Vancouver, BC – July 15, 2010. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province declined 23 per cent to 7,722 units in June compared to the same month last year. On a seasonally adjusted basis, MLS® residential unit sales in the province declined 5 per cent in June from May 2010. The average MLS® residential price climbed 8 per cent to $499,908 in June compared to the same month last year.  

“Market conditions have shifted from balanced conditions at the start of the year to a buyers’ market this summer,” said Cameron Muir, BCREA Chief Economist. In June, there was 9.3 months of supply on the market given current sales activity, up from 5.6 months in January 2010. “Tighter credit conditions for homes with secondary suites and low equity home buyers have moderated consumer demand,” added Muir.

Year-to-date, BC residential sales dollar volume increased 31 per cent to $21.4 billion, compared to the same period last year. Residential unit sales rose 17 per cent to 42,343 year-to-date, while the average MLS® residential price climbed 13 per cent to $504,281 over the same period.

Published: March 30, 2010 1:00 AM

At this time, it seems most appropriate to bring up to date the status of projects which are in front of our council and the community. This is an extensive list, and although I intend to be very concise, it will require some length.

Aquatic Center- The first is to explain where we are with the Aquatic Center proposal. We have finally received the breakdown of the financial implications for regional district homeowners and what the capitol repayment and operating costs will be. At this time, we are receiving information on what would be the most equitable and appropriate form of taxation for municipal and area H residents to consider in a referendum. It would seem that an average parcel tax per household of $18 a month would be an approximate cost, dropping to $8 a month once the capitol was repaid. This does not include any assistance we may receive from outside funding sources; this would of course reduce those payments, although those funding sources are not in the most favorable of times. Those difficult times however, have lead to a million dollar reduction in the projected cost as a result of a shortage of work for construction companies. We are formulating a timeline which would lead up to the referendum later this year. Funding- Forest Corp-$ 1 million

Library- We are nearing completion on the new library building. We would hope to be finished within a few weeks and the library will be able to move from the museum building following that. Although there has been a multitude of difficulties with the renovation of the building, we believe the new facility will greatly enhance our downtown core. Funding- Province- $ 400,000

Museum- We received preliminary designs for the museum. Council and staff, together with the Museum Society, are working towards an appropriate design for the facility. The process of considering how the facility will look in the future is an exciting one. Council has always considered that the museum is the anchor of our tourism industry and we are anxiously awaiting the answers to our funding inquiries.

Industrial Park- The roadwork, street lighting, water, sewer, power and gas for the 24 parcel- Phase 1 development is nearing completion, although an exact date is still unclear. Council has employed a marketing firm and we are finalizing both the pricing and the scope of industry that the park will include. Although clients can begin to construct while the development is finishing up, Council must have the bylaws and pricing in place before the first sale and we believe we have a number of serious clients that are waiting for that to be done. The estimate of the consultants was that we would sell 3-5 lots a year, however with the mine and associated industry that could well increase. Funding- Federal -$ 450,000

Water Project- The final stages are taking place with the water line, reservoir and water service to our new Princeton residents in East Princeton, the airport subdivision and Jacobson road. Once the final steps are completed, then testing will begin that will lead to water finally being turned on. We are also, obtaining crown easements in order to run water from our line to connect with Deerview residents; as a result of our airport reservoir this will provide adequate supply to those residents as well as, any future residential development in that area. Funding – Federal and Provincial -$ 1.7 Million

Airport fuel system and building- The fuel system is up and running. It brought us in a $30,000 profit last year and we are making changes to our mobile equipment registration that could increase that amount in the event of forest fires in our area. The airport building is receiving the final touches with paneling, heating and painting which should be completed within a month. Funding – Province -$100,000

Town Hall- For a number of years, our Council has been aware of the deterioration of our Town Hall. We have been putting money into reserves and have reached a point where we are loath to put any more money into repairs. We hired a building engineering consultant who made us aware of the electrical, mechanical and structural defects of the building and Council determined that we would proceed with a new building design which would incorporate enough office space to relieve the overcrowding we now experience. We purchased the lot next door which will allow us to demolish the present building and rebuild on the present site thereby, creating sufficient office space. An architectural firm has been hired and we are working together to find a design that meets our needs as well as addresses the environmental requirements of civic buildings. Funding -Town Reserves- with Upper Level Government Funding being applied for

Overwaitea construction- As previously mentioned, we are in discussions with Overwaitea with regard to their new building. They have acquired all the necessary property and are now waiting for a lease to expire in June, with construction scheduled to begin sometime in August /September. We are working to ensure that the building aligns with our Official Community Plan requirements as well as, any public concerns and is an aesthetically pleasing addition to our downtown and we are confident that, that is Overwaitea’s desire as well.

Events Sign- Our events sign is here and has been erected. The present location will be on municipal hall property with operation of the signage to begin once staff has mastered all the functions. The operating procedure and rules are being designed but this will be a community oriented service which will enhance public participation at local events and should greatly increase public awareness. Funding -Forest Corp -$35,000

Veteran’s Square- We are finished with all, but some very minor finishing touches on Veteran’s Square. We are very pleased with the final product and we believe that the beauty of the square shone through in such events as the Torch Relay, Remembrance Day, Christmas Light-Up and the Traditional Music Festival. There are so many people to thank for its construction and we intend to do just that at a future time. Funding – Province -$200,000

Vermilion Forks Community Forest- A joint application of the town, Area H and the Upper Similkameen Indian Band is nearing completion and being readied to be put before the Forest Minister. This will be an area based license and is a permanent one which will be in perpetual ownership of the three partners.

After two years of lobbying, we were given an invitation to apply. We have been over a year in completing the submission and it is our intent to be logging by this summer.

Tourism Strategy – We are nearing completion of our tourism strategy conducted by Thompson Rivers University. This involved input from Council, the Chamber, community recreation leaders and the public and will serve as a guide for tourism initiatives that will be undertaken in our community. There were a number of comments in relation to ways to enhance the impression that we present to visitors including the improvement of signage along our highways, lighting along the Trail, enhancing the Weyerhaeuser Roundhouse and area as well as, marketing the year round attraction of China Ridge. There were a lot of complimentary aspects presented about our community as well as, constructive criticism which will be very useful in the future. Funding – Southern Interior Beetle Action Coalition

Residential Development – With the approach of the opening of the mine, we are working to enable as much property as possible to be ready for development. There are considerations to be addressed however, for instance; the Province is requiring local government to move as quickly as possible to subdivisions on sewer service rather than septic if we wish to qualify for future infrastructure grants. Council believes that, as a result of our being situated at the confluence of two rivers, this is a sensible requirement anyway. Another consideration is the employment of our Official Community Plan, which we recently completed, and the interpretation of those requirements on development.

Gamestown2010 – The tickets which were part of the Gamestown award were distributed to those people denoted by Act Now BC who were most responsible for the win. The last four of the Paralympics tickets were distributed to the Special Olympic Curling Team from Princeton who won the curling at the provincial play downs. Town Council authorized the purchase of five tickets for the semi-finals and Act Now BC also, awarded five additional tickets, so all the team members could attend the gold medal curling game as well. Together with Act Now BC, we are preparing the membership and guidelines for the committee which will advise Council and Area H Director Hope who will make the decision on the project or projects for the $100,000. Priorities that have been suggested to this point recommend that the projects are able to leverage other funds and that they conform to the promotion of healthy living and active lifestyle in our community.

In order to bring this to an end, I would briefly sum up some other projects which are; --the Air Show 2010 which is in the midst of planning again with a variety of exciting additions. --The Municipal Campground which is undergoing some improvements as well as, a long term enhancement review.

-We are organizing a real estate working session with Council members, Area H Director, real estate agents, town staff, archeologists, regional district planners and building inspectors as well as, a Real Estate Board official in order to coordinate everyone and streamline the approval processes.

-We are working with a local consultant and Area H to take advantage of wildfire funding in order to move towards protecting municipal and area residents from potential forest fire threats.

- Through the community to community with the USIB and Area H, we are working on a number of projects. One of the exciting ones is the Heritage Park proposal. We are investigating a license of occupation in order to utilize the land near the Chamber office for this future development.

- Work is underway as required by Interior Health to assess our municipal water system and prepare recommendations for the future. Stringent requirements are now the order of the day with the authorities and we are far better to be one step ahead of that process.

- The wooden bridge will be undergoing rehabilitation, again, as required by the authorities. The province has provided funding for this.

There are no doubt a number of initiatives I am leaving out and yet, you can appreciate the workload the Councillors and staff are under. I would ask for patience when you are dealing with either, in my mind they are running flat out and doing an excellent job

PS- I left out the never ending battle we are always waging to attract and retain doctors and health care professionals and maintain the level of hospital care that we have.

Mayor Randy Mclean

By:  Dierra Maynard - Similkameen Spotlight

For years since the local copper mine closed, residents have been hopeful that the day would come when the time was right for new life to be breathed into the sedentary mining site. Rumours of its re-opening have been bouncing around the community for years like a promising ball of hope. Princetonites no longer have to wonder when that time will be.

An Open House was held a the Community Skills Centre from 2:30 to 8:30 p.m., last Thursday and many residents attended, curious to learn about the positive future this mine will bring to our community. The Similko Mine closed its doors in 1996 and has remained closed for over a decade. Now fourteen years later, the mine site is once again bustling with activity. Drill holes were tested for mineral content. Rich ore lined with high copper content spurred on the first of three phases necessary to re-open the mine.

The first phase of the project is now complete. Construction is well underway. Massive concrete pours have left behind the start of building sites. The pads and walls now await phase two to begin. Steel workers will be arriving soon to erect the mill building. Half of the steel is already there and the rest is on its way - fifty-three loads in total.

Large equipment has been ordered for the mining operation. Some construction equipment is already on site and has been in use for some time. Other equipment is either on route or sitting at a storage facility in Princeton waiting for road restrictions to be removed in June. Peter Campbell, Vice President of Environmental Affairs for Copper Mountain Mining Corporation was on hand at the Open House to answer questions about the project and get input from members of the community. “The people of Princeton have been very supportive,” Campbell stated. “It will change a lot of things. The schools, the hospital and local businesses will all benefit from the influx of new families and business. There will be a lot of spin offs.”

Right now, the mine is awaiting approval of phase two. The application was submitted in April of 2009 and accepted on Jan. 14, 2010 for a 60 day review period. “By March 15, the Chair of the Mine Development Review Committee will submit a recommendation report to the Chief Inspector of Mines,” said Campbell, “and that clears the way to issue amendment to permit. At the end of the month or the beginning of April will should have the go ahead to begin the next phase. Copper Mountain Mining Corporation is in process of completing their debt financing. Three hundred and thirty million is being accessed through Japanese banks. Two hundred and ninety million has been committed to the project already for various equipment. A total of $437 million capital is budgeted for the mine re-opening. “The construction is on schedule,” Campbell stated, “and will continue on through until May 2011. In June 2011, production should begin.”

Seventeen years of mine life are predicted for the production phase. However, “it is the intention to continue to explore with hopes of extending the life of the mine past the seventeen years,” said Campbell. Some 200 to 250 employees will be on site for the next phase of construction. Most of the hiring for this phase will be done by the contractors.

Two Australian mining experts, Alistair Tiver, Chief Mining Engineer and Richard Joyes, Project Geologist also attended the Open House held at the Skills Center. Tiver came to Canada 7 and a half years ago and Joyes 6. The bulk of their time has been resource modeling work as of recent. They have been finalizing reports and transferring independent contractor information to in house expertise. Predicting an economic assessment right through to the feasibility phase has been part of their work as well as, equipment selection and purchasing and detailed engineering for the on site construction. Gisborne Industrial Construction is the General Contractor for the construction phase and Merit International are the Consultants. The contract managers are Hatch Engineering and Procurement. “We are part of the development team,” Joyes stated, “and we are very positive about the project.”

Tiver agrees. “While we hope to extend the life of the mine past the predicted seventeen years, right now, our main focus is to breathe new life into an old story. We believe Princeton has a lot to look forward to.”

Councillor Frank Armitage sees a bright future for Princeton as well. “There will be a number of indirect jobs necessary to service the mine. Businesses and really the whole community is going to feel the impact from the influx of people and as a result of our mine re-opening. Employment spin-off will just be one of the positive aspects.”