Minto council has approved a sale of commercial land for the construction of a Tim Hortons restaurant here.
At the Dec. 17 meeting, council authorized the sale of two one-acre lots at the corner of Highway 123 and Minto Road to a numbered Ontario company for the development. The land is located at the entrance to the Palmerston Industrial Park.
The agreement provides for the purchase of the lots from the municipality for $30,000.
“A price of $15,000 per acre is acceptable in this situation given the minimum distance separation requirements of the lots reduce the site’s buildable area,” stated CAO Bill White in a report to council.
The report indicates development covenants require the building be at least 27,000 square feet and substantial completion 24 months from the close of the transaction.
However, notes White, “based on discussion with the developer, construction is expected in 2014 with completion the same year.”
Drawings provided to the town indicate the development will include a 42-seat restaurant with a drive-thru.
The announcement marks the fifth of five industrial/commercial land sales which the town revealed last spring were pending in the municipality.
Previously announced industrial/commercial developments include:
– a cutting-edge energy storage facility in Harriston by Mississauga-based NRStor;
– sale of just under one acre of Highway Commercial property in the Palmerston Industrial Park for $22,380 to Tim and Michelle Thalen for yet to be announced commercial/industrial purposes;
– sale of a one-acre parcel in the Harriston Industrial Park to J.W. Bauman Ltd. (Countryside Concrete) for $10,000; and
– sale of a one-acre parcel in the Palmerston Industrial Park to a numbered Ontario company for $15,000 to be used for automotive repair and a related office, warehouse and outside self-storage locker rental.
