Thursday August 28, 2014

City Land Fund did well in 2013

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It was a good year for the City of Yorkton Land Fund in 2013.

The land fund develops land for resale and includes residential, commercial, industrial and farm land as assets.

“The land fund continues to make progress and the equity position has increased by more than $700,000 in the last 5 years. 2013 Equity is $5,400,000 with off site reserves at $4,200,000. Both of these are used to reduce the debt required to fund assets.

Investment in property is some $15,700,000 with borrowing at $6,700,000. The increased debt over the last 2 years is a result of growth and owning a larger asset base,” detailed a report circulated to the regular meeting of Yorkton Council Monday.

Residential lot sales let the way in 2013, said Lonnie Kaal, Director of Finance with the City.

All residential subdivisions are on track with 2013 residential sales the highest in history at $3,341,000. Virtually all of these sales were in Riverside. Given the robust sales, the inventory of lots is at a historic low, she explained.

All residential subdivisions are expected to generate a small profit including Riverside Terrace with the revised pricing.

The total value of residential assets is $2,000,000 more than in 2012. Funds spent on York Colony in 2013 were over $4,000,000, continued Kaal.

The inventory of commercial land for development is also tight.

“Commercial assets include the Gladstone Industrial Park (Ball Road) and the Yellowhead Commercial Subdivision (Walmart area). There are four lots for sale in the Ball Road Light Industrial Subdivision and two parcels left for sale in Yellowhead Commercial. The first phase of the Roundhouse Commercial Subdivision is completed with almost $2,000,000 spent in 2013. The two large commercial lots in York Colony have been sold,” detailed the report.

“The total value of commercial/industrial assets is $3,445,104 which is some $1,300,000

lower than last year, primarily because of a commercial sales in York Colony of

$3,300,000. Round-house Commercial Subdivision costs were almost $2,000,000 in 2013.”

Kaal said in terms of future land for development, the City has added farmland to its inventory which will one day be developed.

“The City purchased five quarters for $3,725,000 in 2009 and a further 420 acres in 2011 for $3,000,000. The major parcels are the lands along Grainmillers Drive and those south of Queen Street. Investment in farm land is

$7,111,200,” detailed the report.

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