Other land in the area of the arena construction has gone up, says City. (Susan McNeil/paNOW)

By Susan McNeil

Arenas and pool

Value of arena and aquatic centre land has increased, councillors say

Jun 21, 2022 | 9:33 AM

The value of the 25 acres purchased to build the arena and aquatics centre has increased, says the city of Prince Albert.

Mayor Greg Dionne explained that lots are selling now for more than what the city paid when they bought their land.

“Since we made our purchase, the land values have gone up, now they’re selling for over $500,000 so that tells me what the value of the land is,” he explains.

Council was discussing the issue at Monday’s meeting of the executive committee because a local realtor, Jesse Honch, questioned why the City paid the price it did when the RM of Prince Albert purchased 25 acres of land for about $320,000 in the same year.

Dionne noted the price the city paid includes everything from services to curb and gutter and lighting and it’s a much different product.

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“RMs don’t build curbs, RMs don’t require landscaping, RMs hardly put street lights in so there’s quite a difference in balance.”

In fact, Dionne says he knows that it cost the developer over $3 million just to re-locate the electrical supply, a cost that was not part of the city’s purchase.

Part of the city’s calculation on paying for its share of the twin pad arena and aquatics centres is that the remaining land in the district, which is 65 per cent sold to other commercial ventures, will generate the tax revenue to cover a good portion of the annual loan payments.

The remainder will be funded from the facilities levy.

Dionne added he’s heard from multiple residents that they support the project and want to see the development go ahead.

The city awarded the construction contract just over a week ago and says construction will start soon.

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susan.mcneil@pattisonmedia.com