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Woodstock Buys Back Land

Monday, 25 March 2019 07:08

City Council re-purchased just under 5 acres of industrial land from a local business.

WOODSTOCK - Woodstock City Council has bought back just under 5 acres of industrial land from GNI Management Inc.

The industrial land is on 201 Bysham Park Drive.

Mayor Trevor Birtch says the company originally bought the land to create a new building and expand their business.

"This parcel of land we had originally sold to GNI and it was to construct a new building that would meet the demands of a large increase they were anticipating with their business. With the change in provincial government and change in the Green Energy Act and the Circular Economy Act, this company unfortunately will no longer be able to expand, they will no longer be able to add those new jobs and services, so it is a downside to the cancellation of some of those initiatives. So, within all of our sale agreements for land there's a certain timeline for buildings to be constructed and with this one we're passed that timeline and they won't be expanding in the foreseeable future."

Mayor Birtch says they have bought the land back.

"The city re-purchased this land at $85,000 an acre and the total size is just under five acres, 4.9 acres."

He adds there a lot of parties interested in looking for service lands. 

Mayor Trevor Birtch says council will put it back on the market to attract a new buyer. 

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