Elliot Lake council purchases former Algo Mall property
The former Algo Mall property in Elliot Lake is being purchased by the City of Elliot Lake. Photo by Rosalind Russell
The City of Elliot Lake is acquiring the land the Algo Mall was located on, known as 151 Ontario Avenue.
At a special meeting this evening, City CAO, Daniel Gagnon said discussions had been held with the new property owner for the purchase of nearly 13 acres of land for $900,000 plus tax, but there is a twist.
Once the agreement is signed, the city will sever the property into two parcels, keeping 7.6 acres as the possible site for the new hub recreation center and selling the other 5.16 acres back to the proponent for $150,000.
Gagnon says the property owner would commit to developing the five acres into retail and residential builds.
With a recorded vote of four to three, the sales agreement will be drawn up and is to be signed by as early as next Wednesday.
The City will retain 7.6 acres for municipal purposes, making the net cost to taxpayers for the land it plans to use $750,000.