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The Review

Council to Purchase former Foodland Property - Special Meeting of Council Sept 25, 8:30am

Posted On: Tuesday, September 24, 2019

THAT Council receive Staff Report FAF.19.203, entitled “Authorization to Purchase 171 King Street East”; AND THAT Council approve the purchase of 171 King Street East, the subject property being the former Foodland at a cost of $1,600,000

Council to Purchase former Foodland Property - Special Meeting of Council Sept 25, 8:30am

Overview

This report requests that Council in Open Session approve the purchase of 171 King Street East and also approves the expenditure of $1,600,00 to purchase the subject lands.

Council is also being requested to authorize the Mayor and Town Clerk to execute all related documents to formally acquire the lands

Background

At the Direction of Council, Town staff have been successful in negotiating an agreement to purchase with the owners of the former Foodland being 171 King Street East. Staff have worked to secure the lands that have been considered an excellent opportunity as a potential site for an attainable housing project.

Analysis

171 King Street East being the former Foodland provides possibilities to the Town for a potential attainable housing site, but also provides an opportunity for the town to control the use, design and streetscape opportunities along the Highway 26 corridor.

Additional reports will be brought forward to Council as details are considered through the redevelopment process for the site.

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