Retirement payouts to firefighters enough to make you sick


city_scope_logo-cmykYou have to look very, very carefully to find this gem in last Monday’s council agenda.
We’ll help you out. It’s on Page 65. A warning from the city’s director of finance, David Aristone.
“The various reserve balance are adequate in the short term,” advised Aristone in his 2016 year-end update to council. “However, for the longer term, the city is financially exposed in the following areas.
Aristone lists four areas with the final being “future retirement payouts for the fire department.”
No amount is listed, but we confirmed with human resources director Graham Dart the amount at the end of 2016 was approximately $1.3 million.
A tidy sum, that. And what is the $1.3 million earmarked for?

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Market study recommends more retail in downtown core; revitalization of Elgin Mall


city_scope_logo-cmykIn the period 2000 to 2015, St. Thomas experienced an almost three-fold increase in vacant commercial retail space. That’s one of the key findings in a 2015 retail market study to be presented to council Monday.
The study, undertaken by Dillon Consulting and W. Scott Morgan & Associates, sought to “analyse the ability of the city’s commercial policy framework to support the health of its retail market, while identifying the evolving retail market trends that may affect St. Thomas.”
The city has 2.46 million square feet of retail commercial space – an increase of 15 per cent since 2007 – but in that total, 313,000 square feet is vacant, up from 114,000 in the year 2000.

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Can the Burstein boys of Brampton breathe life back into Elgin Mall?


city_scope_logo-cmykConsidered the poor cousin of enclosed shopping malls by its previous owner OneREIT, Elgin Mall has wonderful potential according to the small, family owned real estate investment company that acquired the 263,000-square-foot property last month.

Brothers Jay and Mory Burstein are adamant their intention is not to demolish the retail centre that first opened in 1975.

“Our goal is to try and lease the vacant space as quickly as possible and try to make this mall the vibrant place it once was,” Jay assured in an interview this week.

An optimistic game plan for a mall that is operating at a roughly 50 per cent vacancy rate. Continue reading

Elgin Mall the place to go again?


A small real estate investment company in Brampton is determined Elgin Mall will again be a happening place.
Operating under the name Elgin Mall Inc., the family owned firm last month completed the purchase of the 263,000-square-foot property from OneREIT.
Elgin Mall was the only similar-sized property listed in OneREIT’s holdings and with just over 50% occupancy, the mall was the least-tenanted of the real estate investment trust’s many properties.

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