Big win, big pay day for Thorold and the Region
A big win and a big payoff for the city of Thorold and the Niagara Region.
Ontario's finance ministry will compensate the two for money lost in a reclassification of more than 900 acres of land that once belonged to Hydro One.
The utility used to make payments both Thorold and the Region in lieu of taxes. But after the land was reclassified as belonging to Ontario Power Generation, the payments stopped coming because the OPG doesn't do that.
After much discussion and debate, the government relented meaning Thorold stands to recover more than $200,000 in lost payments from last year and will continue to get that ever year. The Region will get about $100,000.
In addition to the money, the government's decision means the City won't have to pay more than half-a-million dollars in retroactive payments that Hydro One was looking for, which would've have been a serious financial hit to the city's budget.