banking North America, the Bank’s corporate and investment banking business for the region based in New York.

“Both Tamira and Robert have a demonstrated history of strong leadership, operational excellence and passion for our clients,” Bassett said. “Their broad experience and deep sector expertise will be invaluable in delivering dynamic results for clients while accelerating our growth trajectory in North America.”

Each office will have an even greater focus on key Food & Agribusiness sectors and clients: The Chicago office will drive growth in sectors including Dairy, Farm Inputs and Grains & Oilseeds, which are also key areas of focus for the Canada office. The Atlanta office will focus heavily on sectors such as Animal Protein, Beverages, Sugar, and Supply Chains, which are important sectors in Mexico as well.

“Rabobank is fully committed to our clients throughout North America, and we believe our new sector-focused coverage will improve our ability to provide knowledge-based, value-added solutions that benefit our clients,” Bassett said.

Treffers-Herrera was most recently based in London as CEO of Rabobank’s European Region from 2016-2020, where she took the organization through Brexit. Prior to that, she worked in the Atlanta office from 2002-2016. During her tenure in Atlanta, Treffers-Herrera served as Global Sector Head – Consumer Food & Beverages, and prior to that she was a senior banker for a portfolio of large beverage and consumer foods clients. She holds a Bachelor of Arts degree from the University of Kentucky, a Master of Arts from the Patterson School of Diplomacy and International Commerce and has studied at The University of Chicago Booth School of Business and Harvard Business School.

Sinescu has been with Rabobank for over 21 years and was previously General Manager of Rabobank Canada, where he oversaw all operations, business development, commercial strategy and relationships with regulators. In addition, he continues to serve as CEO of Rabo Securities Canada Inc. Prior to Canada, he was a senior banker, Head of Corporate Banking, European Sector Head for Sugar, and a member of the Management Team for Rabobank France. He holds a Bachelor of Science in Business from the Bucharest School of Business, a Master of Business Administration & Management and a Master of Science in Banking and Corporate Finance from Sorbonne University in Paris, and has studied at Brown University.

Drouin has worked with Rabobank’s Canadian team for more than nine years and most recently served as a senior banker, Head of Rabobank Canada’s AgVendor Program and a member of Rabobank Canada’s Management Team. He brings extensive wholesale banking experience within the Dairy, G&O, CPG and Supply Chain sectors. Drouin holds a Bachelor of Arts degree from McGill University and a Master of Business Administration in International Finance, Marketing and Management from the Schulich School of Business at York University.

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Greybrook Realty Partners & Marlin Spring Brand Jointly Owned Asset Manager – Greyspring Apartments

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TORONTO, Dec. 14, 2020 (GLOBE NEWSWIRE) — Greybrook Realty Partners and Marlin Spring are pleased to announce the new branding of their jointly owned investment and asset management firm, Greyspring Apartments. With a portfolio of more than 2,000 units and CAD$375 million in assets under management, Greyspring Apartments is focused on the acquisition and repositioning of multi-family assets throughout Canada.

The new name and branding is an important step in Greyspring’s evolution as an independent operating business. Formed in 2018 by long standing-partners Marlin Spring and Greybrook Realty Partners, Greyspring Apartments was established with the goal of building a leading asset management firm with a robust portfolio of residential rental real estate assets in primary and secondary markets across Canada.

Greyspring’s talented team of real estate, asset management and finance professionals is overseen and guided by the Management Board, whose members include Benjamin Bakst, CEO, Marlin Spring; Elliot Kazarnovksy, CFO, Marlin Spring; Sasha Cucuz, CEO, Greybrook Securities Inc.; Peter Politis, CEO, Greybrook Realty Partners; Chris Salapoutis, President & COO, Greybrook Realty Partners; Ashi Mathur, President, Marlin Spring; and Karl Brady. In addition to his role on the Management Board, Karl Brady leads Greyspring Apartments as its President. 

“We are pleased to announce the official name and branding of a business we formed with our partners at Marlin Spring a few years ago,” said Peter Politis, CEO, Greybrook Realty Partners. “Greyspring has been diligently focused on the execution of strategic value-add programs across its portfolio that are improving the quality of housing for tenants and overall asset values. For Greybrook investors, expanding from our core business in real estate development to the value-add space through Greyspring, has allowed us to provide our clients with investment opportunities that diversify their real estate investment portfolios.”

“Marlin Spring and Greybrook have partnered on many residential real estate projects in recent years,” said Benjamin Bakst, CEO and Cofounder, Marlin Spring. “To a great extent, Greyspring illustrates our approach to partnerships. We believe in, and strive for, responsible growth through deepening our relationships with our trusted partners. With Greyspring, we’ve formalized our focus on providing better and more affordable living experiences for Canadians. This vision aligns with our mission to deliver exceptional real estate value to all our stakeholders with an uncompromising adherence to our core values.”

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