HAMILTON, ON – The City of Hamilton announced today that it has reached an agreement with Clearcable to acquire the Hamilton Technology Centre (HTC). It’s a win-win business transaction for both the City of Hamilton and Clearcable.
HTC was established in 1993 as a small business incubator. Given the age of the building, the facility requires immediate capital improvements and has on-going operating costs. As the City invests and supports many small business programs, the property was declared surplus by Council on February 22, 2017.
“Clearcable will adopt the original vision of HTC by applying their own expertise contacts within this industry, and continue to foster the development of emerging technology companies such as theirs,” said Mayor Fred Eisenberger. “We see Clearcable as a business and community leader in supporting Hamilton’s technology sector.”
Clearcable is a Hamilton-based, specialized telecommunications technical consulting firm focused on the needs of broadband service providers and rural municipalities. In operation since 2004, they have been tenant at HTC since April 2016. The company is experiencing sizable growth in their operations since moving to the facility. The company was looking for opportunity to expand in the development and incubation process in the technology sector. This real estate purchase of HTC allows this to occur.
“This acquisition will help us realize our vision of a private technology innovation centre,” said Rob McCann, President and Founder of Clearcable. “As a business operator with close ties to Hamilton, both personally and professionally, I look forward to an opportunity to invest in Hamilton’s success.”
Clearcable Networks is a leader within the technology sector and is active with the Intelligent Communities Forum. McCann was named the Canadian Independent Telephone Association’s 2016 Supplier of the Year.
Ward 15 Councillor, Judi Partridge was pleased with the Clearcable acquisition as it will ensure the incubator concept to support new businesses in Flamborough will continue.
“This is an exceptional example of the way we leverage the private sector to support entrepreneurship. Our business community is the backbone of our city and we strive to support it through many different channels,” says Ward 15 Councillor, Judi Partridge.
Clearcable plans to make changes to accommodate a portion of space for co-working as well as accelerator spaces, where entrepreneurs can work individually or together.Capital improvements to the facility are in the plan and well as supporting the ongoing operating costs.
Interesting, yet it does create a couple of questions:
ReplyDeleteWhat did we pay for the property? How much was it sold for? Was the sale competitive?
While supporting entrepreneurs in the business community is sound in practice, how do we make knowledgeable decisions without pertinent fact?
How much support?
Trust is earned, and when it comes to sound fiscal management, this Council remains wanting, and our Mayor's leadership is often the issue.
Erected in 1993 at a cost to local taxpayers that exceeded the $4 Million forecast.
ReplyDeleteSold yesterday in a private sale for $3.25Million.
In a market where regular residents could expect to see a similar investment over a similar timeline triple or even quadruple, our leaders have miraculously found a way to lose 25% of our investment.
Mayor Fred believes this is another "win-win" to go on his resume. I think Mayor Fred has done us all just about enough favors.
You'll have to forgive my pessimism, but I am left to wonder how long before we read that Clearcable is having difficulty meeting it's annual tax obligations?
Just a matter of time.
The school boards represent an even lower rate of return on real estate investment. Taxpayers bankroll land acquisition and building construction, and then when the land sells, the boards pocket the proceeds and taxpayers bankroll land acquisition and building construction yet again. Lesson never learned.
DeleteHard Knocks
except School Board assets are Provincial, while HTC was a municipal development.
DeleteApples and Oranges.
Those School Boards must be pocketing an awful lot of cash these days.What do you suppose they do with it all?
orangemike
Build bland exurban palaces for vestigial trustees to rubber-stamp provincial policy.
DeleteRimshot