Facing a November 2 deadline, the town and developer looking at the Midland Bay Landing site have extended the exclusivity period relating to their letter of intent signed this spring.
During the extension period that now runs until next January 27, the town and Midland Bay Landing Development Corp. (MBLDC) will manage the completion of documents required for signing an agreement of purchase and sale of phase one of the waterfront property to Georgian Communities along with an option agreement to purchase the phase two of the property when the conditions defined in the option have been met.
MBLDC board chair Bill Kernohan said the decision to extend the 120-day exclusivity period was mutually agreed upon by the three parties.
He went on to note that without the move neither the current nor the new council would have had the authority to transact business of this type (ie entering into an agreement of purchase and sale) at this time.
Under the extension, any public consultation would still begin after the purchase and sale agreement’s “execution.”
“The closing of the sale of phase 1 lands will occur after council approval of the rezoning and the site plan within the next two years, which will allow plenty of time for public input,” Kernohan said, noting he remains confident the plan will go ahead as presented.
“MBLDC is confident that agreements will be signed by the town and Georgian unless any big surprises arise during the public consultation or planning approvals process that change the MBL project significantly,” he said.
But incoming Mayor Bill Gordon said this in no way precludes holding public meetings before any agreement is signed.
“My position remains that, with the support of our new council, we will hold public meetings before we agree to sell and move ahead with this process,” Gordon said. “That is the ‘pause’ that I and many others campaigned on and what many in the community have been asking for.”
Gordon said the extension gives the new council some breathing room since they’re getting sworn in November 16, after which they’ll immediately dive into deliberations for the 2023 budget.
The phase one plan currently involves building mostly housing (73 townhomes with rooftop patios) and a promenade along with shoreline remediation and creating public parking along the north side parallel to the promenade and a small parkette where the current parking lot is.
And Gordon notes that having public input after signing an agreement is nothing new.
“Public input was always a (mandatory) part of the site planning process, but the developer has expressed a desire to have more than what is required,” Gordon said.
He said the new council will have to decide if the current plan and the financial incentives for accepting it are compelling enough to leave it intact or reject the sale despite the above and revisit the plan entirely by “looking for changes that may result in losing the developer while a new vision for the property is formed.”
