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  • J Andrew Hall said More
    "A Heritage Christmas - Celebrating Canada 150" New website up at
    20 hours ago.
  • Newbie said More
    Cobourg is hot......Ontario is not. Thanks to our beach, pier, Marina , and parks! 1 week ago.
  • James Doherty said More
    Anyone know the theme this year. Would like to get started on a float. 2 weeks ago.
  • Dubious said More
    Langevin Bridge in Calgary is being renamed to "Reconciliation Bridge".... 2 weeks ago.
  • Frenchy said More
    “In a presentation to Council at their next Committee of the Whole Meeting on... 2 weeks ago.
  • Frenchy said More
    Dunno, are there young children and Moms with baby carriages on those sidewalks too? 2 weeks ago.
  • Lorry said More
    Does that apply to young children on their way to school along Burnham Street? 3 weeks ago.
  • ben said More
    Tell that to the stupd woman who nearly impaled herself as she rode into my... 3 weeks ago.

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Cobourg News Archive - the Cobourg News Blog has moved

New Posts for Cobourg News are now only on CobourgBlog.com.

Emails advising of new posts will direct you to the Cobourg News Blog - that's the new home of Cobourg News.  Posts prior to September 30, 2017 remain on CobourgInternet.com. Comments will only be viewed and possible here until October 31st, 2017.  News here (on Cobourg Internet) is now an archive.

Go to CobourgBlog.com

In 2003, the Town of Cobourg bought the Northam Industrial Park with a $14M mortgage and since then, has received a payback of $30M from renting buildings there.  This has been used to pay down the mortgage, plow back $13.7M into capital improvements and provide a dividend to the town of $5M.  By the end of 2017, Treasurer Ian Davey expects all buildings will be fully occupied and paying rent and by March 2018, the mortgage will be fully paid off.  Given the experience to date, the average dividend per year will then increase from around $450K per year to over $1M because there will be no mortgage payments required.

northam industrial parkAs of July 25, the Town’s Economic Development Department's list of available properties showed only two buildings available in Northam Park:  Bldg. 6 with 31,509 sq. ft. and Bldg. 18 with 10,000 sq. ft. available on the second floor and 1000 sq. ft. on the ground floor.

Dividend

From 2003 to 2016, the Park has paid the Town a dividend totaling $5,062,150 - so what has the Town used this for?

  • Long Term Debt on Infrastructure projects – $1.5M
  • Physician Recruitment - $235K
  • Hospital Donation - $300K
  • Tannery costs (remediation, demolition) - $1.5M
  • Capital Projects - $1.5M

The Capital Projects included some Fire Department Capital ($635K) and some miscellaneous CCC projects ($225K). 

As of July 7, 2016 the mortgage balance still owed was $828K.  It is expected to be fully paid up by March 2018.

This information and more detail was provided to Council in a report by treasurer Ian Davey at the Council meeting on July 17. Download Ian’s full report here.

 

 

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