By Cecilia Nasmith
Reports made to Cobourg council on Northam Industrial Park inevitably inspired at least one councillor to declare it a good-news story.
That was still the case Monday at the committee-of-the-whole meeting, when Treasurer Ian Davey presented its 2022 operating and capital budget, which projects almost $3.5-million in revenue.
That is against a projected $2.9-million in capital spending, “which, on the surface of it, seems high compared to prior years,” Davey said.
When the town purchased the acreage 19 years ago, annual spending was anticipated to be more in the $1-million range. As a result, some investment now needs to be made – particularly the $1.7-million item he pointed out to complete work on the West Street infrastructure program.
Despite its name, he continued, West Street is a major north-south roadway that runs through the park between Boggs Road and Kerr Street. The work has been not only on the roadway, but also the ancillary servicing (such as improvements to the storm-water management system and parking surfaces).
In addition to the budgeted amount set aside, the town can draw on the $2.5-million capital reserve that has built up over the years for this work.
“We are in a good position in the park to complete this work without incurring any debt or deficit as far as the 2022 year goes,” Davey predicted.
Councillor Brian Darling made the good-news-story declaration.
“It was a great move by the town years ago,” he said of the purchase.
“Everybody realizes that, if things are looked after and you spend the money as you go along, you will end up with a product like this where, hopefully, we can keep our tenants for years to come.”
