Five properties that have had failed tax sales could be sold for $1.
At Tuesday’s Timmins council meeting, a report recommends selling the properties to the Cochrane District Social Services Administration Board (CDSSAB), which has plans for affordable housing units at the sites. The move would mean the city writing off $317,713.
The properties are 37 Montgomery Ave., 71 Elm St. N., 159 Balsam St. N., 104 Father Costello Dr., and 218 Sixth Ave.
A tax sale can happen when a property owner hasn’t paid taxes for more than two years. The owners are then given a year to pay taxes and if they remain unpaid after that, the municipality can sell the property through a tax sale.
Tax sales for each of the properties have failed, according to the staff report. That means that one of the options is for the city to vest the property, which means that the property would be transferred to the City of Timmins.
“We would then turn around and transfer the ownership to CDSSAB for a nominal amount with the intent that the properties with structures be renovated or the properties that are vacant be built on to offer affordable housing for the community,” reads the staff report.
“When a property is vested, the taxes owing on the tax account are written off at the time of transfer of ownership to the city because the property becomes exempt once it is owned by the city.”
The plans for each property are:
- 37 Montgomery – Provide occupancy for two low-income families by the third quarter of 2024, following inspections and necessary improvements
- 71 Elm – Provide occupancy for two low-income families by the third quarter of 2024, following inspections and necessary improvements
- 159 Balsam – Build a new modular vertical duplex over the next two years
- 104 Father Costello – Build a new modular vertical duplex over the next two years
- 218 Sixth – Build a new modular vertical duplex over the next two years
The item has not been approved by council. The full report is available here.
Council meets at 6 p.m. on Feb. 6 at city hall. Watch the full meeting live online here.
