Released on September 7, 2010
Canadian Pacific Railway (CP) and the Government of Saskatchewan have reached a conditional sale agreement for land required to construct the proposed multi-purpose entertainment facility.
Minister responsible Ken Cheveldayoff said the agreement does not mean a decision has been made to proceed with the construction on the multi-purpose facility.
"The agreement ensures that the land is in place if a decision is reached to build the facility," Cheveldayoff said. "It is a conditional agreement, which means that the sale is subject to the province's final decision on whether or not to build the facility."
"The conditional land sale agreement means Canadian Pacific can continue to plan our future operation in Regina with greater certainty, and without any impact to the safe and reliable service we currently provide customers in the province of Saskatchewan and around the world," Vice-President of Finance at Canadian Pacific Don Campbell said. "Canadian Pacific welcomes this important milestone."
In 2009, CIC approached CP regarding the purchase of the intermodal lands and certain adjacent properties. The downtown Regina location was identified as the preferred spot for development of an entertainment facility. CP agreed to enter into negotiations for the sale of the land.
"The agreement includes a number of significant items, including setting a fair value for the land and compensating CP for relocation of some of its operations," Cheveldayoff said. "Because it's conditional, we can't disclose the cost at this time. If the sale fell through and a price is out there, CP would be at a competitive disadvantage. If and when the sale is finalized, the overall cost to the government will be disclosed at that time."
The government expects to make a final decision this fall on whether or not to build the facility. Discussions for financial contributions are underway with the federal government and City of Regina.
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For more information, contact:
Debbie Clark
Crown Investments Corporation
Regina
Phone: 306-787-5451
Email: dclark@cicorp.sk.ca
Breanne Friegel
CP
Calgary
Phone: 306403-589-6949
Email: breanne _Feigel@cpr.ca