By Cecilia Nasmith/Today’s Northumberland
Cobourg council’s review of the 2023 Northam Industrial Park budget at this week’s committee-of-the-whole meeting brought news of a significant anniversary.
Director of Finance Ian Davey said that March 4 marks the 20th anniversary of the town purchasing the former Army supply depot installation now known as Northam Industrial Park. The purchase was 100% financed, so there was no impact to the taxpayers.
Each year, much of the revenue is invested back into the compound – about $17-million over the years – and each year, some of the revenue comes back to the town. The balance in that particular account has risen from $669,000 on opening day 20 years ago to about $7.5-million.
The 2023 budget of $5.1-million is fully financed or funded through existing revenues in the park.
While maintenance activities have focused on the buildings, they are now looking at the internal roads that service the facility. The reconstruction of the main one – West Street – is on the books.
“It has been a good-news story all the way around, and I think this budget is another good financial project for 2023 as well,” Davey stated.
“It was incredible foresight of the council of the day to make a very difficult decision to by the property at the time,” Mayor Lucas Cleveland said.
“Here we are 20 years later, seeing the ability of that council to see past the criticism and see what needed to happen.”
