Why is the land being conveyed for nominal consideration?

The Town has the authority under Section 107 of the Municipal Act to dispose of land below market value if it serves the public interest. In this case, conveying the land for nominal consideration aligns with the Town’s Downtown Master Plan objectives and supports significant public benefits, including affordable housing, community services and amenities, and long-term economic development.

The lands are proposed to be transferred to two entities: first, a municipal government; and second, a non-profit housing provider with long-term public-interest mandates. Formal legal agreements will be established to ensure that the public interest is protected over the long term.