Sometimes stories we publish garner more attention than I could have imagined — when we wrote Dairy Queen might be coming, for example, it was an explosion of likes and shares.
Other stories, stories that matter and I think will explode, barely make a squeak online.
The article about the results of the Squamish Nation referendum on the Vancouver housing development is one such story.
Perhaps this lack of interest is because people in the district didn’t realize that members living in Squamish voted, or perhaps it is because the development is in Vancouver, not here.
Regardless, it is worth noting again that this vote and development is historic.
On Dec. 10, 87% of Nation members’ ballots cast supported the land designation, and 81% supported the 50-50 partnership with developer Westbank.
The development of the 11.7-acre parcel of reserve lands at Senákw is the single largest development on First Nation lands in Canada.
It will bring 6,000 new units into the Vancouver housing market, with 70 to 90% of those being market rental units.
Nation councillor and spokesperson Khelsilem says the project will generate between $8 billion and $10 billion for the Squamish Nation over the lifetime of the project.
It will create a cash flow stream for multiple generations, according to Toby Baker, CEO of the Squamish Nation’s Nch’kay Development Corporation.
The complex deal took the oppressive restrictions put on First Nations in this country by the Indian Act and turned it on its head.
“The development permissions and the way you can do a project like this, come from the fractured, social negativity behind the Indian Act. It was designed to socially constrain the spirit of Indigenous people,” said Baker in a news conference announcing the referendum results.
“We’ve used the actual tools in that legislation, to activate the development components, to make a project like this work.”
For example, in the Indian Act, section 87 doesn’t allow First Nations to use reserve land for security on a loan or financing.
This Senákw development put a lease on top of the reserve interest and thus the Nation doesn’t risk its land but can attract financing on that lease.
And by creating its development corporation, Nch’kay, more profits flow back to the council and members than they have with agreements such as for the lease of Park Royal mall.
Because they are reserve lands, unlike other developers who have to pay for the land, the Nation can make rentals work, financially. They also don’t have to conform to all the strict municipal rules, so they can have the density they want.
The way this project has been structured can be repeated on other Nation lands.
Congratulations to all Squamish Nation councillors and members.
As Khelsilem tweeted after the results of the vote were announced, “So much is possible. So much is achievable. So much is going to happen.”
