That, on the recommendation of the Deputy City Manager, Finance Supports, with concurrence of the Director, Economic Services and Supports, on the advice of the Director, Realty Services, with respect to the City of London’s Industrial Land Development Strategy, the following actions be taken with respect to the annual monitoring and pricing of City owned industrial lands:
a) the proposed by-law as appended to the staff report dated June 12, 2023 as Appendix "A", BE INTRODUCED at the Municipal Council meeting to be held on June 27, 2023 to amend By-law No. A.-6151-17, as amended, being “A by-law to establish policies for the sale and other disposition of land, hiring of employees, procurement of goods and services, public notice, accountability and transparency, and delegation of powers and duties, as required under Section 270(1) of the Municipal Act, 2001” by deleting Attachment “B” to Schedule “A” – Sale and other Disposition of Land Policy of the By-law and by replacing it with a new Attachment “B” to Schedule “A” to amend the current pricing for City owned serviced industrial land as follows:
The current pricing levels of all City owned industrial parks, established effective September 1, 2023, are as follows:
Innovation Park (Phases 1 to 4) and Huron Industrial Park (all phases):
- Lots up to 4.99 acres – price change from $175,000 per acre to $225,000 per acre
- 5.00 acres and up – price change from $165,000 per acre to $200,000 per acre
Pricing for serviced industrial land in Trafalgar Industrial Park:
- All lot sizes – price change from $165,000 per acre to $200,000 per acre
Pricing for serviced industrial land in Innovation Park Phase V
- All lot sizes – price change from $250,000 to $300,000.00 per acre
Surcharges are as follows:
Highway 401 Exposure – 15%
Veteran’s Memorial Parkway Exposure – 5%; and,
b) the staff report dated June 12, 2023 entitled “Industrial Land Development Strategy Annual Monitoring and Pricing Report – City-Owned Industrial Land”, BE RECEIVED.