Riversedge Developments Inc. and Resolute Paper Products reached an agreement on the sale of the site of the former Resolute Paper Mill in Iroquois Falls.
The purchase agreement has been approved by Iroquois Falls Council.
“We became involved in negotiations with Resolute Forest Products about a year ago when the Mayor reached out to us and invited us look into purchasing the site,” said Justus Veldman the CEO of Riversedge Inc.
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 purchase agreement holds potential for the economic rebirth of Iroquois Falls although short term jobs will be created by the reconstruction of the Trestle Bridge and the decommissioning of the paper mill site.
“Right now the potential for economic renewal of the town is to redevelop the Trestle Bridge which handles traffic across the Abitibi River,” Veldman said.
The Trestle Bridge is used by residents of Iroquois Falls to access cottages and properties on the east side of the Abitibi River.
The Trestle Bridge which was shut down by Resolute Paper Products in the summer of 2014 because of safety concerns.
“Once the Northern Ontario economy recovers we will be ready to provide opportunity for the location of future ventures,” Veldman said.
“We are open for proposals and encourage the community to come forward with ideas,” he added.
Riversedge Inc will be looking to attract business opportunities for the site but not from the pulp and paper sector.
“The fibre basket isn’t going anywhere at the moment,” Veldman stated.
Potential projects will be evaluated by MHPM. All projects brought forth will need to be approved by Iroquois Falls council.
The reconstruction work on the Trestle Bridge will begin in the spring.
Decommissioning and environmental cleanup of the Resolute Paper Mill will follow in the summer. Veldman said that some of the buildings will be demolished but others will likely be retained.
“The announcement is a step in the right direction,” said John Vanthof, MPP for Timmiskaming-Cochrane, “and the pledge to open the Trestle Bridge is good news for the town.”
The long term ownership and ongoing care of the bridge still needs to be determined.
“The issue is not the initial reconstruction of the bridge but who is going to take care of it on an ongoing basis,” Vanthof said.
“The fact that their sole focus is on rehabilitating site is a good thing,” Vanthof said.
Vanthof said he is in the process of setting up a meeting with Riversedge, along with Charlie Angus, the MP for the area, to discuss ways of they can help move redevelopment of the site forward.
