For Squamish, our tomorrow begins today.
After an extensive exercise of taking the Oceanfront Lands to the marketplace, we have now reached agreement on a Memorandum of Understanding (MOU) with the preferred developer. Matthews Southwest/Bethel (MSB) is a major developer in North America and has successfully completed many developments, including ones of this size. The MOU outlines the agreement for MSB to purchase the Oceanfront lands for $15 million as is. They also agree to the people of Squamish retaining 25 per cent interest in any potential future profits. This limited partnership will ensure that the District of Squamish will have no possibility of having to inject any financial resources.
As a community, we have invested a significant amount of time and money to ensure that the sub area plan for the Oceanfront is a reflection of the collective community vision for the area. The Oceanfront plan calls for one-third park, one third-employment lands, and one-third housing. MSB has agreed to deliver on this community vision.
One of the key factors in proceeding to subdivision is the creation of the Oceanfront Park. The construction of the park is required to complete the remediation work and address the remaining contamination on the site. In addition to the park and public walk around the perimeter of the site, the plan includes many green spaces and corridors, as well as a village atmosphere, education sector, hotel, light industry, residential and other significant community amenities. I encourage everyone to visit the DOS website to see the plan in more detail.
On its own, turning this vision into reality will be a huge transformative piece for our community. In addition, it will be a significant boost to our rejuvenation of the downtown initiative.
We are at a very exciting time in the story of this community as we celebrate so many historical milestones this year, including our 50th anniversary since the incorporation of the District of Squamish. I encourage everyone to join in the many different and exciting celebrations planned throughout the summer.
We have a great deal to celebrate about our past but I believe we have an incredible future ahead of us and are already in the midst of realizing it. The transformation of our Oceanfront is a major turning point in our history and will be a catalyst for many other exciting projects to move ahead, bringing significant investment, economic growth and employment to Squamish.
