Canadian Tire Deal Is Worth $3.1 Million City Announces
A story initially broke by MJ Independent on Thursday about the City approving the land sale to Canadian Tire now has more details.
In a press release the City of Moose Jaw says initial approval of the deal was given by Executive Committee when they broke from in-camera discussions and approved the deal at their December 9th meeting.
The sale for 11.95 acres - presently leased to the Moose Jaw Exhibition Company and used as pasture - has a value of $3,172,725 including off-site levies.
“The negotiations started in 2016 and with a renewed emphasis in 2019 we were able to finalize a deal,” explained Mayor Fraser Tolmie in a statement. “We owe thanks to Canadian Tire and our Administration for their patience and perseverance towards ensuring a deal for this major project was completed.”
Canadian Tire Corporation plans to construct a new “Big Box” store on the land, with construction anticipated to begin in late 2020.
As part of the deal Executive Committee additionally voted to hire a qualified contractor to perform the work required to service the parcel along with a partial connection to the remaining lands to the north being serviced at the same time as the Canadian Tire Parcel at an estimated cost of $2,484,000. The source of funding being the City’s Land Reserve.
The north parcel of land is 21.4 acres in size and presently used as pasture and parking for equine events. As part of a previous agreement between the City of Moose Jaw and the Moose Jaw Exhibition Company the Exhibition Company had previously agreed to part with the land if the City needed it for other development. There are presently NO known plans for development or sale of the north parcel of land.
The agreement will go to the next regular meeting of City Council Monday, December 16, 2019 for ratification.
The land sale and retail development was announced during the 2016 municipal election and coincidently will be under construction during this November’s civic election. It is unknown at this time when actual construction work on the store will begin.
No details were aprovided what, if any incentives, were given to Canadian Tire as part of the agreement.