VANCOUVER, Dec. 31 /CNW/ - TimberWest's petition in the BC Supreme Court to have the City of Campbell River's 2009 tax rates bylaw (as it relates to managed forest lands) set aside has succeeded. In the Reasons for Judgment handed down today, Madam Justice Gerow declared that the sum of $1,211,639 was unlawfully levied by the City on TimberWest. Orders were made setting aside those portions of the Bylaw affecting TimberWest's managed forest lands and the Property Tax Notices issued by the City in relation to the Bylaw, remitting both the Bylaw and Tax Notices back to the City for reconsideration.
"While we are pleased with the outcome, it is unfortunate we had to resort to the courts in this case," said Paul McElligott, President and Chief Executive Officer of TimberWest. "The ruling upholds the purpose of the Private Managed Forest Land Act and supports opportunity for investment in forestry on Managed Forest Lands."
TimberWest is uncertain as to how the City will respond to this ruling.
TimberWest Forest Corp. is uniquely positioned as western Canada's largest private timber and land management company. The Company owns in fee simple approximately 322,000 hectares or 796,000 acres of private land and is in the business of selling timber products and real estate.
SOURCE TIMBERWEST FOREST CORP.
For further information: For further information: Steve Lorimer, (250) 416-9294, Lorimers@timberwest.com