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City wants more protection on parkade loan

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Winnipeg wants additional protection on a $5-million loan for a parkade on Hargrave Street.

Last year, the City of Winnipeg signed an agreement with Longboat Development Corp. to lend them $5 million to build a 464-stall downtown parkade at 309 and 323 Hargrave Street. The city's contribution comes from proceeds of the Winnipeg Square Parkade sale in 2009.

In a new report, released Friday, Winnipeg wants to obtain additional security for the loan with a guarantee of $5-million plus interest from Longboat Development Corp.

The report said Longboat Development Corp. informed the city a related corporation, 310 Donald Inc., is the owner of the parkade property and will be constructing the parkade. The city needs to clarify and terms of the mortgage story, the report said, as 310 Donald Inc. is the appropriate loan recipient.

Council's executive policy committee will review the recommendations at a meeting next week.

The parkade will be located near the site of a hotel planned for the northwest corner of the intersection of Portage Avenue and Donald Street. Longboat plans to convert the former A&B Sound building into a 140-room hotel and retail/office complex

 

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