Developing Pool 6 site could generate over $15 million in new taxes
A new report suggests the City of Thunder Bay would gain millions of dollars in annual tax revenue if it developed the vacant parts of the Pool Six property to their full potential.
The Thunder Bay Community Economic Development Commission on Tuesday released its summary report from a best-use study of the Pool Six area and tugboat basin.
Among the options it envisions are two to five apartment or condominium buildings, one or two hotels, a conference centre, a Nordic spa and commercial space.
The study, conducted with the assistance of Bain Smith Consulting and Brook McIlroy, concluded that “with the right approach, the Pool Six property has the potential to generate up to $15.4 million annually in tax revenue…contributing to long-term economic sustainability.”
The CEDC identified some key recommendations for consideration by city planners:
- mixed-use spaces combining residential, commercial and public amenities
- enhancing tourism assets
- investing in essential infrastructure for long-term economic benefits
- balancing growth with environmental responsibility
Jamie Taylor, CEO of the economic development commission, said the Pool Six area is the city’s last waterfront parcel to be developed, and has the potential to have a significant impact on the city’s economic health.
“Waterfront properties represent a unique and valuable asset for Thunder Bay’s future. Our goal is to help foster sustainable growth by expanding the city’s tax base, creating new business and employment opportunities, and leveraging our existing infrastructure.”
Taylor elaborated on the recommendation for mixed-use development at Pool Six, saying “there’s room for further accommodation development down at the waterfront. That could also include the development of a Nordic spa that would be included as part of a hotel development. As well, a conference centre should be explored further for feasibility, because it would help address the gap that’s currently in the market…It could be a convention centre, attached to a hotel or standalone.”
The authors of the study proposed allotting about 37 per cent of the total available space at Pool Six for development, 18 per cent for infrastructure, between one and five per cent for the cruise ship service area, and roughly 40 per cent for public space.
“That was a consideration, to ensure the public could still continue to enjoy that space,” Taylor said. “We did allow for the perimeter to be protected if there was future trail development, to ensure there was a balanced approached.”
City staff will use the report to help update their Phase 2 Waterfront Master Plan.
“The study highlights the incredible potential of the Pool Six lands to drive growth, attract investment and expand Thunder Bay’s vibrant waterfront” said Kerri Marshall, commissioner of growth for the city. – tbnewswatch.com
article website here
When you see either ‘could’ or ‘might’ or ‘possibly’ in a news article in which a consultant makes a prediction about money, the amount mentioned does not matter. Its meaningless. Its a guess. Educated guess or a dart thrown by a person wearing a blind at a board covered in random numbers.
The sole purpose of that $15 million figure is to get the City of Thunder Bay to hire the consultants to do the development work. That is all it is. No guarantees. It could also be zero. Zero would be a situation where the cost of maintaining the site is equal to the taxes produced. That ‘could’ happen as well.
If I buy a lottery ticket, I ‘could’ win a prize. Last Christmas, I bought $100 worth of numbers in the TBRHSC 50/50 draw. I( ‘could’ have won over $4 million. Someone did win. It was not me…but I ‘could’ have won.
I suspect that the $15 million number is on the high end of a wide range of possible outcomes if the Pool 6 site is developed.
Our high salaried residents of City Hall are stupid enough to believe that the $15 million is taxes just waiting to be collected.
Of course, in order for the development to take place and the consulting firms get all of those beautiful, unlimited taxpayer funded contracts, the federal and provincial governments are going to have to cough up at least 75% of the cost of development. The City of Thunder Bay does not pay 100% of any such project. Its not the Thunder Bay way.
PS – will Thunder Bay Transit run a shuttle bus service down there from the Water Street terminal? They might have to do that for the ‘mistake-on-the-lake’ currently being constructed down there. Is that question on the Thunder Bay Transit survey taking place right now?