North Perth Council revisited the idea of developing Municipally owned in the northeast of Listowel at Monday’s council meeting. Council had requested a feasibility and business case report prepared last July over the return they could see on the servicing of the 22 hectares of land.
Pierre Chauvin of MHBC Planning, whose company prepared the report, says there is a return on investment possible on the development of the municipally owned land.
“There is a net revenue of $6 million dollars in profit. This broken out in terms of $11.6 million dollars in expenses and $17 almost $18 million dollars in revenue for the sale of the commercial and industrial lands as well as the development charge revenue generated.”
Chauvin added that the estimates they received were likely conservative and have likely increased in terms of amounts due to the evolving market almost daily.
The company consulted with real estate experts in the Kitchener-Waterloo area for their values.
