Northern Development Initiative Trust's effort to foreclose on a loan to Commonwealth Campus Corp. remains ongoing.
"The matter is still before the courts and we're looking for it to be resolved sooner rather than later," said NDIT spokesman Joel MacKay.
NDIT is seeking repayment of $1.45 million in unpaid principal and interest for money it had lent to Commonwealth to pay for land assembly in the 400 block of George Street primarily for the Wood Innovation and Design Centre but also for development of the adjacent area.
NDIT launched the proceeding in late November 2012 and Commonwealth Campus responded by fighting the action, alleging it was misled with assurances NDIT would purchase the land or find another buyer.
Commonwealth Campus also alleges then-Prince George MLA Pat Bell urged the company to secure the entire 400 block to prevent speculation that would increase the cost of acquiring the land. The intent was to use the WIDC to anchor a downtown campus for the University of Northern British Columbia.
Commonwealth is now stuck with land worth is significantly less than the price it paid, the company says.
Commonwealth Campus also remains in a legal battle with the BID Group of Companies.
Commonwealth is suing BID, claiming it reneged on a promise to buy land adjacent to the WIDC for $4.1 million. BID has replied that the transaction was subject to making the short list of proponents competing for the contract to construct the WIDC, which did not happen.
Commonwealth is seeking a court order forcing BID to either live up to the agreement and cover the cost of damages caused by the delay, or to allow Commonwealth to keep a $150,000 deposit and have BID pay damages for breach of contract.
Commonwealth Campus president Dan McLaren declined to comment because the matters remain before the courts.
