The redevelopment of the Tremont Hotel is off again. Theatre Collingwood has now abandoned a plan to build a new theatre on the former hotel property. Appearing on Georgian Bay Today on CFOS 560 radio, Theatre Collingwood Board Chair Darrin Smith said while the theatre group is disappointed at this recent development, it accepts the town of Collingwood's move to take back its memorandum of understanding regarding the property in light of the Collingwood Heritage Committee's recent involvement in suggesting that the building is historically significant and should be saved.

Earlier, Collingwood Council had passed a bylaw to authorize the execution of a memorandum of understanding between the town and Theatre Collingwood. The memorandum of understanding stated 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 recognized 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 stated 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.

When the memorandum of understanding was passed, only Councilor Mike Edwards opposed the bylaw. Edwards stated that he would rather see the Town sell the property with the money used to pay off other town expenses.

Smith stated that the Town of Collingwood had asked the theatre group to consider drawing plans that would include the preservation of the streetside exterior walls of the existing Tremont building. He stated that it is good that the town clears up what it wants to see happen at the former Tremont property before moving forward. Once a final decision is made regarding the future of the existing Tremont building, Smith says Theatre Collingwood could be one of the groups interested in putting forth a proposal for development on the property. He added that if the town plans to save the existing structure, it needs to act quickly as the building is in need of attention.

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 new Collingwood Library is being constructed next door to the former hotel.