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.
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City council previously approved a temporary one-year parking lot for the property. In its submission, Smith Street Lands said it has seen some speculation in the media and on Twitter that the group may keep the parking lot longer than planned. This is one, not accurate and two, an uneducated opinion as it pertains to the parking business, Smith Street Lands said.
Owners of downtown parking lots previously told the city council that they are in tough positions right now as the pandemic has drastically reduced people parking in the area.
The Capital Pointe lot, located at the corner of Victoria Avenue and Albert Street, is up for debate once again at city council on Dec. 16. (Matthew Howard/CBC)
REGINA Regina City Council will meet for the final time in 2020 on Wednesday, to discuss a possible McDonalds at Evraz Place, and the former Capital Pointe project site. Council is set to decide whether to allow REAL to take on more debt and provide it with a yearly cash injection. A proposal from REAL said the pandemic has caused unexpected debts. City administration estimated REAL will need a grant of $700,000 per year to maintain operations and pay the debt. Council will also vote on whether to grant a 40 year lease to McDonald’s at Evraz Place. A group called Smith Street Lands Ltd. that includes lawyer Tony Merchant is asking for a partial property tax reduction on the old Capital Pointe project site at 1971 Albert St. In return, The Smith Street group proposes to pay $2,259,173.50 to cover the cost to backfill the site and the two to there years of property tax arrears. The group adds it plans to develop the site as soon as possible. The proposal said the site
Proposed Capital Pointe developer says no deal unless city pardons $700K in taxes owed
City administration is recommending against the request, saying the developer has not shown financial hardship or met city criteria.
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