Today was a big payday for the town of Collingwood as the money from the sale of Collus to EPCOR has arrived.
According to a press release, the town received net proceeds totalling $16.355 million after closing adjustments.
There’s no plan yet on how the money will be spent. Council has passed a motion to have staff engage the public in a process to come up with ideas on where to spend the money.
The town of Collingwood originally sold 50 per cent of Collus to Powerstream in 2012. On October 23, 2017, council voted to sell the remaining 50 per cent of its utility. Powerstream also decided to sell, and EPCOR expressed interest in purchasing 100 per cent of Collus.
On Aug. 30, 2018, the Ontario Energy Board approved the sale, and since then EPCOR has taken over as the town’s electricity provider.
According to the town’s press release, staff will roll out public engagement opportunities this year to allow residents to share feedback on how to make use of the proceeds.
A report from Treasurer Marjory Leonard to town council included several suggestions for the money including paying off $3.2 million in debt, spending the estimated $10 million required to bring the Collingwood Terminals building up to standard, and $2.3 million to renovate and expand the public works building and yard to house current and future staff.
After the 2012 sale of 50 per cent of Collus to Powerstream, council used the proceeds for the Central Park Arena and Centennial Aquatic Centre fabric membrane structures. The 2012 sale and subsequent spending decisions are now the subjects of a judicial review.