Common Council Chamber (File Image)

The City is setting up a new Strategic Real Estate Capital Reserve fund with $1,625,899 received from Develop Saint John as part of its wind down on December 31st last year. Common Council gave approval to the recommendation during its final meeting tonight before a newly elected council is sworn in early next month.

A staff report to council says the fund will provide the City with additional flexibility to support “key strategic and catalytic” real estate projects specifically with Envision Saint John.

Staff has been tasked with coming back to council with a policy on when and how the fund may be accessed – and – what it may or may not be used for.