Wasaga Council sells off assets.

Regarding the sale of the former arena site, currently pegged (with no bidders) at $5.5 million.

This is just one of many properties held by the town originally slated for things like parkets and road widening etc. that the town would get around to one day.

“What we are trying to do … is get our house in order. We have real estate holdings — we’ve forgotten what we actually own — so it’s prudent, in this temporary lull that we’re in, if we can bridge the gap before the market comes back and unlock value in some of our land, so we don’t have to raise taxes,” he said. “We don’t want to raise taxes to bridge this when we can unlock and get value out of lands that are not being used.”

he also states:

“I think we’re in the bottom of the market, but we’re starting to climb,” CAO Andrew McNeill said. “That’s encouraging, and this is nothing new, other (municipalities) have gone through this before.”

They expect the site to be sold in the next 60 to 90 days. At the bottom of the market. He said it himself, they are selling off town assets at the bottom of the market for the least they are possibly worth.

Why this fire sale? Well, a combination of truly terrible planning. They are short some $15 million dollars needed to pay for upgrading and providing services for the FRAM development on the beachfront.

Huh? The town is selling the land to Fram, yet we end up in debt? Even worse we are making a huge loss on all the assets the town has held for decades to “bridge the gap”.

lets look closer at this “bottom of the market”? This also means we are selling the beachfront at the “bottom of the market”. Now, I know a lot of people who have for sale signs in their lawns. Many have had them for months if not years. They are there because though they want to sell, they don’t want to sell at the “bottom of the market”. They know if they hold on until there are a few rate cuts the property market will pick up.

Smith bough this property nearly ten years ago with the promise to redevelop and “save tourism”. He certainly didn’t buy it at the bottom of the market. As has become apparent he bought it for FRAM to redevelop. His relationship with Frank Giannone is a long one. One can only guess last time he was Mayor why he didn’t sell it then? Possibly it was too expensive for FRAM?

One thing is for sure. Despite it being a ten year long road to get here, the town cannot wait even six month to get better value for its assets. They MUST SELL NOW!

at the bottom of the market.

Simecoe .com:
Wasaga Beach puts former arena property on the market