Written by Township of Terrace Bay on 15 August 2014
TERRACE BAY, ON – The Township of Terrace Bay was recently announced [CLICK HERE for original release] as the accepted bidder on approximately 1,085 acres of property in the community.
As part of the Companies Creditor’s Arrangement Act proceedings, the Court ordered that the price paid for the lands being sold to various parties, including the Township was not to be disclosed without further Order of the Court. The Court issued such further Order on August 7, 2014 which cancelled the confidentiality requirement. Therefore, the municipality can now disclose that the purchase price of the lands was $285,001.00. This amount was budgeted for in the 2014 Municipal Budget to be taken from reserves due to the long-term value to the community of owning this property which includes the local golf course, numerous white sand beaches, and the Terrace Bay Airport.
“It has been a goal of our Council to acquire land for private and public sector development for the past four years in our strategic plan. We are very pleased that our bid was accepted. These lands are incredibly important to our current way of life as well as to the future of the Township. We planned for this purchase to come out of our reserves in the current budget year. We look forward to working with private sector developers to achieve growth in our Community.” stated Township of Terrace Bay Chief Administrative Officer Jon Hall.
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Posted in Environment, Municipal, Northern Ontario Economy, Northern Ontario Headlines, Terrace Bay/Schreiber/ Rossport | Comments Off on Property Purchase Price by the Township of Terrace Bay Revealed
TERRACE BAY, ON – The Township of Terrace Bay was recently announced [CLICK HERE for original release] as the accepted bidder on approximately 1,085 acres of property in the community. 
