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City spends $15M on land – Lethbridge Herald
by ahnationtalk onOctober 11, 201779 Views
October 10, 2017
Lethbridge City Council spent nearly $15 million on westside land bank purchases during its final council meeting on Tuesday.
In two different motions, council voted to pay College Farms Ltd. $14.8 million for two land packages.
The first motion included a $5.2-million purchase of 80 acres south of Métis Trail along 25 Street West at $65,000 per acre. The purchase will be made with a lump-sum payment to be made on Nov. 15.
The second motion included a $9.6-million purchase of 160 acres west of Coalbanks Blvd. West at $60,000 per acre. The land will be paid off in four instalments of $2.4 million every January 31 until 2021.
In both instances, the land will be leased back to the previous owner for one dollar annually in order to continue farming operations until the property is needed for development.