At the City Council meeting, the Mayor and Councillors voted to purchase 73 Brock Street, which is the Union Cab building behind Tim Horton’s.
Purchasing 73 Brock Street is part of the City’s Corporate Strategic Plan of creating a “Vibrant Downtown Area” and to “Promote and Support Arts and Culture.” The City wants to “develop partnerships with key stakeholders” as part of the Strategic Plan.
The City wants to create a downtown plaza on the land and the relocation of the farmer’s market. The Mill Market Board of Directors toured the building with City staff and were onboard with the relocation.
The City undertook two reports. The Appraisal and the Building Condition Assessment. The building appraised for $375,00 and the City will acquire the property for $385,000. The extra $10,000 expense comes from the appraisal and legal fees. The property owner incurs the relocation expenses. There was nothing about the building condition included in the City Council meeting or in the documentation submitted.
City Council voted to move forward with the next step by issuing an “Agreement to Purchase and Sale” for 73 Brock Street. They can proceed with the environmental investigations. Assuming no issues, the City can purchase the property. The existing owner will merge 73 Brock Street with 64 Bingham before the closing date as the two properties become “one consolidated piece.”
The money to purchase 73 Brock Street comes from the Property Reserve Fund, which has $600,000 in the Fund. They estimated the total cost for the City including legal fees at $395,000.