Stratford's ANZ bank building will be knocked down to pave the way for a larger town square, despite one councillor protesting against the move.
Mayor Neil Volzke announced the decision during the Stratford District Council's ordinary meeting last Tuesday night.
Councillor Graham Kelly disagreed with the move to knock down the building, claiming the building brought in $28,000 a year for the council. He told the Stratford Press he was disappointed with the decision.
"Spending $380,000 on an investment which is returning you $28,000 per annum is a good investment. But to pull it down after four years, to satisfy whom or what truly mystifies me. There is no logic or rational in that decision."
He was concerned about the loss of income.
"This is a huge issue. The public need to know exactly what is going to happen to Prospero Place. To physically lose $28,000 per annum is criminal."
Mr Volzke declined to comment on the accuracy of Graham's income figure saying it was commercially sensitive.
He told the Stratford Press the decision was made some months ago after a lengthy consultation phase and the building would be demolished once the current lease expired in just over two years time.
"A decision has been made by elected members and eventually the building will come down."
Mr Volzke said the council had consulted thoroughly with the community over the matter through the annual and long term plans as well as inviting public submissions over a long period of time.
He said that this meeting wasn't to discuss the decision around the demolition - that decision had already been made.
"Councillor Kelly was wanting to re-litigate the original decision and ask for more consultation. As I said at the meeting there's been endless consultation on this matter and I am not sure why he thinks we need more.
The council-owned building sits at the entrance to Prospero Place and the town square development is part of the Future of Broadway Project.
Mr Volzke said the suggestion by Kelly during the meeting that proposed development by Jason Kowalewski had influenced the council decision was incorrect. The council's decision was not about any other development.
"The Kowalewski development is not influencing the decision around the ANZ bank building and their project can can go ahead regardless of what happens to the building."
Mr Kowalewski and his father David last year announced plans to knock down the four buildings adjacent to the ANZ building and instead build new retail stores. The Kowalewskis had supported demolition of the ANZ building.
Mr Volzke said the aim was to open up Prospero Place making the library and Percy Thomson Gallery more visible from the main road. It would be a gathering place with seating and perhaps a small playground.
"The idea is to increase the size of Prospero Place and put some design features around it. To make it a people-focused place and to have a focus in the centre of town.
Mr Volzke said councillors had discussed the building numerous times and it was time to inform the public of the outcome. The decision to demolish the building had been made earlier this year.
"The reason we made a decision but hadn't disclosed it was because we had to notify the tennant - that was our first obligation."
The building was purchased by the council in 2013 with an eye to developing the area in the future.
"The reason it was originally purchased was to give us an option some time in the future if we chose to develop this area. It was always a possibility so moving on four years, the time has come." ANZ spokesman Stefan Herrick said ANZ was looking at the council's decision and assessing the options. He was unable to comment.