Please find below the media release issued by the town of Midland regarding a memorandum of agreement entered into with Mountain Ridge Estates Ltd regarding the development of Midland Bay Landing.
On its face, this agreement can be characterized as both innovative yet complex given that certain rights and obligations will be satisfied over time. The key benefit for the town appears to be removing our financial burden with respect to the purchase and carrying cost of the former Unimin property, the cost to remediate the soiled lands, and the cost to develop the public elements of the plan, demanded in the consult process by the community. The benefit for the developer is also on the financial side. The developer has acquired a “jewel on the water” at great value and the town has waived significant development fees. Now we can only hope that the “courtship” evolves into a marriage that exceeds the expectation of both parties, with the real benefactor being the people of Midland.
As we learn more about the details we’ll be sure to pass along same.