Tuesday, May 04, 2010

City Begins Process to Establish Fredericton Lands Commission(April 26, 2010)

Fredericton City Council has begun the process of establishing a Fredericton Lands Commission. The Commission will engage in strategic real estate development using municipally-owned land that has been declared surplus.

The goal of the Commission is to work with local developers to further commercial and residential development in the City. Many of the pieces of land declared as surplus by the City are of interest to private developers and adjacent land owners for redevelopment purposes. By bringing these land holdings into the market in a timely fashion, the Commission can optimize the financial and community value that comes from such properties.

Start up funding for the Commission will come from various City departments. These funds will help service the land and make it market ready. Any funds acquired from land sales will be re-invested back into the Commission for future development efforts.

The bylaw to form the Commission, which received first and second reading at the regular Council meeting on April 26, outlines the work of the Commission, names the board of directors, sets financial limits, and identifies the reporting process to City Council. Third and final reading for the formation of the Fredericton Lands Commission is scheduled for the regular Council meeting in two weeks.

To find out more about municipal land holdings currently for sale, contact Calvin Thompson, Real Estate Manager for the City of Fredericton at 506-460-2036.

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