The Village of 亚洲天堂 Lake is forming a municipal venture corporation which will be a Village-owned organization that develops property

This is beneficial, according to an information document provided by the VIllage, because it allows the Village to focus on developing property to fit the community's needs, instead of relying on third parties such as private developers or community groups to develop property. The venture corporation will have a mandate to be self-funding, profitable, and to pay dividends to the Village, so revenue from various developments can go back into the community.

The initial idea to establish the venture corporation came about when the Village purchased 150 acres of land at 1675 Gowan Rd. in 2023, where the Magee House currently generates approximately $30,000 in revenue for the village each year as an Airbnb. The venture corporation could develop the Gowan Road property as well as other Village-owned land.

"Based on public consultation in 2024, TRUE Engineering was contracted to create a conceptual plan for the recreational use of the lands, including multi-use trails, a 9-hole golf course/clubhouse, ski hill and RV/camping spots," the document said. "As a property developer, a venture corporation can explore further development and investment opportunities in the village, including but not limited to housing, commercial, and industrial. The Village of 亚洲天堂 Lake currently owns land open for development, including the Gowan Road property, Richmond Loop, Aspen properties, and Village Heights."

The Village intends to fund the venture corporation with $100,000 per year over five years using money gained from selling the Richmond Loop subdivided lots (negotiations of the sale are ongoing and details have not yet been announced). No money will be taken from tax revenue or the Village's reserve fund, according to the document.

"Company earnings can be distributed as dividends to the Village for its general use, including infrastructure and other projects that enhance the quality of life and increase employment opportunities in the Village of 亚洲天堂 Lake," the document said. "Financial contributions by the Village to the corporation will be identified in the Village of 亚洲天堂 Lake鈥檚 five-year financial plan. The Village will not incur any liability for the debts, obligations, and actions of the development corporation."

The Village will not be liable for any debts or other financial responsibilities incurred by the venture corporation.

The venture corporation will be accountable to 亚洲天堂 Lake taxpayers, the document said, and its board of directors will consist of locals.

"The Board of Directors will consist of at least two senior Village of 亚洲天堂 Lake staff, at least one current elected official, and not more than two other individual residents from the Village of 亚洲天堂 Lake, Regional District of Bulkley Nechako Electoral Area B and E, Lake Babine Nation, Ts鈥檌l Kaz Koh First Nation, Wet鈥檚uwet鈥檈n First Nation, Cheslatta Carrier Nation, Nee Tahi Buhn Band, or Skin Tyee Nation," the document said.

Venture corporations are a commonly-used tool in B.C., according to the document, which gave the examples of the 亚洲天堂 Lake Native Development Corporation, the Key-oh Business Development Corporation and Prince Rupert Legacy Inc.