HomeMy WebLinkAboutCAO-05-039 - Huron Business Park Inventory Update
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KcTCHENER
Chief Administrator's
Office
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Report To:
Date of Meeting:
Submitted By:
Prepared By:
Ward(s) Involved:
Date of Report:
Report No.:
Subject:
Finance and Corporate Services Committee
October 31 , 2005
Rod Regier
Kathy Weiss
Ward 4
October 25, 2005
CAO 05-039
HURON BUSINESS PARK INVENTORY UPDATE
RECOMMENDATION:
That Council accept for information purposes only an update on the Huron Business Park Land
inventory and an update on assessment values.
BACKGROUND:
The Huron Business Park represents the largest concentration of manufacturing and industrial
companies in the City of Kitchener. In addition to its manufacturing base, the Park is also home
to an assorted mix of other businesses including companies involved in construction, wholesale
trade and business services. Encompassing over 1,600 acres of total land with 390 acres
developed by the City, the Park provides an attractive location for local businesses wanting to
expand and diversify their operations.
Research and data from the 2003 Huron Business Park Economic Impact Analysis Report
suggests that the roughly 200 total businesses in the Park account for approximately 8,000
employees with approximately $125 million dollars in assessment generated annually.
REPORT:
At the September 19th FSC Committee meeting, council asked staff to prepare an update on the
inventory of industrial land available in the Huron Business Park. The following is a synopsis of
the current situation that includes assessment and construction values:
Although the 2003 HBP impact analysis report included land sales up to 2002, there have been
3 acres sold to-date leaving a remainder of 34.5 acres (see next page) left in the Park.
Readilv available land
Lot size 10 acres
Location: Corner of Bleams and Strasburg Roads
Owner: Private Sector
Zoning: B-3 Business Park Service Centre
Asking Price: $190,000 acre (recently reduced from $200,000 which had been the
asking price since the inception of the Park.). While the City was selling
lots for $70,000 to $85,000/acre, these lands were perceived as
overpriced, therefore remained unsold. Due to the increase in land
prices across the Region, these lands are now priced competitively for a
commercial zoned use.
Total Readily Available land: 10 Acres
Potential saleable land
Lot size: 12.5 acres
Location: Lot 164 - Strasburg and Huron Roads
Owner: City of Kitchener
Asking Price: Pending decision on CMF to determine marketability
Lot size: 22 acres
Location: Former Maple Leaf Site - Strasburg and Huron Roads
Owner: City of Kitchener
Asking Price: Pending decision on CMF to determine marketability
Total Potential saleable land: 34.5 acres
Assessment:
Increased to $185 million in 2004 from $125 million in 2002.
Construction Values (from 1985 to 2004):
Parcels with Building Permits:
Minimum Value:
Maximum Value:
Total Value:
Mean Value:
144
$ 500.00
$ 10,000,500.00
$115,835,407.00
$ 804,412.00
FINANCIAL IMPLICATIONS:
Potential land sales revenue:
34.5 acres x $125,000 = $4,312,500
COMMUNICATIONS:
N/A
Kathy Weiss
Manager Business Development
Rod Regier
Executive Director