The city is on the verge of selling 107 acres of land within the Hanlon Creek Business Park, on which the buyer plans to “construct multiple speculative buildings,” states a staff report released on Friday.
Three parcels of land are included in the deal, as well as a “small segment of Laird Road” which is set to be closed.
The deal is set to be finalized on Dec. 28.
Back in March, city council directed staff to launch a request for proposals and conduct negotiations to “divest and develop” city-owned properties within phase three of the business park.
The pending sale is the result of those efforts.
Sale proceeds will be transferred to the city’s industrial land reserve fund.
Included in the deal are heritage lands identified by the water services division as a potential future production well. Even after the lands are sold, the city plans to move forward with groundwater testing as well as planned building stabilization work courtesy of a long-term lease, with an option to repurchase in the future.
