INNISFAIL – After several months of research and discussion Innisfail town council has finally set a listing price on a downtown property that has sat vacant for the last six years.
At town council’s regular meeting on Aug. 9, council approved a motion to direct administration to market the town-owned property at 4815 – 50th Street with a list price of $49,900.
“I think this is appropriate number as to getting the deal done with the other additional costs,” said Coun. Jason Heistad. “That property has been sitting there for quite some time. I remember I checked on it just for the heck of it before I was on council and it’s not moving because it's in a really terrible site. I think there's an opportunity there for business as well as residential.”
The Main Street property, which once had a house on it but was demolished in 2016, was once assessed at $62,500 but council was told last June that administration did not have a land appraisal or a professional opinion on its market value.
The property is zoned as Central Business District under the Town of Innisfail’s Land Use Bylaw. Permitted uses include activities related to personal well-being, motor vehicles or business-related services. Discretionary uses include activities related to accommodation, mixed use, entertainment, business support services, health-related services and miscellaneous services.
Council was told that in 2019 there was interest in the property for its redevelopment as a mixed use with commercial on the ground floor and residential above. In his report to council, Shaw said the COVID-19 pandemic likely squashed any further interest in the property.
For the past several months the issue around the future of the vacant downtown lot has been brought to council a number of times.
However, council directed Gordon Shaw, the town’s community development services manager, to bring back more information on the property, including provincial Municipal Government Act stipulations on how vacant properties are to be dealt with.
At an earlier council meeting Shaw told council there was an expression of interest on the property but no written formal offer was made to the town.
Shaw told council that administration then contacted the individual to seek a formal written offer but none was received after two requests.
“He finally responded he was no longer interested in the property. In the last month there has been increased interest in Innisfail so now might be the time to list this property to see if the town could recover most if not all its costs,” said Shaw in his report.
Council was told the town’s costs related to the tax recovery, demolition of the residence and other costs as of Aug. 1, were about $48,700, with additional ones related to the transfer of the property to a third party should the property be sold.
Shaw said administration is also aware that a water shut-off valve needs to be relocated to inside the property from the street right-of-way. He said staff has advised this is needed for all the properties within the block.
Shaw said this action could either be the responsibility of a purchaser or the town, and the estimated cost would be between $6,000 to $8,000, with any potential purchaser being told through the conditions of sale.
However, council was also told that with the recommended list price of $49,900 the town should be able to recover most of the costs paid to date, along with those associated with selling the property.
Responding to a question from mayor Jean Barclay, Shaw said the $49,900 list price was “close” to today’s appraisal price.
