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Sale of Clyde/Merivale Lands
Council has approved the sale of this surplus property for $7,360,000. It is unfortunate that there has been so much controversy about the disposal of this land because, having considered all the information, in my view it was both a reasonable offer and a timely sale.
Admittedly, the parcel was sold for less than its purchase price. The Region bought in the fall of 1998 when real estate prices were at their peak with the intention of building a Home for the Aged on the site sometime in the future. It was re-zoned to allow for housing and expensive off-site servicing was installed through the Canada-Ontario Infrastructure Funding program. Unfortunately, by this time the site was no longer needed for Regional purposes and was declared surplus.
Several residents have asked why the Region did not choose to hold on until it becomes more valuable so we could recoup our original investment. While this seems logical, unless land prices go up significantly soon, it is unlikely to happen because carrying costs are over $1 million per year.
Ashcroft Homes, the successful bidder, has tentatively named this new community "Central Park". They assure me that they are looking at total neighbourhood development which offers a cross-section of house types that should appeal to a wide range of consumers.