January 02, 2014 - 10:18 AM
VICTORIA - The cash-strapped Land Conservancy of British Columbia has decided to reduce its debt load by selling a historic property in a deal that could see it once again become a working farm.
Land Conservancy manager John Shields says officials are nearing completion of a deal to sell Keating Farm, located about 60 kilometres north of Victoria near Duncan, for nearly $750,000.
He says the prospective buyer is pledging to restore the site to a working farm.
The farm dates to the late-1800s and boasts several unique buildings, including an intricately panelled great hall built in 1894 and a historic barn that Shields says is home to a colony of endangered bats.
The conservancy — a not-for-profit, member-supported land trust — acquired the Cowichan Valley farm in 2005 as part of its mandate to protect diverse plants, animals and landscape across B.C.
In October, it was granted court protection under the Companies' Creditors Arrangement Act and has been working toward a restructuring process to repay debt totalling $7.5-million.
(CFAX)
News from © The Canadian Press, 2014