Moncton extends option to purchase Highfield Square site
Moncton city council has approved a six-month extension on its option with Warren Gate Investment Inc. that could see the city purchase the old Highfield Square property. The city had until March 2013 to buy the property for $6 million, where it plans to build a $100-million sports and entertainment complex. But Warren Gate Investment Inc. officials asked for the extension as it finalizes internal paperwork of its own. City council agreed to the extension at a meeting on Monday night, which puts the sale off until September 2013. Moncton Mayor George LeBlanc said he does not have a problem with the delay.
"We have to be sure that council is satisfied that this is a project that we can do and we can do well and at a reasonable cost,” he said.
In order for the orginal March deadline to have been met, the actual sale would have had to happen in December, according to Jacques Dubé, the city manager. The company officials indicated to the city they could not complete their negotiations with their bank in time to meet that deadline.
Read more at:
www.cbc.ca
Looks like we're now targeting 2017 for the new arena to be completed.