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Prospective Capital Pointe land buyer to present case to council for $700K tax penalty pardon on property

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)

REAL, Capital Pointe, COVID recovery: Council prepares for full agenda for year-end meeting

  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

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