“In the fall of 1998 NLHC implemented a new approach whereby it would fully divest of its land holdings and land development activities in the province. Since that time, the corporation has entered into land transfer agreements for residential, industrial and commercial property with 31 municipalities throughout the province,” Minister Aylward said. “With the signing of this partnering agreement, NLHC will have divested of 99% of its land assets.”

The agreement will see the City of Mount Pearl and NLHC sharing in future land sales revenues on a 50/50 basis. The total current market value for the property under this agreement is approximately $2.83 million.

Commenting on the Partnering Agreement, Mayor Denine noted: “This is a wonderful opportunity for Mount Pearl. The City has already received $457,000 for property sold to date under this agreement, and the potential is there to generate another $960,000. We are thrilled with  the endless range of opportunities this agreement provides for the business community. The agreement also puts Mount Pearl in a better position to promote and control our own economic opportunities for Donovan’s Industrial Park.”  

NLHC has been very cognizant of the province-wide implications of its land divestiture strategy, 
and since the initial announcement, has disposed of these properties in an orderly and financially prudent fashion. This new approach has allowed NLHC to refocus its entire efforts on its primary mandate which is the provision of affordable, quality social housing throughout this province.

For further information, contact:  
Jenny Bowring, Corporate Communications  
Telephone:  (709) 724-3055   
E-mail:  releases@nlhc.nf.ca