The Town of Marystown approved the sale of five lots in its marine industrial park.
Coun. Andy Edwards, chair of the town’s finance committee, brought forth the recommendations during a recent council meeting held Tuesday, March 12.
Among the businesses planning to set up shop in the industrial park is Wally Drakes Trucking, who purchased Lot 1, valued at $136,852. Approval was also given to Aqua Sol Enterprise Ltd., to purchase Lot 6 valued at $159,776, Brenton Equipment Ltd. for the purchase of Lot 12 ($145,599), and Lot 14 to Harbour Grace Ocean Enterprises ($97,714). Approval was also given for the sale of an additional lot to Aqua Sol Enterprise Ltd. for Lot 16 ($145,309).
“There is a 30 per cent reduction in the market value of the lot which is included with the attached market value appraisal for each lot,” said Edwards. “(A) 25 per cent down payment on the signing of the offer to purchase, the remaining balance to be paid over a five-year period by way of a purchase and sale agreement.”
He added the business tax rate will be set at 12.5 mills. Each purchaser must submit a development plan and business plan to the town.
“The development plan will outline how the property will be developed and the time lines. The business plan will outline the economic to the town. Both plans will have to be accepted by council before an offer is accepted,” said Edwards.
Mayor Sam Synard said that the potential sale of the lots will help set the town up to be a key player in the aquaculture industry.
“We are poised to become really the centre for aquaculture in Newfoundland and Labrador, which is wonderful,” he said. “Something that we never would of thought about five years ago.”