During their meeting this week, Greater Napanee Town Council directed where the gain on the sale of two properties should go.
Treasurer Ellen Hamel provided council an update on the sale of 53 Community Road.
In April 2024, the town sold this property for $250,000. After deducting fees and adjustments, they received $232,969.07. After accounting for specific expenses and how the property was listed in the financial statements, the net profit from the sale was $160,099.07.
Council voted to put the money in the Reserve which is used to fund the 4.8 million in unfinanced capital for 99 Advance Ave.
The town also recieved a report on the sale of 115/117 John Street. The property sold in April for $125,000, and after fees, the town received $114,916.73. The profit from the sale was $60,505.64. Out of this, $35,898.44 must be repaid to the County and School boards for past taxes. After these adjustments, $18,247.20 is available to be transferred to reserves, not counting the demolition-related expenses.
Councillor Dave Pinnell, like others, would like to see the funds go towards the remediation and renovation of Town Hall downtown.
Council voted to transfer the gain on the sale of $18,247.20 to a reserve for Town Hall Remediation/Renovation.
Written by Emily Chatwood
