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The City of St. Catharines wants to hear from residents on the establishment of a Municipal Development Corporation (MDC). This initiative aims to harness surplus real estate assets for community benefit and support the City's housing development goals.
Proposed as a strategic initiative under the City's successful application for funding from the Canada Mortgage and Housing Corporation's Housing Accelerator Fund, the MDC seeks to unlock additional value from the City's surplus real estate assets. With a $25.7-million grant awarded in January 2024, the City remains dedicated to implementing initiatives to increase the housing supply in St. Catharines.
The MDC would be a separate corporation fully owned by the City of St. Catharines. It would have the ability to collaborate with the private sector to maximize the value of the City's property assets and enhance marketability and demand. The MDC's mandate would focus on community renewal efforts through strategic land marketing, enhancement of surplus land assets, and strategic acquisitions for redevelopment.
The strategic mandate of the MDC would differentiate its roles from the typical responsibilities of the City, mitigating potential conflicts and ensuring transparency and accountability. This approach aligns with best practices in municipal governance, promoting collaboration, efficiency, and democratic decision-making.
Residents are invited to participate in a public information session to learn more about the MDC's mandate, the City's goals, ask questions, and share their thoughts. Details are as follows:
Date: Monday, May 6, 2024
Time: 3 p.m. to 6 p.m.
Location: City Hall, 50 Church Street, 3rd Floor, Atrium Room
Municipal Development Corporation Liaison, Economic Development
50 Church Street, P.O. Box 3012
St. Catharines, ON L7R 7C2
For more information and to submit questions or comments online, please visit engagestc.ca/MDC.
Photo credit: Bill Augerman
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