NLHC land divestiture plan draws to a close

Joan Marie Aylward, Minister responsible for Newfoundland and Labrador Housing Corporation (NLHC), signed a partnering agreement with Mayor Dave Denine of the City of Mount Pearl on November 8. The agreement formally transfers 144 acres of developed and undeveloped industrial land located in the west end of Donovan�s Industrial Park near Sagona, Dundee and Kyle Avenues and bounded by Pitts Memorial Drive and the Trans Canada Highway. Julie Bettney, MHA-Mount Pearl also attended the official signing.

"In the fall of 1998, NLHC implemented a new approach whereby it would fully divest of its land holdings and land development activities in the province," said Minister Aylward. "Since that time, the corporation has entered into land transfer agreements for residential, industrial and commercial property with 31 municipalities throughout the province. With the signing of this partnering agreement, NLHC will have divested of 99 per cent of its land assets."

The agreement will see the City of Mount Pearl and NLHC sharing in future land sales revenues on a 50/50 basis. The total current market value for the property under this agreement is approximately $2.83 million.

Commenting on the partnering agreement, Mayor Denine noted: "This is a wonderful opportunity for Mount Pearl. The city has already received $457,000 for property sold to date under this agreement, and the potential is there to generate another $960,000. We are thrilled with the endless range of opportunities this agreement provides for the business community. The agreement also puts Mount Pearl in a better position to promote and control our own economic opportunities for Donovan�s Industrial Park."

NLHC has been very cognizant of the province-wide implications of its land divestiture strategy,

and since the initial announcement, has disposed of these properties in an orderly and financially prudent fashion. This new approach has allowed NLHC to refocus its entire efforts on its primary mandate which is the provision of affordable, quality social housing throughout this province.

For further information, contact: Jenny Bowring, NLHC, (709) 724-3055.

2000 11 09 1:25 p.m.