The City of Cranbrook will be making significant developments to the former Tembec Lands in 2020, to the cost of $5.68 million, as they continue with their vision for the 99-acres of industrial zoned lands.
Acquiring the Tembec property in 2018 for $3.07 million, the City of Cranbrook undertook $529,000 worth of studies in 2019. Those studies included $200,000 for engineering & geotechnical, $244,000 for an environmental study, and an $85,000 property analysis which are all expected to be completed by early 2020. The City of Cranbrook now has plans for remediation of the land and the installation of utilities this upcoming year, all of which will cost an estimated $5.68 million. If the projects remain on budget, the total investment into the industrial lands will be just shy of $9.28 million by the end of 2020, although the City of Cranbrook notes that the investment to date is covered by the municipality’s accumulated surpluses and reserves. The municipality is also looking at obtaining federal and provincial infrastructure grants to support funding of the projects.
Here’s the full breakdown of the costs associated with the Cranbrook Industrial Lands, including the 2020 budgeted development projects:
|2018||Land Purchase||– Land Acquisition Costs||$3,069,862||$3,069,862|
|2019||Studies||– Engineering & Geotechnical
– Property Analysis
|2020||Land Development||– Remediation
– Deep Utilities
– Shallow Utilities and Road
– Fibre Conduit
– Marketing Costs
“Over the past few years we have had a number of enquiries regarding availability of investment-ready industrial land,” said Lee Pratt, Mayor of the City of Cranbrook. “This will fill that void we have had and make this area attractive to new industries and the relocation and expansion of existing businesses.”
The City of Cranbrook said that the goal of acquiring the Tembec property was to attract diverse industries that would add value to the community in terms of employment opportunities and enhancing Cranbrook’s economic base. According to the City, staff continue to work on the overall concept and strategy of the former Tembec Lands with a focus to market the land to investors, developers, and businesses.
“Our vision is to provide a sustainable development that will foster new and innovative investments in our community. We’re exploring ideas in sustainability, design and economic modelling to create a long-term strategy for economic development,” said Darren Brewer, Business Development Officer for the City of Cranbrook. “We hope to pilot new ideas and strategies to build our competitive advantage and grow our economy.”
Anticipating the successful development of the lands, the City of Cranbrook expects new revenue through leases or sales, property tax, the creation of jobs, and other economic impacts.
“We want to achieve a new standard for development in the Kootenays, providing new and innovative opportunities for economic growth for our citizens, while creating the blueprint for an ecologically-friendly industrial culture,” added Brewer.
C & C Wood Products and Caliper are currently utilizing the former Tembec Lands, as the City of Cranbrook pushes for more investment in 2020 and beyond.
“Once this development is completed and fully occupied, it will be a large complement to the existing business community of Cranbrook,” said Mayor Pratt. “Over time this will be a huge economic driver for the City and adding to the services we provide to the surrounding area.”