Elliot Lake council has given the go-ahead for the development of a new sub-division on municipal land.
City CAO Daniel Gagnon told council the city is experiencing an acute shortage of housing and low vacancy rates, and with residential waterfront development being a key economic development opportunity, it would be good timing to begin the process of developing municipal land at the east end of Esten Lake.
He told council that there could be 23 waterfront lots and 28 estate lots developed and sold with a preliminary potential revenue of around $7.2 million, which would all go to the city.
Gagnon says there is a lot of work to be done including preliminary environmental studies, layout design, access to hard services, all part of a site plan for development, which he believes would take at least a year to complete.
Council passed a motion allowing for that process to begin with Gagnon adding he will keep them updated as the work progresses.