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City partnering with Terracon on developing St. B land

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Winnipeg plans to work with a local developer to turn vacant industrial land in St. Boniface into a new business park.

Next week, council's property and development committee will consider a plan to let Terracon Development Ltd acquire half an interest in the 237-acre city-owned industrial lands in St. Boniface. Terracon would develop and market the land for future industrial - and possibly residential - development.

An administrative report said full development is expected to generate $34 million in municipal tax revenues.

Terracon has agreed to acquire the interest in the land for $989,850 plus taxes. In the first year, officials expect Terracon would spend $4.8 million to develop one quarter of the lands. The city would contribute $959,850 towards its share of the joint venture.

 

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