Base Case. Applying the Equity Value formula to the “Base Case” summarized above, and assuming that (i) there is no Entity Specific Debt (see Example 3 for a discussion of Entity Specific Debt) and (ii) the mortgage debt on each of the five properties does not change between December 31 and Closing and that there are no assumption or prepayment fees associated with assuming or prepaying those mortgages at the Closing, the Equity Value of each of the five properties is as set forth below: Property Equity Value = EP x [TFTV - TPA] + AA Total Equity Value 500 “EP” = Unadjusted Equity Percentage
Base Case. Within a reasonable time after written request from Interconnection Customer, IPA shall provide Interconnection Customer with the Base Case, subject to the confidentiality provisions of Article 13. IPA may require that Interconnection Customer sign a confidentiality agreement before the release of any such information.
Base Case. If the Concessionaire pays the minimum amount due each year i.e. in 10 equal annual instalments) Anniversary of the Appointed Date Instalment of Annuity paid Instalment of Annuity payable with interest Say the Annuity is INR 30 Cr, the amount payable shall be: 1st 10% 10%*(1+5%)^1 = 10.50% INR 3.15 Cr 2nd 10% 10%*(1+5%)^2 = 11.03% INR 3.31 Cr 3rd 10% 10%*(1+5%)^3 = 11.58% INR 3.47 Cr 4th 10% 10%*(1+5%)^4 = 12.16% INR 3.65 Cr 5th 10% 10%*(1+5%)^5 = 12.76% INR 3.83 Cr 6th 10% 10%*(1+5%)^6 = 13.4% INR 4.02 Cr 7th 10% 10%*(1+5%)^7 = 14.07% INR 4.22 Cr 8th 10% 10%*(1+5%)^8 = 14.77% INR 4.43 Cr 9th 10% 10%*(1+5%)^9 = 15.51% INR 4.65 Cr 10th 10% 10%*(1+5%)^10 = 16.29% INR 4.89 Cr Sum Total Paid INR 39.62 Cr Case 2 (An illustrative case where the Concessionaire choses to pay more than the minimum due instalments each year i.e. the Concessionaire finishes payment of Annuity earlier than 10 years). Anniversary of the Appointed Date Instalment of Annuity paid Instalment of Annuity payable with interest Say the Annuity is INR 30 Cr, the amount payable shall be: 1st 20% 20%*(1+5%)^1 = 21.00% 6.3 Cr 2nd 20% 20%*(1+5%)^2 = 22.05% 6.62 Cr 3rd 10% 10%*(1+5%)^3 = 11.58% 3.74 Cr 4th 10% 10%*(1+5%)^4 = 12.16% 3.65 Cr 5th 10% 10%*(1+5%)^5 = 12.76% 3.83 Cr 6th 10% 10%*(1+5%)^6 = 13.4% 4.02 Cr 7th 20% 20%*(1+5%)^7 = 28.14% 8.44 Xx 0xx - - - 0xx - - - 00xx - - - Xxx Total Paid INR 36.33 Cr
Base Case. Forestry is the largest private sector employer in the Plan Area. Based on 1996 Census data, the Ministry of Finance and Corporate Relations (MFCR) estimates that forestry accounted for 26% of the personal income of residents of the Mid-Coast Forest District, where over 90% of the Plan Area population resides. The Plan Area covers a Gross Land Base (GLB) of 4.8 million hectares, including the Mid-Coast TSA, the mainland portions of the Kingcome and Strathcona TSAs, about 8% of the North Coast TSA, and portions of several TFLs. About 10.8% of Plan Area is in existing fully/partly Protected Areas (including the Hakai and Fiordland Recreation Areas, which allow mining but not logging, and parts of Tweedsmuir Park). About 551,000 ha. (11.9% of the Plan Area) is designated by the Ministry of Forests (MoF) as “Timber Harvesting Land Base” (THLB), or the area that is available and deemed economically feasible for timber harvesting in the short and long term. The THLB is much smaller than the GLB area because much of the Plan Area is non-forested/inoperable (i.e., mainly rock, ice, alpine, steep terrain, problem forest types, etc.), has “net- downs” for environmental values (e.g., existing Parks, riparian reserves, etc.), and since some land is non- Crown. However, as economics/technology improves, the THLB could expand into currently inoperable areas. On the other hand, some parts of the THLB are only marginally, or not economic at this time given current harvesting costs and market prices. This is an important issue, especially in the Mid-Coast Timber Supply Areas, where MoF estimates that about 66% of the THLB is hemlock/balsam leading stands (see Map 2), the markets/prices for which have been depressed since the late 1990s (see Figure 1). MoF forest cover constraints, such as cutblock adjacency, Forest Practices Code and landscape level biodiversity, apply to all TSAs and TFLs within the Plan Area. There are additional requirements that may be applied to protect specific areas, values or forest types, such as scenic areas / visual quality objectives, community watersheds, deer winter range, and grizzly bear habitat. Appendix B provides a GIS area analysis breakdown of the Plan Area by these zone categories, although the Grizzly, Deer, and Community Watershed zones are subsumed under “General Management.” The total current Annual Allowable Cut (AAC) of the Central Coast Plan Area is about 3.8 million m3/yr., excluding an average annual harvest on “Timber Licens...
Base Case. General Considerations Visitors can access the Plan Area by Highway 20 from Xxxxxxxx Lake, by ferry from Port Hardy, by private/charter sea vessel, or by scheduled/charter air service from Vancouver, Xxxxxxxx River, Port XxXxxxx, Port Xxxxx, and Anahim Lake. For the purposes of this analysis, recreation is defined to include various outdoor adventure activities pursued by both visitors and residents. Tourism, however, only refers to economic activity generated by non-residents of the immediate area (i.e., those traveling in excess of 80 kilometres) including those visiting for business purposes.26 It is also assumed that “back- country/wilderness” activities (i.e., tourism activities involving more remote, “nature-based” experiences) are much more strongly linked to land and resource use than is “front-country” tourism (i.e., activities associated with hotels, restaurants, etc. in established communities). This assessment focuses largely on the back-country component, although many of the statistics reported are aggregated to represent all Plan Area tourism activity. As of the 1996 Census, tourism accounted about 16% of Plan Area resident employment (~320 jobs) and 10% of personal income in 1996. The local tourism industry is very dependent on the area’s high quality outdoor recreation opportunities, in particular, sport fishing, marine touring, hiking, cross country skiing, wildlife viewing, kayaking, camping, and hunting. Most of the recreational activities in the Plan Area tend to be marine-based, and therefore have a strong linkage to coastal resources. Based on Ministry of Tourism visitor spending figures, total (resident and non-resident) tourism employment supported by the region is roughly estimated at 540 jobs (the majority of which have annual wages of under $20,000 and/or are seasonal) of which about 295 are attributable to companies that offer visitor packages (e.g., fishing lodges, charters), 60 to the accommodation section, 20 to the vehicle service sector, 95 to other transportation companies, 55 to the food services sector, and 15 to other components of the retail and visitor service sectors.27 The Plan Area has an estimated 66 fixed roof accommodation facilities (50 lodges of various sizes, ten hotels/motels, and six “Bed & Breakfast” establishments), one XX Xxxxx campground with 39 sites, five BC Forest Service camping areas with 18 sites, and three private campgrounds with a total of 110 sites. The Xxxxxxxxx Archipelago, including its ma...
Base Case. As of the 1996 Census, fishing-related activities provided about 8% of the personal incomes of Plan Area residents Also, First Nations residing in the Plan Area have historically depended heavily on a wide range of salmon and non-salmon fisheries for food, social, economic, and ceremonial purposes, and are also major local participants in the commercial fishing industry within the Plan Area. As of 1997, Plan Area residents held 113 commercial salmon “A” and “N” licenses and 13 xxxxxxx spawn-on-kelp “J” licenses. Thirteen additional commercial salmon “F” licenses were held communally by resident First Nations in the Plan Area. These licenses generated an estimated 300 known seasonal jobs, with about two thirds of these in salmon and one third in xxxxxxx spawn-on-kelp. The majority of license holders live in the northern portion of the Plan Area, specifically in Bella Bella. There are several small processing facilities in the Plan Area, but most of the catch is processed elsewhere. Due to consolidation within the processing sector, declining prices, declining salmon catch levels, and DFO’s fleet reduction program, employment in this industry has fallen significantly in recent years throughout coastal BC. A recent report for the BC Job Protection Commission identified the Central Coast as being within the top 15 impacted areas in the province. First Nations groups within the Plan Area were particularly affected by the reductions. As a result of the continuing decline in populations of some species of BC salmon, on June 19, 1998 the federal Minister of Fisheries and Oceans announced a Coho Recovery Plan and the 1998 Salmon Management Plan. This plan will require highly selective fishing methods and “catch and release” policies for coho specifically. To ease transition, the Pacific Fisheries Adjustment and Restructuring Program has committed $400 million to help rebuild the resource, restructure the salmon fishery and assist people and communities to adjust to the dramatic changes that are occurring. The short term outlook for the salmon industry of the province as a whole and the Plan Area region is generally poor from both a harvest level and price perspective. Conservation concerns for weaker stocks (e.g., coho and chinook) and changes in the ocean environment likely will limit overall salmon catches to relatively low levels for the foreseeable future. Key management concerns for salmon include addressing the common property resource problem and improving s...
Base Case. The industry is comprised of two sectors: (i) farmed finfish (Atlantic, chinook, and coho)and (ii) farmed shellfish (Pacific oysters, Manila clams, and Japanese scallops), which culture, process, and market finfish and shellfish into a variety of products. The most recent data indicates there are 68 aquaculture tenures involving four companies and one First Nation in the Plan Area. The number of operating sites is somewhat less than the number of tenures for various reasons, including unsuitable locations and standard fallowing practices. Of the actual operations, most produce salmon and several produce shellfish. Only two of the region’s aquaculture facilities are located in the northern portion of the Plan Area, although two additional farm applications are pending for relocation from the south to the north coast area. There is also considerable biophysical capability for future potential and the industry has expressed interest in a number of other areas within the Plan Area. Based on a recent study of the industry34 it is estimated that almost 50% of provincial, farmed salmon production come from Plan Area operations. Based on this share, Central Coast Plan Area operations are estimated to support an estimated 540 Person-Years (PYs) of employment (or an average of 10 per operation). Most of these jobs are year round, but only about 5% are permanent Plan Area residents.35 Therefore, most of the income earned by these workers would be spent in mid and northern Vancouver Island communities where the vast majority reside. Salmon farming production has increased significantly since its beginnings in the 1970’s, and in 1998, surpassed the wild salmon catch of 30,200 tonnes for the first time. During this period, there has also been much rationalization in the industry to improve efficiency in the face of lower salmon prices, cost issues, some environmentally inappropriate sites. Some First Nations have entered joint ventures for salmon farming while others remain opposed to this activity at this time.36 There are two salmon farms located near Klemtu that is joint ventured between the Kitasoo Nation and industry. Some First Nations are also providing contracted services to certain operations, and discussions are ongoing to broaden their participation in the industry in the Plan Area and elsewhere. The number of farms peaked in the mid-1990s, after the provincial government declared a moratorium on tenures due to concerns about potential environmental impacts. ...
Base Case. Minerals With the exception of some sand/gravel activity near Bella Coola, there are presently no operating mines, significant energy projects, or existing metal mining/energy resident employment in the Plan Area. There are also no current advanced exploration activities, although there have been significant expenditures in the recent past at the former Surf Inlet gold mine and in the Xxxxxxxx Arm copper-gold belt. There may also be some early exploration activity, primarily undertaken by individuals who reside outside of the Plan Area. There are also minor amounts of sand/gravel and hydro-electricity production occurring. Therefore, current resident mining/energy employment and related personal income is minor.41 The Ministry of Energy and Mines (MEM) considers the Plan Area to be under-explored and therefore inadequately assessed compared to many other BC areas due to difficult terrain and lack of roads. However, MEM has identified “tracts” of similar geology based on the current understanding of the distribution of mineral deposits and has ranked them with respect to the probability of a mineral deposit discovery. The MEM mineral potential mapping for the Plan Area indicates that most of the potential ranges from low to moderate from a provincial standpoint, with the higher potential areas extending generally from the Kimsquit area south-east to the Klinaklini area. MEM’s “MINFILE” database, reports 144 mineral “occurrences” and MEM staff report an additional 172 non-MINFILE occurrences42 in the Plan Area. MEM also records past exploration expenditures (about $8.4 million over the 1960-99 period, probably an understatement of actual expenditures). Other MEM mapping done for the LCRMP includes tenure43 location and mineral potential, which when overlain on the Base Case zones, indicate the following: • 20.5% of high and 0.3% of very high metallic mineral potential lands, and 4% of showings are included in existing parks and recreation areas, but no, or virtually no other known mineral values. • 59% of past producing mines, 40% of prospects, 38% of showings, and 20% of mineral claims and titles are within existing VQO zones, where development might be more costly. Past producing mines can be significant in that they can provide opportunities for further development, e.g., in 1986 a proposal was made to re-activate the Surf Inlet and Xxxxxxx “Past Producers” (gold/silver) mines on Princess Royal Island, employing about 60 workers. Although this did not mat...
Base Case. As of the 1996 Census, the population of the vast Central Coast Plan Area was a relatively low 4,611. None of the communities in the Plan Area are incorporated municipalities. The main population centres are in the Bella Coola valley (i.e, the Bella Coola, Hagensborg, Firvale, and Stuie areas) where about 2400 aboriginal and non-aboriginal residents reside and in Waglisla (Bella Bella) where there are about 1200 on-reserve Heiltsuk inhabitants. There were some population declines in the Plan Area in the 1960s and 1970s due in large part to the number of individuals who left Ocean Falls after the closing of its pulp mill. From 1986-96, however, the population of the Plan Area grew strongly due to a number of factors, including the in-migration of residents and a relatively high birth rate, although economic challenges since 1996 have slowed growth considerably. An estimated 2,455, or 53% of the 4,611 resident population in 1996 were members of First Nations living on-reserve in the Plan Area. There are nine First Nations with residents in the Plan Area, four in the northern portion and five in the southern portion, including the following: the Heiltsuk (Xxxxx Xxxxx), Kitasoo (Klemtu), Nuxalk (Bella Coola), Oweekeno (Rivers Inlet), Kwicksutaineuk (Gilford Island), Tsawataineuk (Kingcome Inlet), Kwa-Wa-Aineuk (Hopetown), Da’naxda’xw and the Tlatlasikwala (currently “repatriating” their communities at New Vancouver and Hope Island respectively).56 There are also a number of First Nations whose members now reside primarily outside, but have traditional territories within, the Plan Area. These First Nations include members of the Kwakiutl District Council (KDC), the Musgamagw-Tsawataineuk Tribal Council (MTTC), the Gitga’at (Xxxxxxx Bay), the Homalco, the Tlowitsis-Mumtagila, and the Haisla. While relatively low numbers of KDC/MTTC currently live in the Plan Area, many of those residing outside, mainly on northern Vancouver Island, have a strong attachment to these lands. In some cases, First Nations (e.g., the Gwa- Sala-Nakwaxda’xa in the 1960s) were in fact relocated by the federal government from the Plan Area to Vancouver Island. Total resident and non-resident First Nations population with traditional territory in the Plan Area is reported to total over 10,000. Unemployment in the Plan Area and on north / mid-Vancouver Island, the latter being economically linked to Plan Area resources, is much higher than the provincial average. Within the Plan Area, the B...
Base Case. Description of the process or equipment studied:
