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Council look ahead July 24, 2023

By Adam Riley Jul 24, 2023 | 10:00 AM

File Photo (Adam Riley/Acadia Broadcasting)

City council will be hearing from a group of residents, who will be urging the body to vote against the proposed sale of a trailer park within the city.

Back in April, Trever Giertuga brought forth the suggestion of selling off Hillcourt Estates, which council voted in favour of having staff explore the option.

A report from the Realty Services Division shows there would be no cost savings to the city should it sell the site, which brings $170,000 of net revenue to the city annually, which covers management, operating and routine maintenance.

Current reserve fund balance for Hillcourt Estates sits at just over 3 quarters of a million dollars and will be sufficient to meet capital requirements over the next two decades based on the city’s plan to resume reserve fund contributions of $20,000/ year in 2027.

Additionally staff will be recommending city council to give them the go ahead to submit an application for housing dollars.

The city is hoping to tap into the Housing Accelerator Fund through the Canada Mortgage and Housing Corporation.

It, with support of HTFC Planning and Design, has created an action plan with seven initiatives geared towards bringing 2273 new residential units within three years.

If successful, information provided by staff indicates the average funding the Housing Accelerator Fund will provide is $32,320 per unit.

A key factor in the success of the application will be growth rate, a requirement is a rate which exceeds 1.1%, something Thunder Bay has failed to do in recent years, most recently the rate for the city was 0.2%, but a lesser growth rate may be considered according to the report filed by staff.


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