Catalyst receives partial payment for Campbell River mill site, gives buyer extension

Catalyst Paper extends deadline to close sale of Elk Falls site to Pacifica Deep Sea Terminals Inc.

Harold Jahn is putting his money where his mouth is.

Catalyst Paper announced Friday that it has received partial pre-payment of the $8.6 million purchase price for the Elk Falls site in Campbell River from Pacifica Deep Sea Terminals Incorporated, owned by Harold Jahn. The transaction includes the 400-acre industrial site and adjacent properties.

Catalyst has also agreed to grant the purchaser an extension to complete the sale. Progress continues to be made on all outstanding terms and conditions, a Catalyst press release says.

Sale of the property is the final step in a comprehensive site preparation and sales process which began following the permanent closure of the paper mill in 2010.

A deadline for the sale of the Catalyst Paper Elk Falls Mill came and went Oct. 19 with neither party to the sale offering any explanation for the third missed deadline since the transaction was announced with great fanfare in mid-August.

The Pacifica Deep Sea Terminals website  previously stated: “Pacifica is focused on transforming the former Elk Falls Catalyst paper mill lands into a dynamic industrial park and port facility with the goal of creating over 400 full time employment positions for the community of Campbell River within the coming 36 months.”

The website even gives the property a new name, “Pacifica Industrial Park,” which it says is “strategically located for marine, aquaculture, light manufacturing, assembly facilities, distribution warehouses, and clean energy technology developers.”

Since then, comment from either side of the transaction has been scarce – raising concern about whether the deal would go through – until a press release was issued by Catalyst on Friday,