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News Update

August 21

1. The RibFest finished yesterday

RibFest 2017

2. YMCA Decision. The Town has now issued a Press Release and full report on the investigation of a possible merger between the YMCA and the CCC.  Full background details are given plus the reasoning for the decision. There is also a compromise proposal made. The details have now been tabled - not announced. More here.

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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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