The fate of three properties in the Bloomfield Business Park in Chatham will be on the docket at tonight’s council meeting.
At the meeting on February 10, Director of Economic Development Services Stuart McFadden requested that council approve the re-purchase of approximately eight acres in the Bloomfield Business Park for the original selling price of $712,000.
During the meeting Ward 2 councillor Anthony Ceccacci, had the motion pushed to February 24, where council voted for administration to continue further discussions with the property owners.
In the report being presented to council Monday night, administration is recommending that after six months of no response from the three property owners, 100249108 Ontario Inc, ER Steel Inc., and Raco Asset Management Corp, that the purchase funds be refunded and the lands returned to the municipality.
If the motion is voted through, the municipality can proceed with marketing these properties for other economic development opportunities.
Since the original sales in 2022, the price of land in the Bloomfield Business Park has increased from $89,000 per acre to $250,000 for interior parcels and $275,000 for exterior parcels.
