By Pam Wright
Local Journalism Initiative Reporter
Nearly three years after the municipality sold three Bloomfield Business Park lots, Chatham-Kent may be buying them back.
That’s the recommendation coming from administration after three separate companies failed to start construction within the required time period as spelled out in the purchasing agreements with the municipality.
According to a staff report, “due to high interest rates and changing markets, the purchasers have failed to secure clients for their proposed warehousing facilities and have been unable to begin construction without secured leases in place.”
The business park parcels were sold in 2022.
If approved, Chatham-Kent will buy back two 2.5-acre lots for $225,000 each, as well as a three-acre lot for $267,000. What C-K will pay matches the original purchase price.
Also, since these purchases were approved, the municipality has increased the price of an acre of land in the Bloomfield Business Park from $89,000 to $250,000 per acre for interior parcels and $275,000 per acre for exterior parcels.
The matter was expected to be discussed at the Feb. 10 council meeting, however it was deferred to Feb. 24 following a request from South Kent Coun. Anthony Ceccacci. He said he had received some last-minute questions from a constituent and wanted time to review the matter.
