The sale of a portion of land at Maltby Lake in Saanich has been approved and will provide $260,000 toward paying secured creditors of The Land Conservancy of B.C.
The transaction represents The Land Conservancy’s six per cent ownership in the property. Half goes to the Friends of Maltby Lake Watershed Society, with the other half going to Carmel and Woody Thomson. The sale is scheduled to close on Friday.
The agreement was approved in the Supreme Court of B.C. on Monday. The non-profit Victoria-based Land Conservancy is divesting itself of properties as it tries to climb out of debt and get out of creditor protection.
The Land Conservancy is also awaiting a court decision on the proposed sale of Wildwood, a 77-acre ecoforest near Cedar. That matter was in court in Vancouver on Tuesday.
No decision was released by press time.
The organization wants to sell Wildwood to a private forester, Mark Randen, who would run it as an ecoforest. He has agreed to a protective covenant and management plan.
His offer is for $725,000, which includes $100,000 in creditor protection.
Another group, the Ecoforestry Institute Society, is opposed to the sale, saying it should be the one to own the property. However, the organization was unable to raise money to buy the property.
