Brantford City Council approved the Agreement of Purchase and Sale between the City of Brantford and Vicano Developments Ltd. of the City administrative property located at 84 Market Street for the sum of $3,050,000.
The building was previously occupied by the City’s Information Technology department prior to their relocation to the new City Hall. The new City Hall now houses staff who previously occupied six decentralized corporate administrative facilities including 100 Wellington Square, 84 Market St., 1 Market Square, 180 Greenwich St., 1-3 Sherwood Drive, and 399 Wayne Gretzky Parkway.
The funds from the sale are on top of the most recent update to the City’s Accommodation Strategy that forecasts a savings of $21.57 million in the City’s 10-year Capital Plan and $1.12 million in annual operating budget savings. The update to the Accommodation Strategy also reflects new business models that have come into effect since the onset of the COVID-19 pandemic.
As per a Council approved amendment, funds from the sale of 84 Market St. will be directed to the City’s Affordable Housing Reserve and used to implement the Mayors’ Housing Task Force Action Plan. The Plan assumes a total of $55 million will be shared by the City and County based on share of population (72.5% City and 27.5% County). The plan further details the City’s contribution of $39,875,000 come from the following sources:
- Sale of Municipal Asset (282 Stanley St.) – $14 million
- Future tax revenues generated from redevelopment of sale of municipal asset (282 Stanley St.) – $10 million
- Sale of administrative properties – $7 million (to be offset by sale of 84 Market and other administrative properties)
- Reinvestment of housing provider mortgage subsidies on maturity – $8.875 million
Additional properties to support the Housing Action Plan are currently being considered by the City’s Real Estate staff and the Housing Action Plan Working Group.