A share offering in a proposed inland grain terminal near Balcarres, Sask. has attracted 750 Class B investors and raised more than $1.3 million.
Bill Huber, president of Terminal 22 Ltd., said an earlier offering for Class A shares raised $308,000, putting the local commitment at more than $1.6 million.
The shareholders hold about 700,000 acres of farmland, he said.
“It’s a definite go,” Huber said of the $14 million project.
A strategic partner will be announced within the next two or three weeks, he said. That partner will provide the rest of the financing.
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Construction of the concrete high-volume terminal could begin later this summer, and officially open in the summer of 1998.
Terminal 22 was supposed to be built at Lipton along Highway 22, but Huber said the new location on a primary highway is better.
“We couldn’t get a long-term commitment from CP,” he said of the site change. “We needed 25 years and they weren’t willing.”
Near both rail lines
Balcarres is located on Highway 10, near the junction with Highway 22 and at the crossroads of CN and CP lines.
“We very rapidly came to an agreement (with CN),” Huber said. “We will be building on the CN track and CP will have access. It keeps everybody very, very competitive.”
The terminal will offer condominimum storage, high-speed truck unloading, cleaning and multiple rail car block discounts, he said. The facility is expected to handle more than 200,000 tonnes each year.
