City looks to create for-profit Edmonton land company
Gordon Kent, Edmonton Journal
Published on: September 28, 2015 | Last Updated: September 28, 2015 6:11 PM MDT
The city should start a for-profit real estate company to spur development on $17.9-million worth of surplus civic land, a new report recommends.
The city-owned firm would likely work to rezone the five undisclosed properties and then sell them, or might bring in private partners to push development along, according to the report released Monday.
The goal of the chief executive and two or three employees would be to make money and help build Edmonton the way the city wants, says the report, based on recommendations from a panel of real-estate experts.
“By virtue of being independent, the (company) would also have the flexibility to direct decisions toward maximizing return, rather than being tied in to politically driven directions for development.”
Councillors asked last January for a business plan and information on how to set up a real estate corporation, which, similar to Epcor, would be run by a board of directors....
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