The Hamilton Waterfront Trust, which operates various projects including Lakeland Centre and Windermere Basin, will be dissolved this year due to “financial crises,” with its assets and programs transferred to the City of Hamilton.
For over 20 years, the Trust has overseen land development and community programming along the waterfront, including projects like the Hamilton Beach Trail and trail extensions, which will be turned over to the City once completed.
In a press release this morning Cameron Kroetsch, Chair, Board of Trustees for Hamilton Waterfront Trust, said that the Trust has faced a number of financial challenges over the years. Kroetsch is also the Hamilton Ward 2 City Councillor.
“The City has had to step in, from time to time, to provide funding to the Trust to cover its losses. These ongoing financial crises created confusion, mistrust, and a lack of public confidence,” he added.
A new board was appointed in 2022 to address the financial issues and the Trust hired a new executive director in 2023.
The press statement read that while the Trust’s financial situation had improved, it was “not able to maintain future operations without continued financial support from the City.”
As a result the Board notified the City last year of its intention to dissolve the Trust and hand its assets and programming responsibilities over to the City to ensure their sustainability.
The Trust will be releasing its audited financial statements shortly after its upcoming Board meeting on May 27. More information about future plans will come from the City.
Kroetsch said, “On behalf of the Board, I want to thank our dedicated staff for all they have done to steward these assets and prepare the Trust to be handed over to the City. As we wind up the Trust, we’ll keep everyone in the community informed about how we plan to mark the Trust’s impact on Hamilton and its history.”
He added that projects on Piers 5 and 7, which were managed by the Trust, will be wrapping up soon.
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