The second and final phase of the sale Rapids Parkways lands (the Consortium lands) to Burlington-based Silvestri Investments has now been completed. The deal closed on Friday afternoon, according to an email from Sarnia's Clerk/Solicitor Brian Knott.
“The total amount being received by the City of Sarnia arising from the phase 1 and 2 closings, the retention of the deposit and the proposed sale to MTO amounts to $4,453,000,” wrote Knott.
He says subject to the payment of outstanding taxes and any previous costs, the amount remaining will be placed in reserves.
After a slowdown in the real estate market, the developers asked that the deal be broken into two parts; something City Council agreed to. The first phase of the deal closed two years ago.
“The actions of Council protected the interests of the taxpayer in renegotiating the original deal,” said Mayor Mike Bradley.