TVDSB's Plan to Sell Surplus Land Aims to Tackle $16.5M Deficit
The Thames Valley District School Board (TVDSB) is turning to a strategic solution to address its significant $16.5 million deficit by selling surplus land it owns across its district. The idea of selling off vacant properties has gained momentum, especially as demand for land is high, both from developers and municipalities looking to expand. With an increasing need for industrial, commercial, and residential spaces, this move comes at a particularly opportune time.
The surplus land in question is scattered throughout the TVDSB’s vast territory, with many of these properties being located outside of the city of London. While the school board has not disclosed the exact amount of land up for sale, the director of education, Bill Tucker, explained that most of the land is not in use and could be put to better use elsewhere. The properties are mainly vacant and offer potential for developers or municipalities who are actively seeking spaces for growth. This could include areas for new housing projects, industrial parks, or even public service buildings like fire halls.
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According to Strathroy-Caradoc Mayor Colin Grantham, the growing demand for industrial land in the region makes the potential sale of TVDSB's land appealing. Grantham mentioned that if the land were adjacent to an existing industrial park, the municipality would certainly be interested. He also highlighted the municipality’s need for new land to accommodate a new fire hall in Mount Brydges, underscoring the demand for both residential and community-based developments.
Industry experts have weighed in on the sale as well. Phil Coley, a Vice President at CBRE, a major real estate firm, pointed out that serviced land within residential developments is particularly sought after by developers looking to build new housing. In contrast, farmland or properties in more remote locations may not generate as much interest unless zoning permits industrial or commercial development.
TVDSB is being cautious about its approach, as they continue to see enrollment growth in various municipalities. Bill Tucker emphasized that while selling surplus land could provide a financial boost, the school board must ensure they don't dispose of land that could be needed for future expansion as student numbers increase.
Ultimately, the school board plans to evaluate which properties are suitable for sale and will make a decision in a future closed-door meeting. By law, municipalities within the TVDSB’s jurisdiction will have the first right of refusal to purchase the land at market prices, ensuring that local communities have an opportunity to benefit from the available real estate.
This initiative is one of several steps being taken by TVDSB to address its financial challenges, and with real estate in high demand, it may prove to be a timely solution that benefits both the school board and the local communities.
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