REGINA – Regina city council is set to decide Wednesday on a deal which would see several properties at REAL District sold to Brandt Properties Ltd.
Council is set to consider a lengthy recommendation passed at Executive Committee last week to approve a sale and lease of portions of the REAL campus by Brandt and to delegate authority to the City Manager to negotiate a Master Purchase Agreement between Brandt and REAL, among others.
The deal calls for Brandt to pay the city $6.4 million for assets that include the Brandt Centre, Agribition Building, Queensbury Centre, and a number of other buildings as well as the parking lot west of Mosaic Stadium. The deal also calls for Brandt to take on the estimated maintenance of those properties valued at $78.4 million.
Brandt would also take on approximately 700 REAL employees under the deal.
It’s expected to be a potentially long and perhaps even contentious meeting, with several councillors already likely to oppose the deal.
Four councillors voted against the deal at last Wednesday’s Executive Committee meeting, citing concerns that there has not been enough public input into the deal. The other seven voted in favour, and the question now is whether those numbers will hold throughout Wednesday's meeting
Council has now started hearing from delegations on the Brandt proposal, starting with former Mayor Pat Fiacco, who spoke in favour of the deal.
A total of 13 delegations are set to appear today, including the proponent Shaun Semple of Brandt, prior to council entering into discussion of the proposal.
