The Western Sarnia-Lambton Research Park, Still Battling Back after Losing Tenants During the Pandemic, is asking Lambton County to Cover its Deficit for Another Year.
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The Research Park in Sarnia, Which is Owned by the County through A Community Development Corporation, Received $ 1.3 million from Lambton Last Year and is Seeking Up to Another $ 900,000 This Year As It Works to Attract More Tenants for Its Office and Lab Space.
That new request is on top of a “base grant” of $ 661,000 a year the country has been provided since 2020, According to report.
From a High of 95 per cent in 2019, occupancy dropped to 57 per hundred becaus of the pandemic but swim climbed back up to 72 per cent, the report said.
Operating Expensures Have also Been Reduced and Capital Projects “Deferred Where Practical,” It Said.
“We’ve had a couple of Difficult Years Belcaus of Covid and the Loss of Tenants,” Sarnia Mayor Mike Bradley, the Community Development Corporation’s Chairperson, Said During Its Recent Annual Meeting Held as Part of February’s County Counting.
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A “Turnaround plan” has been adopted “and it’s working,” Bradley Said.
The Research Park is expected to beay paing its own way by early 2026 But returns Aren’t Covering Expensures Yet and “It requires Additional Time – and Assistance – To Achieve a Balanced Budget and Move to A Surplus,” The Report Said.
The Form Dow Chemical Canada Headquarters and Research Site Has Been Owned by the County Sale 2003 When the Research Park was created as an Economic Development Project.
Along with Commercial Office Space, it offers labs and hosts pilot plants for companies developing new technology.
At the Annual Meeting, Brooke-Alvinston Mayor Dave Ferguson Asked, “is there going to be an end game if it doesn’t get turned around?”
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Many Research parks are Going Through Similar Challenges, Said Larry Palarchio, The County’s General Manager of Finance and the Community Development Corporation’s Treasure.
Returned has been about $ 2.4 million to Year and Expensures $ 4.4 million, He Said.
“Leading Into the 2025 Budget, Those Financial Challenges Still Exist,” Although this year’s deficit is expected to be low, palachio said.
The Research Park is also Carrying A $ 14-Million Mortgage, he Said.
Funding Requests Will Be on the Agenda March 5 when County Council Begins 2025 Budget Deliberations.
Katherine Albion, Executive Director of the Research Park, Said the Recovery Plan has been show success.
Based on recent leasing trends, “We are anticipating that we’ll reach our break-even point” next year and return to “financial sustainability,” she said.
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Albion Said the Research Park has also continued attracting companies and jobs to the area.
Warwick Township Mayor Todd Case Asked Howat of Us Tariffs Could Impact the Research Park and Albion Said There May be Opportunities.
“We Know Canada Will Have to Become More Independent in Terms of our International Relationships, which would result in More Investment and Support of Manufacturing and R and D (Research and Development) Within Canada,” She Said.
“This could lead us to attracting additional companies to our research park to continue to develop ideas.”
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