News That Matters

Saskatoon city council looking to buy up land ahead of arena construction – Saskatoon


A report was brought forward during Monday’s Saskatoon city council meeting with administration looking for approval to buy three properties near the future arena site.

Administration wants to buy the property at 50-23rd St. for $6.95 million, the property at 39-23rd St. for $5.2 million, and the property at 149 Pacific Ave. for $4.75 million with $400,000 added for relocation costs.

Read more:

Saskatoon city council rubber stamps downtown event centre

The report noted that conditional agreements were made with each building for potential purchase, with city council approval needed by Tuesday.

It added that these purchases will allow for more flexibility and control over the construction of the event district.

One of the buildings is being used for storage, but the report noted that the other two buildings have been used as medical offices.

Story continues below advertisement

The negotiated prices for each property were higher than the appraised value, with the report noting that this was an incentive for the owners to sell, as none of the buildings were listed for sale prior.

Read more:

Saskatoon YMCA dispels rumours, confirms commitment to city’s downtown

The 50-23rd St. location was appraised at $6.1 million, with the negotiated price at $6.95 million.

The 39-23rd St. location was appraised at $4.1 million, with a negotiated price of $5.2 million.

And the 149 Pacific Ave. location was appraised at $3.7 million, with a negotiated price of $5.15 million, including the moving costs.

The report claims that if opportunities for lease revenues and market timing are considered, if none of the buildings are required as part of the downtown event centre, the city could recoup the majority or possibly the full $17.3 million.

&copy 2022 Global News, a division of Corus Entertainment Inc.





Source link