Red Pheasant First Nation has signed an agreement with a Winnipeg-based company to finance development of Treaty Land Entitlement urban lands.
The agreement with the USAND Group is designed to secure a capital value of up to $35 million towards development of those lands. USAND Group specializes in the financing of First Nations projects.
Under the corporate structure of the deal, Red Pheasant would become 100 per cent shareholders of the corporation. However, it will have an independent board with people with extensive corporate and business experience.
The corporate structure is touted by Red Pheasant chief Stewart Baptiste, who says in a news release this will be "the beginning of separation of business and politics."
The membership is to be included in the ratification of the business charter that is to be followed and abided to by the board.
According to a news release, the chief and council expressed a desire to maximize the potential of their urban properties and generate revenues for their First Nation. They have selected approximately 347 acres within the city of North Battleford and 79 acres in Saskatoon under the 1992 Treaty Land Entitlement Agreement, and have since negotiated development agreements.
They said recent meetings with Mayor Ian Hamilton and city planners had been productive, with a willingness to work together to enhance the local economy.
They also noted that Sean McCoshen, president and chair of the USAND Group, conducted site tours of the North Battleford and Saskatoon lands selected.
