INNISFAIL – With underground servicing work completed in 2022 the town’s new Southwest Industrial Park will soon see more than a kilometre of new paved streets.
At town council’s regular meeting on Feb. 27 a construction contract worth $1,836,266.50 was awarded to Richardson Bros (Olds) Ltd; an Olds company that successfully outbid five others.
Including costs for engineering and testing, and 10 per cent for contingency, the total anticipated bill for the town has been set at $2,104,771.15.
The project for the 46.1-acre industrial park will be immediately funded from the Land Acquisition/Servicing Reserve.
The new Southwest Industrial Park is considered by the municipality as the cornerstone for its long-term vision of the Innisfail Economic Development Strategy & Tactical Plan, also known as Power of Place.
Council was recently told the town has received “moderate interest” in the new Southwest Industrial Park lands, with 4.19 acres sold and “solid interest” from four additional parties.
The available industrial lands are currently listed on LoopNet, a global commercial and industrial real estate website.
“Hopefully we get some interest and a few more lots sold in there. We have to get it ready for developers for potential businesses to come in,” said Curtis Hoffman, engineering coordinator for the Town of Innisfail, who presented the construction project report with the recommended contractor to town council on Feb. 27.
Hoffman said the new paving work will include a 200-metre south extension to 61 Avenue, and a 600-metre extension to 60th Avenue, which is currently the access road to the transfer station.
As well, said Hoffman, there will be a new 35 Street at the south end of the subdivision that will be about 500 metres in length, bringing the total work to about 1.3 kilometres.
He said the new roads will be about 13 metres wide that will be able to accommodate bigger industrial traffic.
The new construction work for this year follows the completion of the underground utilities work contract; a cost of $1,561,577.37 that was approved by council on June 13, 2022.
That same month town council approved second and third readings of Innisfail’s new borrowing bylaw to finance the $5.5 million development plan for the new industrial park.
When the development project was unveiled last year administration told council a loan was being looked at with the intent to have it designed as interest-only with semi-annual payments starting by the end of 2022, and with the “brunt” paid off at the end of its term.
However, administration has not yet presented to town council the borrowing option, which has been very much on the mind of Coun. Gavin Bates.
He asked administration on Feb. 27 when council would receive the details of the chosen borrowing option.
Erica Vickers, director of corporate services for the Town of Innisfail, said she recently had a meeting with Servus Credit Union officials and is expecting further information.
“I'm hoping to have a report to you before the end of March to have something finalized on whether or not we would go to a line of credit, traditional bank or if we go through a traditional loan from the Alberta Loans to local authorities (program),” said Vickers.
Hoffman’s report to town council on Feb. 27 said that once the Southwest Industrial Park borrowing option is finalized the funds to the Land Acquisition/Servicing Reserve will be replaced.
Mayor Jean Barclay asked whether the project was still under the estimated $5.5 million budget and Hoffman replied that the project is now “well under budget.”
