Saskatoon city council, in a special emergency meeting today, granted a final extension to Lake Placid Developments to cough up the $4.55 million for land the developer purchased at River Landing by October 30 2009. The extension is conditional upon the developer paying interest to the City of Saskatoon in the amount of $214,197 by August 31. An “embarrassed and humbled” Michael Lobsinger left a post-dated cheque to settle the bill along with his continued assurances that financing for the residential condo development and hotel, the proposed centrepiece of the River Landing development, is “imminent.”
In a story just published on the Star Phoenix website, Mayor Don Atchison is quoted as saying, “It’s all about certainty, and in the financial markets today it’s all about certainty, not guesswork. This is absolute certainty now. You heard me at the end there tell (Lake Placid CEO Michael) Lobsinger if he doesn’t come up with the $214,197.14, the deal is finished, or if it doesn’t come up with the money for the land, it’s terminated as well. There’s no more chances.”
Read the Star Phoenix story here.
CBC’s report is here.
I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call or email.
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Norm Fisher
Royal LePage Saskatoon Real Estate
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{ 3 comments… read them below or add one }
Happy Halloween! (trick or treat…?)
Lol.
As much as I hate the thought of this project being scrapped, it will be good to have some “certainty,” one way or the other.
Yes, and it should it not come together, there will always be other possibilities for development. At one point they were talking about a convention centre (although I believe the casino was going to anchor it), but why not turn it into a science/cultural thing, ie: museum, science center, IMAX theatre with the option to add a hotel/convention center at a later date.