REGINA -- Regina city council is requesting a private meeting with a group of developers looking to buy 1971 Albert St., the former site of the failed Capital Pointe project.
Smith Street Lands Ltd, which includes lawyer Tony Merchant, wants to purchase the site by Jan. 18, 2021. The group is asking the City to eliminate the approximately $692,000 in property tax penalties left over from the former developer. A group representative said it will cancel the purchasing process if the city does not eliminate the penalties.
The group offers to pay around $2.25 million dollars to cover the cost to backfill the site and the several years of property tax arrears.
“I recognize trusting us with the future of this site blindly is a tough concept to accept, however I believe the alternative of allowing it to bounce around in court for the next year or two, eventually being taken back by the city on unpaid taxes, to be again put up for tender with no plan for development is worse,” Smith Streets Land Ltd. Member, Robert Goldman, said.
Goldman said the property would not be financially viable if the penalties remain - arguing Smith Street Lands Ltd. did not accumulate the penalties.
Council said the group knew about the penalties when it joined the process, and asked for more details about the development plan.
“I think at the end of the day the City doesn’t want to own that property, we would appreciate collecting the money that’s been put into on behalf of the taxpayers of the City of Regina,” Mayor of Regina Sandra Masters said.
Goldman said he couldn’t share information about the development publicly, but believes council would support the project.
“To publicly disclose our plans for development now would put the very development that is a steeple in your decision here today in jeopardy,” Goldman said.
After a long discussion, council approved a motion to hold a private session with the group of developers before Dec. 22, to try and learn some of the details surrounding the property plans.
“Clearly there was some confidentiality issues as it relates to the agreements that are in place for that real estate deal, but will there be sufficient information for council to be satisfied that they are having better information to make a better more informed decision? Perhaps.” Masters said.
