Quote:
Originally Posted by Flash Walken
The real estate around the new arena proposal is significantly more valuable than the land around the toilet up in the Chuck.
This is a huge windfall for the flames and their cheerleading hangers on like Brett Wilson
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The current value of the land per the Herald:
Enoch lands: 70,000 sq feet. $15 million
Bus barns: 500,000 sq feet. $85 million
The Flames can buy the Enoch Lands @ $15 million until the move in date of the new event centre. City is giving up the increase in land price that will occur and maybe more if there was to be a bidding war for that land.
The bus barns option states that the valuation of the land at the time of the option being exercised will be used and the option expires 10 years after the move in date IF the city decides to make that land available for development (there is no obligation to make the land available). So the value of the land increasing should be captured if the option is exercised, unless there would have been a bidding war.
The city can get out of this option by not making the land available for development until after the option expires which might be prudent if there are indications a bidding war might occur.
Does anyone have the data for the lands Katz got in the Edmonton deal?