The former reservoir on the south side of 8th Street East has been sold for development. The property was declared surplus in 2015, and after two public meetings, and a certified appraisal of $200,000 as land without the reservoir, it was listed for sale in April 2016.
The property was listed at $299,000.
The sale to 2243344 Ontario Inc. closed on November 7, 2017.
According to a staff report going to Council for information this Monday, "The purchase price for the property "as is" was $87,000.00 with the buyer bearing the costs to remove the reservoir tank."
The same report says the buyer's intention is to develop the property as a stacked townhome development.
