Municipality to sell off Northside Business Park land at a reduced price | Cape Breton Post

SYDNEY, N.S. — The Cape Breton Regional Municipality has scrapped a longstanding policy that may have hindered the development of the Northside Business Park.

During a general committee meeting this week, councillors were told that a pricing strategy pre-dating a 2007 amendment set a ‘sale price’ of $20,000 per acre for municipally-owned land in the expansive business park that is strategically located on and near the border of North Sydney and Sydney Mines. However, that figure applied to industrial usage as the price of land developed for non-manufacturing and retail services was based on appraised market value.

John Phelan, CBRM’s manager of economic development and special projects, said the park’s development has come to a virtual standstill over the past few years.

“Since then, there has been very little activity in the park and there’s actually been a decline with the closure of the car part manufacturing plant and the end of the pharmaceutical industry,” said Phelan, who recommended that the CBRM abolish the out-dated pricing strategy in an effort to boost the park’s economic development.

“Under the Municipal Government Act (MGA), we can sell surplus property at not less than the appraised value and most of the land there is assessed below the current $20,000 per acre. I checked one acre on Memorial Drive and if you go on a pro-rata basis, the assessed value would probably be around $3,300 per acre.”

Read complete article here:

Municipality to sell off Northside Business Park land at a reduced price.