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November 2009

Ally

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Innisfil-Barrie Border issues not resolved: County

BARRIE - Simcoe County is calling for meetings with Barrie and Innisfil to solve outstanding issues such as snow plowing and fire response before Bill 196, the Barrie-Innisfil Boundary Adjustment Act, becomes law Jan. 1.

Scheduled for third reading – the final step before royal proclamation – the bill introduced at Queen`s Park June 4 is being recommended for royal assent without any changes. The bill went through second reading in late September.

Last Monday, the legislature`s Standing Committee recommended the legislation, which adds 2,293 hectares of northern Innisfil to Barrie, become law without amendments.

"What is perhaps the most disappointing in this process is that once again, the province has suggested the municipalities should come together to form a local solution, which was not implemented," said the county`s corporate services general manager Rick Newlove.

"It may very well be that some more, quite urgent, meetings need to be held between Innisfil, the County and Barrie."

One outstanding issue that even Barrie wants the province to solve involves the definition of the boundaries. For instance, the city wants an entire boundary road to be in one municipality or another rather than being split down the centre of the road.

Read the full article here.
 

Ally

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Projects boost City`s Core, Report says

BARRIE - Barrie`s downtown revitalization efforts have added $6.8 million in buildings and 274 jobs, a city report says.

In a progress report on the Downtown Community Improvement Plan (CIP), the city examined the impact of the 2005 financial incentives package designed to encourage investment in the city core.

The city followed up with an Allandale CIP in 2006.

Both programs rely on incentives that waive planning department and tipping fees, loans and grants.

"If downtown is becoming more vibrant and healthier, there will be more taxes coming from the downtown," said planning director Jim Taylor, noting the entire city invests in giving breaks to spur on development there and the entire city will enjoy tax relief as more projects come on line and pay taxes.

"A rising tide lifts all boats," he said, citing an old adage.

In downtown, two key projects are the Scotiabank and the TD centres on Collier Street. Not only sparking on the creation of what the city envisions as a business/professional district along Collier, the projects inject taxes – almost $3.3 million in assessment – as well as 274 jobs.

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Ally

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Dupuis: Is the `hot` Housing Market a boom, bust, or bubble?

I can`t believe how often I have heard the B-word of late. No, I`m not talking about "B" as in housing "boom," I`m talking about "B" as in housing "bubble."

Considering that we are barely six months out of what was looking like a prolonged housing "bust," it`s hard to fathom how the "experts" can already be warning that the housing market is too hot for its own good.

I`ll be the first to admit surprise at just how buoyant the resale market has been. Then again, should there be any surprise that after six months of paralysis during the height of the global economic crisis, homebuyers would react to a reprieve by rushing back into the market.

Frankly, I`m delighted the resale market is doing so well because a healthy resale market drives renovation as well as new home sales as all boats rise with the tide. That said, I have a lot of empathy for the homebuyers who are getting caught up in bidding wars. That`s a situation that will be resolved when listings increase, as they always do.

To the homebuyers that find resale bidding wars distasteful, I would note that at least with new homes and condos, the price is the price and right now, new home prices are extremely competitive.

Although it took a little longer than the resale market to recover, the lowrise new housing market picked up in late spring while the highrise market came back to life this fall. On an overall basis, it looks like total new home sales in 2009 will end up just slightly ahead of 2008, with last year ending on a down note and this year ending on an up note.

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Ally

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U.S. Economic rebound slower than first thought

WASHINGTON–The economy grew at a 2.8 per cent pace last quarter, as the recovery got off to a slower start than first thought.

The Commerce Department`s new reading on gross domestic product wasn`t as energetic as the 3.5 per cent growth rate for the July-September period estimated just a month ago.

The main factors behind the downgrade: consumers didn`t spend as much, commercial construction was weaker and the nation`s trade deficit was more of a drag on growth. Businesses also trimmed more of their stockpiles, another restraining factor.

The new reading on GDP, which measures the value of all goods and services produced in the United States – from machinery to manicures – was a tad weaker than the 2.9 per cent growth rate economists surveyed by Thomson Reuters had expected.

Still, the good news is that the economy finally started to grow again, after a record four straight losing quarters. The bad news is that the rebound, now and in the months ahead, probably will be lethargic.

The worst recession since the 1930s is very likely over, but the economy`s return to good health will take time, Fed officials and economists say.

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Ally

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Ciena will save 2,000 Nortel Jobs

Ciena Corp. won the auction for wilting Canadian technology icon Nortel Networks Corp.`s global Ethernet assets and promised to preserve 2,000 highly-skilled jobs, many in Ottawa.

The $769 million (U.S.) offer – $530 million in cash and the rest in notes – for Nortel`s metro Ethernet networks unit follows a much smaller "stalking horse" or initial bid and beat an undisclosed, lower offer from Nokia Siemens Networks.

The bid goes before U.S. and Canadian bankruptcy courts on Dec. 2 for approval.

Nortel`s optical networking unit is the last major division to be auctioned off following Nortel`s entry into bankruptcy protection, though the company still has other assets. The agreed-upon price is in the upper range of analysts` estimates, but well below the book price of Nortel`s valuable technology, global contracts, around 2,250 global employees, and intellectual property.

Maryland-based Ciena`s bold acquisition represents a risk for the small, debt-heavy company, even though Nortel`s assets will significantly expand its reach and client base.

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Gloomy forecast for 2010 Auto sales

The auto industry`s magic number is tumbling.

The annual rate of U.S. vehicle sales is likely to fall short of some auto makers` forecasts next year, according to a new industry forecast. That casts doubt on the ability of Chrysler Group LLC and General Motors Co. to raise the equity necessary to fully repay tens of billions of dollars of taxpayer loans.

U.S. vehicle sales are expected to be as low as 11.1 million next year, signalling a weak bounce back from the depths of the automotive recession, and leaving much of the industry burning through cash, Fitch Ratings Ltd. said Monday.

While the forecast is an increase of about 8 per cent from the level of 10.3 million forecast for 2009, it`s a far cry from industry levels of recent years and below the robust recovery some companies have anticipated.

Such a slow recovery has a domino effect on the industry, affecting the health of suppliers and the finances of the major auto makers.

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Ally

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Agents duel over Condo sale line

Competing lines of real estate agents waiting to buy new luxury condos turned ugly on Bloor St. this morning with jabbing, shouts, threats and accusations of queue-jumping

Some of the agents, who lined both sides of Bloor at Bedford Ave., had been waiting for more than a week to buy units in the X2 development at Jarvis and Charles Sts. Others arrived last night.

By this morning, there were three separate lines of potential buyers, each claiming the right to have first crack at the condos.

Around 8 a.m., a representative for builder Great Gulf Homes threw two of the three warring lineups into a fury by declaring their long waits and place-holding invalid.

Chanting "X2 - Unfair," shouting and holding up freshly made signs with the word "unfair" on them, the agents who had waited the longest protested the decision.

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Simcoe County Taxes going up 2%

Municipal property taxes for Simcoe County residents will rise 2% next year, primarily as the result of rising social service costs.

Yesterday, county council approved a $517-million operating budget for 2010, which includes $107 million for Ontario Disability Support Program (ODSP) and $75 million for Ontario Works.

This is $34 million more that the county allotted last year for these two social assistance programs.

Currently, there are 7,450 ODSP recipients and 8,500 Ontario Works recipients in the county.

With no economic turnaround imminent, the county is adding $34 million to the budget specifically for ODSP and Ontario Works.

"Simcoe County`s 2010 budget reflects the global economic uncertainty we are facing and provides a fiscally responsible plan that meets residents` needs across all 18 area municipalities," stated Warden Tony Guergis, in a news release.

"Council continues to focus on providing appropriate levels of service with a common-sense approach to managing our finances."

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Orillia Mayor supports Landlord

Mayor Ron Stevens is supporting a local landlord whose properties were seized by the Ministry of the Attorney General on suspicion of illegal activity more than a year ago.

In an affidavit dated Oct. 30,

Stevens refers to Terry Reilly as a landlord who provides accommodation to "forgotten individuals," "the homeless," "the seriously mentally ill," "recovering addicts" and "alcoholics."

"The City of Orillia sincerely appreciates the assistance and dedication of Mr. Reilly for assisting many of the most marginalized in our community. We are saddened that it now appears that the Reillys are being penalized for their goodwill."

Stevens also provided Terry Reilly with a letter of reference written on City of Orillia Housing Committee letterhead (see sidebar).

In September 2008, with a heavily armed police presence, the ministry took possession of 60 Front St. S. and 42 Nottawasaga St. after suspecting illegal activity on the premises. The matter was handled by the ministry`s Civil Remedies for Illicit Activities office.

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Ally

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GM Confirms new Regal will be built in Ontario

General Motors Co. confirmed yesterday it will build the Buick Regal sedan at its Oshawa, Ont., assembly plant just east of Toronto, one of five vehicles the automaker commited to producing in Canada under the terms of a US$9.5-billion aid package that helped it avoid liquidation.

The new car, together with the Chevrolet Camaro sports coupe, Equinox SUV and GMC Terrain, fill out the new vehicle lineup GM agreed to build in Canada under deals inked with the federal and Ontario governments. A fifth vehicle, which sources say is a new luxury stretch sedan called the Cadillac XTS, will be named at a later date.

GM said it will start initial production of the Regal in the first quarter of 2011. The Regal is a mid-sized family car essentially identical to GM`s Opel Insignia model sold in Europe. A jury of 59 senior automotive journalists named the Insignia 2009 car of the year in Europe, the first time in 22 years that a GM model won the prize.

The decision by GM directors earlier this month to keep control of the European Opel business instead of selling a majority stake as planned to Magna International Inc. and Russian partner Sberbank will help the automaker in the years ahead as it uses Opel as the engineering source for more car models, said industry analyst Joe Phillippi.

Opel was a major developer, together with GM`s DAT unit in South Korea, of two key GM vehicle platforms -- Global Delta and Global Gamma. A platform is generally a vehicle underbody, suspension and other components.

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