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Developer Proposes Commercial Complex in Innova Park

September 26, 2008 – A by-law to authorize the conditional sale of approximately 52 acres of land in Innova Business Park to First Gulf Thunder Bay Developments Inc. for a commercial development will be presented to Council on Monday, Sept. 29.

Various land use planning approvals will be required to accommodate the proposed development. These approval processes will include opportunities for public input and involvement in accordance with the Planning Act.  If the required planning approvals are granted it is anticipated that the development will occur in a number of stages and span several years.

The purchaser has indicated that the proposed development would add to Thunder Bay's diversity of retailers and provide complementary services and amenities, and stimulate additional industrial development in an area which has largely remained vacant for over a decade. First Gulf has indicated it is negotiating agreements with tenants that are not currently located in the Thunder Bay.

The purchaser estimates the development would provide jobs for 1,400 part-time and full-time employees, not including construction employment. The proposed development is planned to be close to 600,000 square feet in size.  The estimated value of the proposed development is in the order of $85 million and it could generate approximately $5 million of property tax revenue annually upon completion.

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Contact: For information regarding Innova Business Park and required planning approvals:
Mark Smith, General Manager – Development Services, 625-2544

For information regarding the proposed development: John MacNeil,
Chief Operating Officer – First Gulf Thunder Bay Developments Inc., 905-814-6860.