MINTO – Council here has agreed to defer development charges for a developer planning to create a large business complex in the Palmerston Industrial Park.
In February, council approved the sale of a three-acre parcel at 200 Minto Road to Milton-based Kridak Developments Inc. with a request for right of first refusal on an adjacent three-acre parcel.
The sale of the original parcel was scheduled to close at the end of July. However, at the Sept. 1 council meeting economic development manager Belinda Wick-Graham explained the company is now set to exercise the option to purchase the second three-acre parcel and is requesting the closing dates be combined.
Wick Graham said town staff have no objection to the change.
“It’s cleaner, makes more sense and saves some money all around,” she noted.
She said the company also requested development charges, normally paid when a building permit is issued, be deferred until the first unit in the facility is occupied.
“It gives them some flexibility for cash flow at the start of their project, which is really important, especially with the size and scale and scope of this project,” Wick-Graham stated.
GTA-based Kridak Development’s primary business is construction and sale of new homes and condominiums. A sister company, Kridak Consulting, is in the software consulting business with clients across Canada and the U.S.
The first phase of the build will be a 21,000 square foot warehouse, of which Kridak developments intends to occupy 5,000 square feet, while renting out or selling (through a condominium arrangement) the remainder to other businesses.
Development charges on the initial building are projected at around $83,000.
A staff report states the plan to build out the business park will be based on market demand, but the overall size of building developments could be in the range of 100,000 to 150,000 square feet.
“This is a very interesting model and something new for Minto that has the potential to add many new business and employment opportunities,” the report notes.
“This project is a really good project because it’s going to have a lot of opportunities for businesses to go into those units,” commented Mayor George Bridge.
A motion to defer the development charges and combine the closing dates on the two properties was approved by council unopposed.