June 3 2018
Hamilton, ON – Late Friday, the City learned of plans for Bedrock Industries / Stelco to acquire a significant portion of the surplus Hilton Works property currently under the stewardship of the Land Trust stakeholders. A motion was submitted by Stelco to the Court Monitor on Friday seeking confirmation that the Monitor as the Interim Land Restructuring Officer of the Land Trust (LRO) has the authority to sell surplus US Steel lands to Stelco. The motion will be heard by the Monitor on Monday.
In exchange for the lands the motion states the Land Trust would receive a vendor take back mortgage note issued by Stelco in the amount of $114.1 million at fixed interest rate of 8%. The mortgage will require quarterly payments over a 25-year term of blended principal and interest in the amount of $10.6 million. Of the $114.1 million, $69.5 million is allocated to the Hamilton lands.
While this new development appears to offer some additional certainty to our Stelco pensioners – it is truly regrettable that despite repeated assurances of a willingness to consult - the future of Hamilton’s waterfront has been decided by Queen’s Park.
The City has always believed that collectively there was a parallel path that could maximize both support for pensioners as well as the future development of the waterfront.
Following Monday’s decision we will be sitting down with Bedrock Industries/Stelco to discuss their future plans and how we can work together to secure a future for the waterfront that benefits all Hamiltonians