Council has established its priorities for moving the community forward. We refer to them as council priorities. They are established to ensure that we are addressing the issues of our community and recognizing things we absolutely must address for infrastructure, etc.
One of the main priorities for council at this time is economic development. There are many aspects to developing the economy of Squamish and we are looking at a variety of approaches. The first action we took was to sell a district-owned property in the business park. This land has been sitting dormant for years and not contributing in any way. We now have the benefit of the proceeds of the sale, $8 million, as well as the new tax dollars coming off that site for years to come. The developer is already working on plans to develop on the site and generate employment. Creating an opportunity for people that live in Squamish to also work in Squamish is one of the major benefits of our economic development initiatives.
We announced some very exciting news at council on Tuesday. We have given direction to the board of the Squamish Oceanfront Development Corp. to take the project to market. This is a milestone for our community. There has been extensive community consultation to create the vision for this site.
SODC has created a Sub Area Plan that outlines the specifics of the community's vision and it is this plan that we will be marketing to investors and developers. This plan is comprised of approximately one-third park, one-third employment lands, and one-third residential. A great deal of remediation of industrial brownfield contamination has been completed. The remaining remediation work, which has to be completed prior to subdivision, will result in the construction of the community park on the southern oceanfront end of the peninsula. We believe that taking the project to the market now is the quickest and most cost-effective way to realize the oceanfront park. We know this is a top priority for our community and will encourage potential developers to make the creation of an oceanfront park a priority and key component of their proposals.
There are many other community amenities, including a public walkway around the entire perimeter as well as arts and culture facilities and recreation venues. Additional components of the project include marine-based businesses and a significant educational sector.
The District of Squamish is not a developer and it is time to engage experts in that field who are able to work with us to turn plans into reality, create jobs and tax revenue for the district. In addition to the investors bringing development expertise, they will also bring the finances required to build the infrastructure on the site. The development of this site will be a defining moment for Squamish and a significant contribution to the identity of our community. It will be the jewel in the crown of this community that we are proud to call home.
