International bridge needs government buy in.There is value in the international bridge that links Fort Frances Fort Frances, town (1991 pop. 8,891), SW Ont., Canada, on Rainy River, opposite International Falls, Minn. It is chiefly a lumbering center with sawmills and a pulp and paper factory. Tourism is also an important industry, with abundant fishing and hunting nearby. to their American neighbouring sister community International Falls and the owners of Boise Cascades Boise Cascade Holdings, LLC, which uses the trade name Boise, is an American pulp and paper company, ranked as the thirteenth largest forest products company in the world. are prepared to wait until the proper investor comes along. Chicago based Madison Dearborn Madison Dearborn Partners (MDP) is a private equity firm specializing in buyouts of private or publicly held companies, or divisions of larger companies; recapitalizations of family-owned or closely held companies; balance sheet restructurings; acquisition financings; and growth Partners had their 860-foot railroad portion of the bridge sold to Watco Company Inc. However, due to timelines the acquisition could not go through and now, the more than 900-foot bridge is back on the selling block. Cascades spokesman Bob Anderson
Bob Anderson (b. 19 May 1931, Hendon, London - d. 14 August 1967, Northampton) was a Grand Prix motorcycle road racer and racecar driver from England. says although they have had interest from both sides of the border no contracts have been signed. The privately owned toll bridge has been owned by Abitibi Consolidated and Boise Cascades as early as 1908. When Madison Dearborn took over Cascades' assets in 2004, they viewed the bridge as a non-essential item since their primary focus is on paper production, Anderson says. Upgrades and maintenance was soley the responsibility of the two companies and the toll fees allocated to the proprietors. Canadian federal law dictates that who ever controls the international toll bridge must control and maintain a custom's facility. If tolls are non existent ex·is·tent adj. 1. Having life or being; existing. See Synonyms at real1. 2. Occurring or present at the moment; current. n. One that exists. Adj. 1. , then the government builds their own customs' office. "That is one of the deterrents here," Onichuk says. If a light bulb bulb, thickened, fleshy plant bud, usually formed under the surface of the soil, which carries the plant over from one blooming season to another. It may have many fleshy layers (as in the onion and hyacinth) or thin dry scales (as in some lilies)—both of which burns out at the facility then the owners are called to change it. Communities linked to the bridge have had first dibs on the purchase. They have been keen to include their prospective governments in the deal, however, progress has been slow. International Falls mayor Shawn Mason and Fort Frances mayor Dan Onichuk say it is in the best interest of their regions to have the bridge in public hands, rather than private hands. "We want the province and the state to take responsibility for the road systems," Onichuk says. "Why should it be any different because it is a bridge into another country? I don't get it." Improvements to the bridge can only mean an increase in the $6 to $25 (US) toll fees if it ends up in private hands, Onichuk says. Travelers will be paying for the upgrades. A September meeting with elected leaders reaffirmed the desire for federal and provincial governments to take on the asset and to formalize a purchase offer. Further meetings will cement time lines on when action, if any, will be taken. The previous Ministry of Transportation had not indicated any interest in purchasing the bridge, says Onichuk, but current Minister Donna Cansfield Donna H. Cansfield, MPP is politician in Ontario, Canada, who has represented the riding of Etobicoke Centre in the Legislative Assembly of Ontario since 2003. Cansfield is a member of the Ontario Liberal Party and is currently a cabinet minister in the government of Dalton would like to work in conjunction with the federal agencies to determine if they can acquire the asset through Bill C5. In the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. senior congressman James L. Oberstar continues to lobby in favour of the country assuming part ownership of the bridge. "This is in the best interest of tourism and trade and we continue to have our eye on the ball," International Falls mayor Shawn Mason says. More than 900,000 vehicles and over one million people utilize the bridge annually. The railroad portion of the bridge is used daily bringing materials to either communities. BY KELLY LOUISEIZE Northern Ontario Business Northern Ontario Business is a Canadian magazine, which publishes monthly in Greater Sudbury, Ontario. The magazine covers business news and issues in Northern Ontario. |
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