Former industrial park developer appeals lawsuit against City of Terrace
Taisheng International Investment Services is appealing a court decision regarding a $6 million construction deposit related to a failed industrial park development.Summary
Taisheng International Investment Services, the former developer of the Skeena Industrial Development Park (SIDP), is appealing an October 2025 court decision that allowed the City of Terrace and Kitselas First Nation to retain a $6 million construction deposit. The deposit was originally intended to fund a groundwater system at the SIDP, but Taisheng failed to meet contractual deadlines, leading to the city repurchasing the land. Taisheng argued the deposit should be returned as the city now owns the land, but the court ruled the deposit was valid security for the project. The city is now seeking funding from higher levels of government to cover the estimated $32 million cost of building the groundwater system. The initial agreement from 2014 involved Taisheng purchasing 1,187 acres for $11.878 million, with a $6.18 million reimbursement promised for the groundwater system, which was then held as a deposit after deadlines were missed. The judge rejected Taisheng’s claims, stating that allowing the developer to keep the deposit would result in an undeserved “windfall.”
(Source：Terrace Standard)