The City of Revelstoke (British Columbia) is looking into allowing a-based developer to alter the ownership structure of a KOA and enable the company to offer shares and reserve half of the land for the sole usage of investors.
According to a report, the proposed change will be outlined in a report discussed by the council on February 8.
The applicant, Pinnacle Trails Revelstoke, Inc., purchased the campground in April 2021. The company hopes to alter how ownership is structured for the business which now holds the property, allowing it to sell shares. The shareholders would then be granted exclusive access to their own site. The company is among manyand resort properties managed by Pinnacle Lifestyles.
In a letter dated June 20, 2021, the company mentioned that it is an affiliate of Pinnacle Wealth Brokers and said it intends to improve the property, noting that future considerations may or may not require a development permit application.
The report states that the modification is a result of the Real Estate Development Marketing Act.
A map drawn by the city reveals that the upper portion of thewill be available for the general public use, but the lower part of the site, which is located in a prime location close to the Illecillewaet River, would be reserved for private owners—each with their own site.
The staff report states that it intends to keep track of activities on the site before considering a change in ownership for the entire site.
The report of the city’s staff states that a cooperative interest model could allow individuals to purchase shares into the company and gain a stake in their own part of the land and make use of the park according to the requirements in the city’s zoning ordinance. The goal is to sell an interest in the company to individuals to secure a spot at thefor their use.
The property, located on 2437 KOA Road, is 28.81 acres. It currently has 192 campsites. The report does not specify the number of campsites that will not be open to the public. However, it appears to be more than half, based on the document’s images.
The report lacks in terms of analysis of the implications on the outcome. While side-by-side pros and cons are listed, there’s not much in figures or analysis of different interests.
“No new development is contemplated onsite through this application, and the Real Estate Development Marketing Act is specific in that the council is the approving authority for the ownership change,” states the report by Paul Simon, senior planner with the city’s Development Services.
The report also mentions the City of Revelstoke’s need to monitor the use of the site.
“The Director of Economic Development was consulted on this application and did not have immediate concerns related to the conversion for a portion of the site but wants to ensure that monitoring occurs with the owners. This monitoring would look at the impact on availability for campsites to members of the traveling public before considering a change in ownership for the entire site.”
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