In December, 2002 the Town purchased Northam industrial park for $13.7M, took out a 15year $14M mortgage and took possession in March, 2003. The site is 121 acres and has 17 industrial buildings which cover more than 836,000 sq. ft. Since then, although over $13M has been spent on Capital improvements, the mortgage has been paid down and $5M has been paid to the town by way of dividends. The good news is that in March 2018 the mortgage will be fully paid up and the annual dividend from the park will increase by about $1.25M per year ($940K in 2017).
Over the 14 years, the annual dividend has paid for a variety of things – including long term debt, Tannery Property costs, NHH contributions, Pumper trucks, CCC improvements and road works. At Monday’s Committee of the Whole Meeting, Treasurer Ian Davey will present his third quarter Financial report on the park – download copy here. See also the 2016 year-end report here and the Cobourg Internet summary of that report here.
The Park still has some vacancies but recent moves by the Town have filled two buildings: Number 7 and number 13. Number 7 was renovated for the Works and Parks Departments to move out of their dilapidated sheds on the flood plain of Cobourg Creek on King Street. The renovation cost approx. $4M and was a lot less costly than a new building which would have been approx. $8M. Number 13 will also be renovated and will house both the new Venture 13 facility and the ever expanding Police Business services unit (See Entrepreneurs get Major Boost in Cobourg and Venture 13 Tenders come in Lower than estimate).
At the Committee of the Whole Meeting on December 4, this report was accepted without discussion or comment.