The redevelopment of the Tremont Hotel property could include a new theatre. Collingwood Council has passed a bylaw to authorize the execution of a Memorandum of Understanding between the town and Theatre Collingwood.

The Memorandum of Understanding states that Theatre Collingwood would construct the facility at its sole cost and expense within three years of the date of the Memorandum of Understanding. "Should the Facility not be constructed to substantial completion at the expiry of the aforementioned three-year period, the lease between the parties shall terminate and the Theatre shall have no right to use, possess or occupy the leasehold lands" the memorandum stated.

The Theatre would lease the lands located at the southwest corner of Simcoe Street and St. Paul Street comprising a total site area of approxiamtely 25,500 square feet at a nominal rent of two dollars per annum subject to the Theatre entering into a lease with the Town that is satisfactory to the Town's Chief Administrative Officer. The term of the lease would be for twenty years, which may be renewed on such terms as the parties may agree.

The proposal from Theatre Collingwood recognizes that the Town of Collingwood would be providing significant financial support for the new theatre with respect to the nominal rent and exemption from taxes, and therefore will not request any additional or further ongoing funding in thte future fromthe Town with respect to the Facility or its operation.

The Memorandum of Understanding states that the Town would provide sixty off site parking spaces for the general use of patrons of the new Theatre and for the general public. "The Theatre shall pay the Town prior to the issuance of a full above-grade building permit to allow construction of the Facility cash-in-lie of said parking spaces in the amount of $180,000.00" the document stated.

Councilor Mike Edwards was the only councilor to oppose the bylaw. Edwards would rather see the Town sell the property with the money used to pay off other town expenses.

The Town of Collingwood purchased the Tremont property in 2005 for slightly more than one million dollars. At that time, the plan was to use the land for additional parking.

The former Tremont Hotel site had been considered as a possible location for new affordable housing, but council recently agreed to enter into an agreement with a private firm to build affordable housing units on High Street. Read Story