by
Northern News Services

NNSL (Oct 03/97) - We may be down, but don't count us out yet, say the key players in the NWT's only dairy.

"It's far from a done deal, and far from a turfed deal," said Neil Myers of the real estate agreement between the city and himself for property the dairy is operating on.

Myers shipped the 67 cows supplying Myers Family Dairy in Yellowknife, formerly known as Tuaro, back to Grimshaw, Alta., on the weekend.

One of the hitches to completing the real estate deal with the city, he said, was financing the $250,000 purchase.

He said the deal was conditional on arranging that financing, but that lenders he's approached want nothing to do with the dairy because it isn't generating enough to cover mortgage payments.

"If the real estate deal doesn't materialize, it isn't the end of the world," said Myers, adding he will get his $20,000 deposit back if financing cannot be arranged.

Mayor Dave Lovell said Monday he believed the deposit would be kept by the city.

Dairy finances are already in a tangle. About $155,000 is owed on the processing equipment. The lease with the city is being used to secure a $145,000 loan. Both, particularly the loan secured by the lease, contributed to difficulties in arranging financing, said Myers.

He said he is pursuing private investors and a number of other options, including selling to one of the big southern dairies and re-starting door-to-door delivery.

Myers and partner Joe Kronstal will be selling the last batch of milk produced by the dairy this week off the back of their truck.