The Alberni Valley Community Forest (AVCF) made good on its debt payment to the city.
AVCF officials presented a cheque for $50,000 to the city on Monday as payment on the $250,000 provided by the city to help the company start up.
The AVCF was founded in 2009, and is a timber and non-timber forest resource corporation owned by the City of Port Alberni but operated by a board of directors.
In 2010 the city provided the new corporation with two separate $125,000 share purchases to support the startup of the venture.
“After our first year of harvesting operations I’m very pleased with our financial position and the positive contributions we’re making to the local economy and community,” said Jim Sears, AVCF chair.
The AVCF has an annual allowable cut (AAC) of 18,000 cubic metres per year on their Sproat Lake tenures. The annual timber harvest allows local operators to take part in forest operations.
“This share buyback is indicative of the healthy financial state of our community forest,” said mayor John Douglas. “What I am most pleased with is that the AVCF is seeing financial success and doing so in a way that respects the forest ecosystem and our community values.”
The board of directors for the AVCF consists of seven directors comprising appointees representing the city, Hupacasath First Nation, Tseshaht First Nation and Sproat Lake Community Association.