By Cecilia Nasmith/Today’s Northumberland
Council got a sneak preview of a major development in downtown Cobourg at Wednesday’s special meeting.
Four residential units will be added at the 10-14 King St. W. block, and the business before council was the cash-in-lieu-of-parking aspect. Using the official formula, this was calculated at $16,647 – with the additional agreement to purchase parking passes for tenants within this property to park at the Covert Street municipal lot.
Director of Planning and Development Cristal Laanstra was questioned on the purpose of the cash-in-lieu payment when parking passes are also charged for.
There’s a simple difference, Laanstra said. Revenues from parking passes pay for the maintenance and upkeep of existing parking lots, such as snow clearing and repairs. Revenues from the cash-in-lieu payments go toward future parking needs – such as purchasing additional land for more spaces, she said, or possibly the future construction of a parking garage.
The developer is Rino Ferreri, the clothier who moved out of Northumberland Mall into a downtown location, into property he purchased in 2005.
Deputy Mayor Nicole Beatty extended thanks to Ferreri for investing in the downtown and supporting a heritage asset, while also addressing the housing shortage.
Ferreri described the work he had done on the property – gutting and renovating the ground-floor retail interiors, refurbishing existing windows, putting on a new roof – all while protecting its historical value.
These buildings are 175 years old, he continued. In doing this work, he has been aware that he is the property’s custodian, with a responsibility to pass it along to whomever their next owner might be in the best condition possible.
Ferreri did ask about the potential to negotiate some of the development-associated costs. While he is welcome to discuss these matters with staff, Councillor Brian Darling did put forth an amendment to the motion (to enter into a cash-in-lieu-of-parking agreement with the developer) that the $16,647 not be due until the first occupancy permit is issued on the four residential units.
