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.
Effective March 12, 2015
The Town of Midland Selects the Developer for the Midland Bay Landing Development
Last evening, Council authorized the Mayor and Clerk to enter into a Memorandum of Agreement with Mountain Ridge Estates Development Inc. (being an affiliate of Consar Building Corporation) for the development of the Midland Bay Landing Development on the shores of beautiful Midland Bay.
The lands are immediately adjacent to the downtown core of the Town and its public harbour and adjacent to existing residential neighbourhoods. The parcel has a water frontage of over 1,100 metres (3,600 feet) and an area of 16.24 hectares.
In 2012, the citizens of Midland together with Town launched an exercise to define the future of our waterfront. Over the course of 7 months, citizens were extensively engaged in public meetings, design charrettes, community workshops and on-line surveys. That discussion created a vision that was captured in the Waterfront Master Plan. In June 2013, the former Midland Council adopted the Waterfront Master Plan.
The residents of the community made Council fully aware of the importance of this site to the Town and to the future of Midland. In response, the Town of Midland acquired the site on July 15, 2014 for $3.4 million. Since that time, the Town has been looking for a private sector partner to implement the vision presented in the Master Plan and create a vibrant, active waterfront district on the shores of Georgian Bay in the heart of the Town.
The Town has now found that developer. Mountain Ridge Estates has been fully briefed on the plan and is committed to bringing the public vision for the waterfront into reality. Additionally, Mountain Ridge Estates will continue to work with the Town and citizens to ensure effective input through the detailed design phase and development process.
The implementation of the community’s vision for Midland’s Waterfront is now one huge step closer to becoming reality.
The Memorandum of Agreement with Mountain Ridge Estates Development Inc. provides that the developer will implement the citizen’s vision of the waterfront. In addition, they will remediate the lands at their cost (estimated at $600,000); they will re-pay the Town of Midland for the initial purchase of the lands being $3.4 million and they will construct all the Public Elements on the property for the Town, a value of no less than $11.6 million. The Public Elements will include the Waterfront Promenade (including the boardwalk and shoreline improvements), the docking facilities, the public park areas, the Amphitheatre and central water feature. The public lands, approximately 25% of the site, and all Public Elements will be owned by the municipality.
In return, the Town of Midland will sell the developer the private portions of the land and waive the Development Charges and Permit Fees for the private elements. The private elements will include the residential, commercial and institutional uses.
The Town is aware that all development projects entail risk. The Memorandum of Agreement includes significant measures to ensure that the Town of Midland is protected both legally and financially throughout the development of the site and that proper securities are in place.
“I am profoundly pleased that Council, staff and the public have brought us to this good decision. Over the next decade we will all build the new future of Midland. I am confident in the abilities of our developer, Mountain Ridge Estates. We will deliver on the people’s dream. ” said Gord McKay, Mayor of Midland.
“We are extremely excited about the future of Midland’s waterfront lands.” says Mike Parker, V.P. of Sales for Mountain Ridge Estates. “We are honoured to have been given the opportunity to shape, and now implement the Town of Midland’s vision.”
The public and the media are invited to the Official Signing of the Memorandum of Agreement between Mountain Ridge Estates Development Inc. and the Town of Midland on Friday, March 20, 2015 at 11:00 a.m. at the Municipal Office.
For further information please contact Carolyn Tripp at 705-526-4275 x2201.