Sydney harbour expropriated land costs CBRM $3.8 million
SYDNEY, N.S. — Cape Breton Regional Municipality has agreed to pay $3.8 million to the proprietor of the land it expropriated from Sydney harbour 4 years in the past.
The CBC reported that the municipality reached a settlement settlement with landowner Jerry Nickerson for the six waterfront tons. The land was used to construct a second cruise ship berth within the harbour.
The settlement was tentatively reached in December, however prices weren’t launched. Initially, CBRM supplied as much as $2.4 million for the land, however Nickerson was searching for round $4.2 million.
The community reported that the municipality paid a small a part of the settlement within the final fiscal yr however wanted to borrow cash to assist cowl the remaining $2.5 million.
CBRM mentioned the ultimate value of the second berth challenge amounted to $20,138,737. The federal and provincial governments agreed to a three-way cut up of a $20-million price ticket with the municipality, with any prices above that quantity falling on CBRM.
