City of Lacombe calls land exchange a ‘win-win’

Lacombe-based real estate development company proposed land exchange involving multiple properties

The City of Lacombe has reached an agreement with a real estate development company that it says will benefit taxpayers and revitalize key downtown properties.

The deal involves the exchange of the municipally owned Provincial Building, former police station and current fire hall building for the Tricon Group’s property at 5404 56th Ave. (the former Parkland Regional Library) and a cash payment of $375,000.

The Lacombe Fire Department will continue to operate in its current space as part of a lease-back agreement until relocating to a new facility, slated for 2023-24 construction as detailed in the city’s 10-year capital plan.

“This is a positive development for all parties involved,” said Mayor Grant Creasey.

“At first glance, the city may be exchanging two assets for one, but in reality, there is much more to this agreement. We are trading closed doors and darkened windows for spaces that will immediately generate tax revenue, and once redeveloped, add to our vibrant downtown.

“This agreement also releases the city from significant ongoing maintenance obligations for buildings that had no immediate municipal purpose,” said Creasey.

The land exchange is a win-win for both parties and for the community, given Tricon Group’s track record with other local projects, such as the new Lacombe Community Health Centre and the transformation of the former Empress Hotel, said chief administrative officer Matthew Goudy.

“The acquisition of the former Parkland library site creates a large, continuous municipal land reserve in the heart of our community, from City Hall to the Gary Moe Auto Group Sportsplex, which gives us flexibility to respond to opportunities in the future.”

The deal is expected to close in March, and will impact the city’s 2020 operational budget.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

‘Ambulance dispatch should be kept local,’ says Red Deer mayor

Four Alberta mayors meet with Minister of Health on Thursday

Central zone down to 19 active COVID-19 cases on Thursday

Provincially, 158 new COVID-19 cases were identified

Empty Red Deer hotels could be purchased to create more affordable housing

City and its housing partners will be applying for a new federal program to reduce homelessness

As Agri-Trade neared exhibitors had second thoughts

Agricultural show cancelled rather than fall short of expectations

Liberals vow wage-subsidy extension to 2021, revamp of EI system in throne speech

Canadian labour market was hammered by pandemic, when lockdowns in the spring led to a loss of 3 million jobs

Davis, Lakers beat Nuggets to take 3-1 lead in West finals

Davis, Lakers beat Nuggets to take 3-1 lead in West finals

Heat get chance Friday to oust Celtics, reach NBA Finals

Heat get chance Friday to oust Celtics, reach NBA Finals

Russian Olympic biathlon champion loses Sochi doping case

Russian Olympic biathlon champion loses Sochi doping case

Raptors coach Nurse says he needs to ‘decompress’ from this season

Raptors coach Nurse says he needs to ‘decompress’ from this season

Canadian rookie receiver Claypool is impressing early with Pittsburgh Steelers

Canadian rookie receiver Claypool is impressing early with Pittsburgh Steelers

Iditarod preps for any scenario as 2021 race plans proceed

Iditarod preps for any scenario as 2021 race plans proceed

Pac-12 to kick off 7-game football season in early November

Pac-12 to kick off 7-game football season in early November

Penguins trade 2-time Cup winner Hornqvist to Panthers

Penguins trade 2-time Cup winner Hornqvist to Panthers

Most Read