Council votes to sell off holdings in Canderel Building
Mayor Drew Dilkens said the move will net taxpayers $6 million
Windsor City Council has voted to sell off its holdings in the Canderel Building, including the parking garage.
The decision was made during an in-camera meeting of council Monday evening.
Mayor Drew Dilkens said the move will net taxpayers $6 million and provide Windsor with $4.7 million in benefits from resolving "risky" obligations.
Council has voted to remove city from Canderel Building & eliminate all future taxpayer obligations as of Jan 1, 2018. <a href="https://t.co/cn4XxYFBDa">pic.twitter.com/cn4XxYFBDa</a>
—@JasonViauCBCThe building currently hosts Fiat Chrysler's Canadian headquarters.
Council entered an agreement in 1999 help erect the large grey and glass building at the corner of Riverside Drive and Ouellette Avenue when the company threatened to relocate, but the initial budget of $25.75 million ballooned and eventually cost taxpayers $49.8 million.
Windsor also agreed to lease two floors of the tower for 20 years and continued to sublet the vast majority of the 27,908 square feet to offset expenses.
The city currently spends $1.1 million every year to lease the space, while receiving only $297,392 from tenants.
Some of the money saved by the sale could be used to invest in other city-run parking structures that "stink" by adding new paint, flooring, lighting and security measures, according to the mayor.
Dilkens added his goal is to have Windsor's taxpayers free of obligations to the building by Jan. 1, 2018.