By Lara Fominoff @fomsy1 on Twitter

Lethbridge City Council approves purchase of Park Place Mall land from Province

Jul 4, 2017 | 5:19 PM

LETHBRIDGE – In a unanimous decision, Lethbridge City Council has approved the purchase of 60% of the land that Park Place Mall currently sits on or 15.7 hectares, from the Province.
 
Since 1984, the Province has owned the 60%, while the City has owned the remaining 40%. Under the joint venture agreement, each one had the first right of refusal to purchase the share of the other’s, if one of the partners decided to sell its share.
 
If the City decided not to buy, it would also have to sell its remaining 40%.
 
Mayor Chris Spearman says it’s a great long-term investment for the City.
 
“This is a prime location that anchors retail activity in the area. Ensuring the property has long-term viability contributes to the overall well- being of our community.”
 
Purchase price is $12.2 million dollars over 15 years, with no tax supported debt.
 
All of the maintenance and upkeep of the mall building and parking lots is the responsibility of mall owner Primaris Management, which leases the land.