Town of Altona council recently approved a bylaw amendment to borrow $3.6 million from the Province of Manitoba to cover the development cost of Phase 1 of the Industrial Park expansion.
Mayor Harv Schroeder says the 20-year loan will be paid back at a rate of 5.75 percent per annum.
“The provincial financing is based on an estimate of what it cost us to build. In the end, those will be hefty payments, but that’s simply what it costs to build an industrial park,” Schroeder said. “This includes infrastructure, water, sewer, roads, drainage, a retention pond, hydro and gas. As we sell lots, those monies will go towards that loan.”
Phase 1 includes 30 developed lots, six of which were already purchased shortly after the first phase was completed last year.
“In total, there are 118 acres to be developed, so there’s a lot of potential, with enough land for 101 lots by the time we complete all three phases,” the mayor said.
Purchasers have already begun to build.
“We’re off to a very good start, and this will potentially continue. Elmer’s Manufacturing has purchased a lot, and Magna-Lite will be located there, as well as Sun Valley Tire, and a large heavy duty mechanic shop. So, we’re definitely open for business, and ready for people who want to invest here.”
Schroeder says they want the site to be known more as a business/industrial park.
“There are already a few storefront businesses here, so this will be available to more than just manufacturing or industrial types of businesses.”
Looking back, he says he is confident they made the right move to develop the park.
“We had to take a big step in creating this, because all other industrial lots in the community had been purchased. We had to make space for new businesses to come in. I think it’s good to see we have some businesses from here who are expanding and investing in the community, and we’re hoping there will be some outside investors coming in as well.”
