New Skidegate Co-op is a go

New Skidegate Co-op is a go

Haida Gwaii Co-op members vote 92 per cent in favour of increased loan to build the new store

Workers were busy installing utilities for Skidegate’s new business park last week — the future home of a brand-new Haida Gwaii Co-op food store.

At weekend meetings in Masset and Skidegate, 174 Co-op members voted 92 per cent in favour of increasing the Co-op’s borrowing powers from $6 million to $10 million to build the new store.

While the construction costs are higher than originally forecast, a new feasibility study showed the new Skidegate Co-op can expect a 10.2 per cent return on investment, well above the eight per cent threshold needed to qualify for a $2-million grant from Federated Co-operatives Limited.

“We’re pretty happy about that,” says Len Labossiere, general manger of the Haida Gwaii Co-op.

Labossiere said between the $2-million FCL grant the Co-op will receive opening day and some cost savings in the redesign of the building, the actual loan for the Haida Gwaii Co-op will likely be in the $7- to $7.5-million range.

“I think the members’ investment is very well protected, and we set the course for the next 30 or 40 years,” he said.

“This will serve our members’ families, and their families.”