Sale fo Town Island
Today, Council directed administration to proceed with a competitive Expressions of Interest process and appraisal of Town Island, a City owned island just south of Coney Island.
Over the past 10 years, the City has investigated the potential transfer of Town Island in exchange for Crown land of equal value within or adjacent to the City boundaries. The intent was to seek properties for residential and recreational land development within the City. In exchange, the Province would add the Town Island property into its Lands for Life Program, also referred to as the Lake of the Woods Conservation Reserve.
More recently, the Province has now advised that the former Lands for Life Program is no longer active and they no longer have any interest in acquiring the Town Island property. The Province has advised that the City may purchase surplus properties from the Province as they become available. In order to do so the City needs to have the available financial resources such as the Town Island property to potentially purchase these types of property for development.
Selling this property will provide the City with the value of that sale for the purposes of future land development within City limits. The net proceeds will be placed into a reserve fund in which Council has the discretion to pursue valuable properties that will help address the strategic challenges facing the municipality including fostering economic development and generating additional tax revenue.
Adam Smith, Development Services Manager