March 26, 2012 – City Council was briefed by the Acting City Solicitor today on the closing of land at Prince Arthur’s Landing with the Private Development Consortium, led by Re Solve Group Inc. Council also approved a final document implementing the land sale.
An event will be held on April 12 at the Community Economic Development Commission Boardroom in order to complete the land transfer. Mayor Keith Hobbs, City Clerk John Hannam, and Mark Smith, General Manager of Development Services will take part in the official event on behalf of the City.
“This is the final implementation document to facilitate the land transfer,” said Councillor Mark Bentz, Chair of the Waterfront Development Committee. "Both the City and Developer can now fulfill their obligations regarding the development agreement and we are very pleased to be moving forward with this most important step."
The private development consists of a hotel, two condominiums, a commercial building for shops and restaurants, and redevelopment of the CN Station.
“We continue to work positively with the Developer to complete the land transfer,” said Mayor Hobbs. “This project represents a $65 to $70 million investment in the City that will contribute to downtown renewal, economic development, job creation and a vibrant gathering place for the community as well as more than $1 million in new property taxes every year.”
“I am very excited to have reached this stage in the project and bring a project of this caliber to Thunder Bay,” said Gisele MacDonald, President, Re Solve Group Inc.
More information on the signing event will be available in early April.
Contact: Greg Alexander, GM – Community & Emergency Services, 625-3320
Gisele MacDonald, President, Re Solve Group Inc., (204) 779-0000