TERRACE BAY – The Mayor and Council of the Township of Terrace Bay have decided to temporarily halt the Waterfront Development Study due to unexpected circumstances. The Township would like to take more time to update the Municipalities Official Plan prior to the finalization of the study as recommended by the Ministry of Municipal Affairs which they believe is in the best interest of planning. Additionally, the extended process of the land sales by Terrace Bay Pulp Inc. under the CCAA proceedings, have had a significant impact on the status of waterfront property in the Community.
Carmelo Notarbartolo, the CAO and Clerk of the Township states, “These issues are important and must be taken into consideration when completing our Waterfront Development Study so the finished product can most accurately reflect the current state of the Township”.
“We have discussed the situation with our government partners and they agree that this is the most prudent course of action. We are still optimistic that the recently extended sales process of nearly 4,500 acres of property in Terrace Bay will result in a positive outcome. Terrace Bay is seeing incredible growth and has real opportunities that we will work with developers to realize.”