Mayor Keith Hobbs says the city should take a serious look at two waterfront properties owned by Buchanan Forest Products.
The bankruptcy of Great West Timber and receivership at Northern Wood Preservers has some wondering what will become of the two sites that sit on large portions of the City's waterfront. Hobbs said he'd personally like to take a look at the potential of the city purchasing the land and says its something he has spoken to the City Manager Tim Commisso about.
"There are possibilities but I really think the city should be looking at that property," said Hobbs.
But Hobbs said a lot would depend on the price tag. Hobbs said the financial woes of Buchanan Forest Products is obviously bad news for the community but added Thunder Bay must move forward and explore all options.
Buchanan Forest Products announced last week that two of its mills were in receivership and another two were bankrupt. More than $10 million is owed to hundreds of workers in severance pay. Another $17.6 million is owed to General Electric Canada Equipment Financing.
