OSHAWA — An incentives package on the former Genosha hotel in Oshawa has been extended to Sept. 29-17 after it was set to expire at the beginning of this month.
In May 2016, Oshawa council set an Aug. 1 deadline for a $1.4-million incentive package, which is split between a property tax grant and a forgivable facade improvement loan.
The property, located at 70 King St. E., is currently owned by Richard Senechal through an Ontario numbered corporation. The basis for the incentives was a proposal by Bowood Properties to convert the former hotel into one-bedroom and bachelor apartments.
However, council learned in spring 2016 that the sale of the former hotel to Bowood was never completed.
In May 2016, Senechal and Bowood said they had reached a deal that would allow the project to proceed with both sides on board as Bowood had purchased shares in the numbered corporation that owned the former hotel. Since then, there has been no substantial work done on the Genosha.
Ralph acknowledged that the downtown community would like to see the project completed. The current hotel is widely regarded as an eyesore in the downtown.
"It is a frustrating process, however, staff, city residents, business owners, they all want to see the redevelopment happen and I didn’t want to do anything that would jeopardize that from happening," said Ralph.
Oshawa This Week – August 08, 2017