Readers may recall a story we brought you on April 9, 2018 regarding negotiations with Elections Ontario to rent the Waterloo building one last time before ownership is officially handed over for a drug addiction treatment centre.
The building was officially sold for $3,905,000 to De Novo Trust Fund and the sale is expected to close on June 20, according to Town CAO Denise Corry.
In the meantime, municipal staff has been negotiating one last rental and has come to an agreement with Elections Ontario for a returning office to be located in the building leading up to and following the June 7, 2018 provincial election.
Kari Lambe, Director of Community Services for the Town of Huntsville, confirmed this Monday morning that an agreement has been reached. She said space would be rented to Elections Ontario between May 1 and June 19, 2018. She said the dollar amount agreed on is based on a rate of $25,000 per month. June is being prorated as the rental would not be for a full month, bringing the rental rate to $40,833.33, plus HST, for a total of $46,141.66.
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Such a business deal!
The Waterloo Summit Centre had a construction cost of $9.8 million from federal funds. The Town spent $4 million for infrastructure. The land that goes with this building is prime real estate, with a significant value. We never heard the value of this property.
Choice location, spectacular building, all the infrastructure in place.
No real estate listing in any real estate publication in Ontario.
How did the price get determined?
The sale price of $3.9 million is less than the infrastructure cost of $4 million.
No mention of the real estate value of the property itself!
A sale price of $3.9 million!
What is going on?
What is wrong with this picture?
A drug treatment centre is not a solution to the drug problem. All it does is treat the symptoms and at a high cost.
The solution lies deeper in society and treating it at this level would gain other advantages as well.
Short term gain with no long term benefits seems to be the name of the game with both this building and drug treatment.
Great idea !
Maybe we could use some of the money from the sale of the Waterloo building, and buy, at a fair price the property at Centre and Main, for downtown parking. This would help to revitalize our downtown town and probable fill the empty stores, so some good would come out of the sale for all of Huntsville.
Underscores what a valuable asset the town chose to ‘dispose of’.
A real ‘head shaker’.