Important points of deal

Dear Editor:

Re: “No halting waterslide wave in Penticton” (Herald, July 22) which stated, “Trio Marine Group plans to have its waterslides in operation by 2017, which will require relocating Skaha Park’s existing children’s splash pad at the company’s expense and will result in the loss of some green space.”

It went on to say, “Trio’s deal with the city grants taxpayers a share of its revenue.”

It’s not the writer’s intent to demean the position of the mayor or the author of the article but it should reflect what is really happening between City/Trio in order to prevent the array of misunderstandings that seem to be present.

A brief summary:

A trio of local businessmen (not identified) formed Trademark Industries, renamed Trio Marine Group Inc.. When this was formed and by whom is unknown to the public.

A Term Sheet was requested by the City and concluded in April 2014, negotiations ensued and a final agreement concluded in early May 2015. The concluded agreement with Trio Marine Group Inc. was presented to the community in June 2015 for input and comment.

Significant points of the agreement:

• The term of the agreement is 29 years with 2-5 year extensions, subject to meeting certain unspecified conditions.

• Also included, an option for the rental of additional land till Dec. 21, 2020.

• Trio will be obligated to relocate, design and reconstruct the washroom/change room and Rotary splash pad. Once complete, the ownership of these will be transferred back to the City and the City will be obligated to repay costs to Trio Marine Group Inc.

• Trio will also be obligated to relocate the dragon boat storage. This will be at Trio Marine Group Inc.’s cost.

• Revenue sharing for the restaurant and water park development doesn’t begin until after 2020 and on the trailer parking lot until after 2028.

• An irrevocable letter of credit in the amount of construction taking place, as determined by Spiegel Skillen surveyors. There is no mention how often this is to be done.

• Exclusivity shall be granted to Trio on lake activities and commercial water on Skaha beach until Jan. 2019.

• The annual lease rate to remain constant until after 2020.

The question is, is it good for Penticton to lease or make major changes to parks without the general public’s consent? So far, there is a dastardly appearance of exploiting the community’s resources for the benefit of a few.

Merv Jones