In a 10-1 vote last night, Saskatoon city council voted in favour of re-opening negotiations with Lake Placid Developments for the purchase of “Parcel Y” at River Landing in the Central Business District.
There are two major questions that still need to be answered.
1. Does Lake Placid have sufficient financing to complete the project?
City administrators will appoint an independent auditor to undertake a due diligence process to ensure that the dollars are available.
2. Can the two parties agree on a price?
Lake Placid had previously agreed to purchase the land for $4.6 million dollars. That deal fell apart in October of last year and the developer has asked that it be reinstated. Two professional appraisers have recently been done on the land. One suggested a value of $10.4 million and the other came in at $11.6 million.
City administration is expected to report its finding to council by May 25.
Read David Hutton’s story from the Star Phoenix here.
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Royal LePage Saskatoon Real Estate