TERRACE BAY - Since the development of the Terrace Heights Subdivision, Lot 256 on Eastgrove Cres, Terrace Bay has been in the ownership of the township.
Although surplus lots were sold by a local realtor, Lot 256 Eastgrove Cres. has had no success in selling.
The township has had unsolicited offers; however, the lot remained vacant.
“Recently council approved the realtor a sale of 12 lot in Terrace Bay at a national price of $15,000. Prior to this moving on we already entered into discussions with an individual for the sale of 256 on Eastgrove Cres. and tonight, council approves that sale for $12,000,” said Mayor Jody Davis in his talk with CNFO.
On March 20, the council revived a letter from resident B McKay offering $12,000 for the lot, of which the council directed the administration to bring the offer to the by-law clerk.
B McKay’s letter reads, “I have done a considerable amount of research and have spoken to experts regarding building a custom home on a vacant lot and have contacted a professional company ready to build our home once a lot is purchased by myself and the necessary permits are acquired. I am offering $12,000.00 for lot #256. I realize that this may be considered a low offer to the township. But I will be taking a substantial risk investing in a vacant lot to build a home that will expend significant resources of mine.”
The letter also acknowledges that “a house has not been built in Terrace Bay for 30 years and realizes that there is a housing crisis in our town. I want to retire here with my family and keep Terrace Bay as my home.”
Two options were put forth to the council, one being sale the lot to McKay at her asking prices or deny the sale and seek an alternative.
Considering that there was no movement in this lot for a substantial amount of time, it was recommended that the council take the offer.
Davis says the town is also looking at investing in two more properties, One on Elizabeth Avenue and the other in Terrace Heights, and he is hoping the sale of these properties will take place shortly.
Both of these properties will be up for tax sales.
He adds it would be great to sell other properties to stimulate the development of more houses.
