The City of Campbell River has officially dissolved the company formerly in charge of economic development, after assuming its liabilities and debts – a mere formality since those were non existent.

Rivercorp is officially dead

Final paperwork has been filed to complete the dissolution of economic development company

The city has crossed the final “T” and dotted the final “I” in the dissolution of Rivercorp, the former company in charge of encouraging economic development in Campbell River.

At its last meeting of 2017, the City of Campbell River officially wound up the affairs of the corporation by assuming all of its debts and liabilities.

“The city’s solicitor has explained that there is one last resolution that city council needs to adopt in order to facilitate the dissolution of the city’s Economic Development Corporation (CREDC),” reads the report from city clerk Peter Wipper. The resolution, Wipper says, “would authorize the city to enter into the attached ‘Assumption & Distribution Agreement’ with CREDC that would transfer the corporation’s property, assets and liabilities to the city.”

The move is strictly a paperwork formality that needed to happen in order for the company to be officially disolved, as the debts and liabilities being assumed by the city total zero dollars.

“Over the last several months, staff have completed a detailed review of CREDC and can confirm that the corporation has no remaining debts or liabilities,” the report states.

Mayor Andy Adams asked City Manager Deborah Sargent if this was, in fact, the last thing that needed to happen before the company could be completely disolved, which she confirmed is the case.

The company will now be officially disolved by the end of 2017.