City buys back industrial land

Chatham-Kent council has approved buying back two Bloomfield Business Park properties the municipality sold in 2021.

The decision follows a recommendation from Economic Development Services to reject a request for a six-month extension from Flodo Enterprises and Myriad Technologies to begin construction.

The move allows Chatham-Kent to repurchase the 3.95 acres from Flodo for $197,000 and 3.89 acres from Myriad for $194,500.

According to an EDS report, the original sale stipulated that construction had to commence within one year of the sale.

As of Feb. 1, no work had been done at either site.

The buy back means the municipality can resell the properties for $89,000 an acre, rather than $50,000 an acre which was the purchase price in 2021.

Pam Wright, Local Journalism Initiative Reporter, The Chatham Voice