The municipality wants to rebuy two parcels in their industrial park from companies that are taking their time in starting up construction on their property.
As per their contract, Chatham-Kent can repurchase their land in the Bloomfield Business Park if businesses don’t build within a set time. Chatham-Kent council will consider a request from administration to buy the land back from two holding companies at tonight’s council meeting. The property was originally bought in 2021, with an agreement to start construction within a year.
Flodo Enterprises Inc and Myriad Technologies Inc., both holding companies of Intrepid General Limited, have both asked for a six-month extension to start construction but the municipality is instead looking to refund what the two companies originally paid for the eight acres of property.
Once repurchased, Chatham-Kent plans to put the business park land back on the market.
Since 2021 the price of an acre in the Bloomfield Business Park has increased from $50,000 to $89,000/acre. If the land is repurchased for the original $392,000, the new price for the land will be just under $700,000.