The Property is currently in the Agricultural Land Reserve (the “ALR”), but remains unused. An application is expected to be made for the Property to be excluded from the ALR. The Property was identified for acquisition due to the continued strong fundamentals REALnorth’s management sees within British Columbia’s northeast and particularly in Fort St. John. The Property was acquired in October 2015 on a 50% joint venture basis for a total acquisition cost of approximately $4.6 million. In 2016, the City of Fort St. John expanded its northeast boundary to include the Property.
The Property encompasses approximately 144 acres of bare land within the City of Fort St. John, British Columbia.