After losing hundreds of acres of farmland to the City of St. Thomas for its new industrial park, the Municipality of Central Elgin today (Friday) announced it has reached an historic compensation settlement.
The Yarmouth Yards industrial Park is the home of the PowerCo/Volkswagen EV battery plant.
Audio PlayerThat was Central Elgin Mayor Andrew Sloan.
Some of the wastewater treatment capacity will be used to support residential development on the site of the former St. Thomas Psychiatric Hospital.
Sloan outlines the long-term benefits of the deal.
Audio PlayerThe county of Elgin will likewise benefit from further expansion of the Central Elgin tax base.
Sloan calls it a solid first step on the path to prosperity.
He made the announcement alongside Elgin-Middlesex-London MPP Rob Flack and St. Thomas Mayor Joe Preston.
Audio PlayerFlack noted, “Our government is encouraged by this agreement and we will continue to support the economic growth we are experiencing throughout our region.”
Audio PlayerPreston added “we are now in a place so drastically different than where we were a year ago.”
Audio PlayerQuick Facts:
- The Municipality of Central Elgin will receive an immediate payment of $10 million, with an additional $5 million to be received on a 5-year payment schedule to begin in 2027
- The total value of the Municipality’s compensation is approximately $80 million
- The Municipality will gain access to 6,000 cubic metres per day of wastewater treatment capacity that will support the development of industrial and residential land within Central Elgin
- The Municipality will also receive 1,700 cubic metres per day of wastewater treatment capacity to support the redevelopment of the former St. Thomas Psychiatric Hospital property for residential use, which will result in further growth of Central Elgin’s tax base
- Elgin County will benefit from further expansion of the Central Elgin tax base and provide valued support in attracting investment to the serviced lands
