Build Wasaga: Investing in the Future of Wasaga Beach
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The Town of Wasaga Beach wants to hear from residents about plans to establish a Municipal Service Corporation (MSC) – Build Wasaga
What: The mandate of Build Wasaga will be to maximize value at the beachfront. This includes both financial value (return on investment to the taxpayer) and enhancing place-making quality which in turn will add value to surrounding lands and the broader community.
Why: The Town of Wasaga Beach has been pursuing a premier hotel on its main beachfront for many decades. Securing a hotel requires a significant amount of capital upfront, there is a stabilization period following opening and the return on investment is recovered over time. The award-winning Sunray Hotel Group has signed a letter of intent with the Town and intends to build a premium branded hotel in Phase 1 as its first hotel building. The sale of the lands for the first hotel building will be structured as a standard Agreement of Purchase and Sale. Concerning additional lands and hotel buildings, there is an opportunity for the Town to enter into a joint venture partnership with Sunray.
Furthermore, the Town of Wasaga Beach frequently finds itself with real estate assets that are surplus to the needs of the public interest. The majority of the lands in question are small-scale properties typically within road rights-of-way. Following an extensive audit of municipal landholdings, the Town has identified a series of land parcels that will follow the land disposition policies of the Town and be sold. By putting these properties on the open market, the municipality does its best to secure fair market value for the lands at minimal risk to taxpayers. For the majority of these surplus landholdings the conventional disposition model remains most appropriate.
Build Wasaga will enable the Town to consider alternatives beyond the conventional disposition model that will add value to strategic sites and maximize return on investment for municipal real estate holdings beyond just the beachfront.
MSC’s are not a new idea – they are common among Ontario municipalities.
The MSC would be a separate corporation fully owned by the Town of Wasaga Beach, and Council will sit on the Board of Directors of the Corporation, as is standard practice among Ontario municipalities.
Written comments and feedback can also be dropped off to CAO Andrew McNeill at: Municipal Offices 120 Glenwood Dr. Wasaga Beach, ON L9Z 2K5
Comments will be received until Sunday, February 9, 2025.
The Town of Wasaga Beach wants to hear from residents about plans to establish a Municipal Service Corporation (MSC) – Build Wasaga
What: The mandate of Build Wasaga will be to maximize value at the beachfront. This includes both financial value (return on investment to the taxpayer) and enhancing place-making quality which in turn will add value to surrounding lands and the broader community.
Why: The Town of Wasaga Beach has been pursuing a premier hotel on its main beachfront for many decades. Securing a hotel requires a significant amount of capital upfront, there is a stabilization period following opening and the return on investment is recovered over time. The award-winning Sunray Hotel Group has signed a letter of intent with the Town and intends to build a premium branded hotel in Phase 1 as its first hotel building. The sale of the lands for the first hotel building will be structured as a standard Agreement of Purchase and Sale. Concerning additional lands and hotel buildings, there is an opportunity for the Town to enter into a joint venture partnership with Sunray.
Furthermore, the Town of Wasaga Beach frequently finds itself with real estate assets that are surplus to the needs of the public interest. The majority of the lands in question are small-scale properties typically within road rights-of-way. Following an extensive audit of municipal landholdings, the Town has identified a series of land parcels that will follow the land disposition policies of the Town and be sold. By putting these properties on the open market, the municipality does its best to secure fair market value for the lands at minimal risk to taxpayers. For the majority of these surplus landholdings the conventional disposition model remains most appropriate.
Build Wasaga will enable the Town to consider alternatives beyond the conventional disposition model that will add value to strategic sites and maximize return on investment for municipal real estate holdings beyond just the beachfront.
MSC’s are not a new idea – they are common among Ontario municipalities.
The MSC would be a separate corporation fully owned by the Town of Wasaga Beach, and Council will sit on the Board of Directors of the Corporation, as is standard practice among Ontario municipalities.
