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The City of Regina and Brandt Properties... the owners of the Regina Pats and Regina Red Sox... have reached a non-binding agreement that would see Brandt purchase a portion of REAL District.
This is NOT a done deal yet. It goes to Executive Committee on April 29 and City Council on May 6.... and the public can speak at both meetings.
But here's what's being proposed
Brandt would purchase: Brandt Centre
Queensbury Centre
Canada Centre, Ag-Ex Building, Stockman's Building, Commercial Cattle Barn
South end parking lot and the McDonald's land
The city would keep:
Mosaic Stadium, Co-operators Centre, AffinityPlex and Bunge International Trade Centre.
What taxpayers are being promised:
$79 million in savings over five years
$300,000 saved every single week
Equivalent to an 8% property tax reduction
The buildings being sold average over 45 years old. The Brandt Centre alone is valued at -$10.3 million — meaning the repairs needed cost MORE than the building is worth.
Brandt would commit to:
Investing at least $15 million within 24 months
Keeping Canadian Western Agribition and the Queen City Ex going
Taking on all 700 unionized REAL employees with existing contracts intact
This is one of the biggest proposals Regina has seen in years. Whether it passes or not... the conversation starts now.
What do you think Regina? Right move or wrong move? Drop it below
#Regina #YQR #KnowRegina #REALDistrict #BrandtProperties #ReginaNews #CityOfRegina #ReginaPats #YQRBusiness #ReginaEconomy #REAL #ReginaPolitics #ReginaDecides
What are the chances they build a new hotel on this property?
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