The future of the Western Sarnia-Lambton Research Park (WSLRP) is being called into question.
Lambton County Council received an update on the success and current challenges being faced by the park and the County of Lambton Community Development Corporation (CLCDC), which owns the building, during its regular meeting Wednesday morning.
Former Executive Director Tom Strifler said the park currently has an occupancy rate of around 70 per cent, up over the last couple of years but still down significantly from before the pandemic.
He said the WSLRP continues to receive interest and frequent inquiries from companies looking to lease space, even though the current economy is uncertain.
Strifler said the debt load is a constraint on what the park can do and a recent analysis has determined a path to financial stability for the CLCDC by 2030.
"A five year deferral of principle and interest payments for the park would provide an adequate runway for the CLCDC to execute its mandate," said Strifler. "Continue to diversify, build sustainable revenue streams and rebuild the tenant base back to what it was before."
Lambton Shores Mayor Doug Cook said at this point he can't see himself wanting to support five years of no payments and reconsideration of debt.
"As a banker, looking at this balance sheet I guess I would be the one to say you're bankrupt, you're insolvent, you can't carry your debt load, but we're asking our taxpayers and council to do this now? So I guess I'll struggle with it until we come to budget to discuss it again," Cook said.
Strifler said he appreciates council's frustration, but said the overall net value of the park is compelling.
"We understand that the present situation, there is a cost," he said. "We see a light towards the end of this execution, where that cost is no longer a burden to the county but the value will continue, and it's a significant value."
Brooke-Alvinston Mayor David Ferguson pointed out they've already forgiven millions of dollars over the last several years.
"At what time do we start to look at what is the property is really worth on a resell, to sell it or can we sell parts of it? Because we're going to be caught here now two council terms out before it comes back to the floor if we approve this," Ferguson said.
Council approved a motion by Ferguson to have a valuation of the Modeland Road property brought back to Lambton County Council at a later date.
In March, Lambton County Council approved a $900,000 loan to be paid in four installments to the CLCDC to assist in the park's recovery efforts.
In 2024, Lambton County Council provided $675,000 in financial support to the CLCDC Board - half of the $1.35 million request - to keep the park afloat.
In November 2023, Research Park Executive Director Dr. Katherine Albion told Sarnia News Today the research park was "going through a transitional phase" after many tenants adopted a hybrid work-from-home model, or graduated to establish their own sites, freeing up space at the Modeland Road site.
Lambton County Council will consider the latest request for a five year loan payment deferral during budget negotiations in March 2026.