A memorandum of understanding has been officially signed to purchase, restore and manage Kus-kus-sum, the former sawmill site on Comox Road to its natural habitat Wednesday morning.
The signing between K’omoks First Nation, the City of Courtenay and Comox Valley Project Watershed Society formalizes the partnership between the three parties in relation to Kus-Kus-sum and outlines the issues that need to be addressed in further documents.
The signing sets Oct. 20, 2019 as the date for entering a binding agreement that will detail the nuances of purchasing, restoring and managing the property collaboratively.
The MOU states that the City of Courtenay and K’omoks First Nation will be co-owners of the land once it has been purchased, and identifies Project Watershed as the lead in carrying out the restoration and fundraising campaign.
The cost of purchasing and restoring the site has been estimated at $6.5 million.
To date, Project Watershed has raised $277,000 from the community and almost one million in total from foundations and government agencies.
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The next steps the three signatories are faced with are to draft and finalize the binding agreement before Oct. 20, 2019 and raise funds necessary to purchase the property from Interfor Corporation.
If the purchase price is not met, the property could go back on the market.