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Controversy continues over B.C. gov’t loan
New revelations have surfaced concerning a loan made to a Prince George businessman and B.C. Liberal Party insider for a proposed Wood Innovation and Design Centre, according to documents obtained by The Globe and Mail.
March 14, 2013 By The Globe and Mail
A public-money trust issued a multimillion-dollar loan without project approval from the provincial government’s Treasury Board, which was a key condition of the transaction.
The Northern Development Initiative Trust (NDIT) approved the $8.9-million loan to Commonwealth Campus Corporation, a company controlled by Dan McLaren, in 2009.
The funds were to be used by Mr. McLaren and his company to purchase lands in downtown Prince George, according to briefing notes prepared for Janine North, the CEO of NDIT. The notes were prepared for a special board meeting to discuss the loan.
The briefing notes show the loan was to be made “subject to approval from Treasury Board for the capital investment in the Wood Innovation and Design Centre.”
The documents reference the need for the WIDC project’s approval from the Treasury Board several times.
Click here to view the documents.
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