Plans by the Town of Minto to sell a seldom-used gravel pit will free up over $600,000 for other uses, states a report from the town’s CAO.
At the Oct. 17 meeting, council approved the sale of a 9.85-hectare property on the 12th line containing a nearly-depleted pit to E. Dennison Contracting Ltd.
CAO Bill White told council the pit had only been used once in about the past five years. White explained by the time staff prepare for excavating material it is more cost effective to purchase gravel from one of the many suppliers in the area.
“Staff believes there is not much additional material remaining in the pit, and the purchaser has had his own consultant assess the supply that might remain.
There is some sand available and the value in the purchase may be to expand to abutting lands through the Aggregate Resources Act.
“If this is to occur the purchaser would be responsible for working through that process,” White reported.
In addition to receiving the purchase price of $250,000, White said the move will free up $368,000 held in reserve for future rehabilitation requirements, which would transfer to the purchaser.
“If sold the town could redirect the reserve and purchase price ($618,000) to other initiatives,” the report explains.
Council directed that the land be declared surplus to the town’s needs and that staff proceed to issue notice and obtain a valuation of the lands in compliance with the municipality’s disposition of property by-law.
In addition to receiving the purchase price of $250,000, White said the move will free up $368,000 held in reserve for future rehabilitation requirements, which would transfer to the purchaser.
“If sold the town could redirect the reserve and purchase price ($618,000) to other initiatives,” the report explains.
Council directed that the land be declared surplus to the town’s needs and that staff proceed to issue notice and obtain a valuation of the lands in compliance with the municipality’s disposition of property bylaw.
