The cost of buying land in two of Quinte West’s industrial parks is going up.
The Economic Development and Tourism Advisory Committee decided on Wednesday to increase the cost of buying land in both the North Murray and Carrying Place industrial parks to $45,000 per acre, plus HST.
The increase is being linked to rising costs to service that land, including for infrastructure design work, along with road, water and sewer extensions.
The $45,000 per acre price tag is in line with other comparable municipalities such as Cobourg and Cornwall ($30,000 per acre), or Belleville ($40,000) per acre, which led some committee members to feel the increase might deter some businesses from buying and moving in.
But Councillor Al DeWitt noted that certain changes could be made, depending on the situation.
Any company who had already received a quote in North Murray at the old price of $35,000 per acre won’t have to pay the increase and the price for land in the Frankford Industrial Park will stay at that rate as well.
The decision still has to be approved by Quinte West City Council.
