Journal Staff
Point Edward and the owners of the former Holmes Foundry lands have reached an agreement to clean up the property, the village said today.
The deal with Point Edward Gateway Inc. includes the removal of all vegetation and the demolition of two cement-block buildings that remain from the foundry Chrysler owned until 1988.
The company has also committed to moving forward with a Phase II Environmental Assessment and Risk Assessment, and is committed to maintaining the property once it’s cleaned up, the village said.
“We have waited a long time to get to this point,” said Point Edward Mayor Bev Hand. “And we are looking forward to working collaboratively with the current and potential future owners of this property to develop the property in a way that is beneficial to our community.”
Point Edward Gateway Inc. was formed in September of 2017 after its 17 shareholders were declared rightful owners of the 16-acre (6.5 hectare) property at Front Street and Highway 402.
The courts awarded the shareholders ownership following a lengthy court battle that left the company broke, a spokesperson told The Journal in December.