TOWN OF IROQUOIS FALLS AND ABITIBI RIVERSEDGE
Mayor and Council optimistic about the future of Iroquois Falls.
Following a year of meetings and negotiations with Resolute FP Canada Inc. and Abitibi Riversedge Inc., mayor and council are pleased to announce that an agreement has been reached and ratified between the Town of Iroquois Falls and both companies giving the former Resolute paper mill site a future.
The acquisition is for the purpose of supporting and facilitating the redevelopment of the mill site for other non-forest products manufacturing and service related activities.
Assets include the mill site, the golf course, and the trestle bridge.
“The Town of Iroquois Falls is sincerely appreciative that Abitibi Riversedge Inc. has chosen to invest and establish their roots in our historic town. With their leadership, vision, global network of expertise and the full support of our town, we are assured that new economic opportunities await that will lead to a progressive and sustainable future for generations to come”, stated Mayor Shea. “It is with positive anticipation and privilege that we welcome Abitibi Riversedge Inc. as a new family partner to our community. Great times await, and together, we look forward to new and successful prospects for our community.”
Completing a deal favourable to the town was a commitment made by Resolute at the time of the mill closing in late 2014.
In addition to transferring the property for nominal consideration, Resolute also assisted with legal and consultative expenses associated with the transaction.
“The transaction announced today is consistent with our commitment to work with the Town of Iroquois Falls and the Province of Ontario to make the mill site available for economic development and repositioning," said Richard Garneau, president and chief executive officer of Resolute Forest Products. “Congratulations to Mayor Michael Shea and members of council for leading Iroquois Falls through this transition.”
Riversedge Developments has partnered with the Town of Iroquois Falls Ontario to realize the development potential of the former Resolute Forest Products Paper Mill properties in Iroquois Falls.
Built on the banks of the Abitibi River in 1912 by Frank Anson as the Abitibi Power and Paper Company, the properties will be redeveloped as Abitibi Banks through the newly formed Abitibi’s Riversedge Inc., a project specific company supported by the award winning project management firm MHPM.
The Abitibi Banks project will begin with site preparation, opportunity and partnership development inclusive of the regionally critical
Abitibi Trestle Bridge, commencing on the agreement’s formal closing date.
Riversedge Developments is a restorative development company specializing in the integrated revitalization of distressed industrial properties with experience in advancing the revitalization of the former St. Mary’s Paper Mill in Sault Ste. Marie ON, the active redevelopment of the former NORAMPAC Paper Mill in Red Rock ON, and the new Brewery Block development of the former Northern Breweries property in Sault Ste. Marie.
“Headquartered in Sault Ste. Marie (ON), we know the opportunities of developing in the North, we also know its challenges, and the Town of Iroquois Falls is ideally positioned to reimagine the future of this region. With the Abitibi Banks partnership, we have a solid foundation for building new economic potential and the livelihood opportunity it drives.”
Justus Veldman, CEO Riversedge Developments