Musqueam Capital Corporation
The Musqueam Indian Band (MIB) Chief and Council established the Musqueam Capital Corporation (MCC) in 2012 as a business company with the responsibility to manage the Band’s business activities. MCC reports to the Musqueam Band Council through a nine-member Board of Directors including:
Chief Wayne Sparrow Chairman, two Councillors (Ms. Allyson Fraser and Mr. Nolan Charles), two Community Members (Ms. Gail Sparrow) (Mr. Bill Guerin), a finance expert (Ms. Denise Turner), a government enterprise expert (Mr. Mike Harcourt), a business management expert (Mr. Bob Standerwick), and a real estate development expert (Mr.Gordon Harris). The Chief Executive Officer (CEO) of MCC, Mr. Steve Lee, reports to the Board. MCC is responsible for existing potential assets, planning and executing the development or redevelopment of those properties and vacant lands both on- and off-reserve, as well as the development of new business plans.
MCC is mandated to generate an annual revenue stream from profits realized through business operations, capital appreciation and leases and/or property management revenues. It is to act as a catalyst to create interest in the business areas of the MIB, provide support to existing MIB businesses and support entrepreneurial opportunities and long-term employment for MIB members.
Current Developments
MILLTOWN MARINA
• Located in the slough, adjacent to Richmond Island
• Limited liability partnership with Bastion Development (50/50), 45 (2012-2057)year land lease from Port Metro Vancouver
• 220 Marnia slips, currently154 Dry stack slips.
• 10,200 sq ft Commercial buildings:
• Industrial repair space;
• Marine architect offices;
• Equipment sales;
• Restaurant/Pub
• Opened June 2013
BLOCK F
• 21.44 acre parcel of forested land located in the University Endowment Lands
• MCC will market the property to potential developers as a long term prepaid 99-year leasehold opportunity to build townhouses, condominiums and a small retail component. A three-acre park is to be provided.
• Public consultation process underway, leading to a rezoning application
Asset Management
SHALIMAR TOWN HOUSES
• Incorporated in April 1998 and wholly owned by Musqueam Indian Band
• Primary activity is the rental of multi-unit residential property known as Shalimar Place, 76 townhouses & 1 house, 75 three-bedroom unites, and a one bedroom unit used by on-site manager.
FRASER ARMS PROPERTY
• Purchased in 1994 as a mixed use retail/residential, long term leasehold to help preserve and protect a large midden that underlies the site
• Leased to Imperial Hospitality in 2010 on 24 year lease with renewal every 8 years
Golf Courses
MUSQUEAM GOLF AND LEARNING ACADEMY
• 57 acre golf course and driving range
• Operational Review recently completed and Long Term Asset Management Plan will be developed.
UNIVERSITY GOLF CLUB
• 146 acre golf course/driving range/club house
• Must remain a golf course until 2083
• Current operating agreement ends 2015, commencing discussions with our tenant for an early renegotiation of their lease
