As debate over the potential locations for a new event centre heats up, the City of Thunder Bay may find itself with some prime downtown north core property on its hands.
Council approved a list Monday that shows 122 properties owing more than $1.7 million in taxes. If the taxes aren’t paid in full within a year, or if the owners don’t enter into an extension agreement with the city, those properties will go up for sale in June 2013.
Among the properties listed are the Shoreline Hotel, located at 61 Cumberland Street North, which shows $92,998 in taxes owed, while the former Lyceum Theatre at 22 Cumberland Street North owes $57,430. Both are located in the heart of the north core, the former adjacent to a proposed downtown events centre location.
Also on the list is the former Northern Hardwood mill on Maureen Street, which owes the city more than $140,000, money its new owner will have to fork over or face a possible tax sale. The owners of the property at 1185 Roland Street, the home of Superior Trailers Limited, owes the city a whopping $270,291.
Minimum bids for the properties in a public auction or tender would start at the taxes owed plus any costs associated with the registration process.
The city can bid if there is a municipal interest to do so.
The process can also be aborted if it’s not in the best financial interest of the city, based on the opinion of city treasurer Carol Busch.
“A majority of them are sold,” Busch said, adding that she could not speak about specific properties. “If they are not sold then they could be vested in the name of the municipality.”
Busch said most properties wouldn’t see the public sale because owners would pay the outstanding taxes or make extension agreements.
“Of this list we might see a couple of dozen at most that would be on the list for potential sale,” she said.
Below is a list of other properties owing more than $50,000 in taxes. The information is from the List of Properties to be Registered for 2009 Tax Arrears Under the Municipal Act, 2001:
- 1185 Roland Street $270,291
- 569 Maureen Street $143,740
- 61 Cumberland Street North $92,998
- 337 Syndicate Avenue South $83,488
- 320 Thompson Road $70,566
- 845 May Street North $58,642
- 22 Cumberland Street North $57,430
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1090 Lithium Drive $54,280
