Winnipeg Free Press - ONLINE EDITION
Posted: 11/30/2012 4:12 PM | Comments: 0
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
Having problems with the form?Contact Us Directly
Provincial park passes now available at liquor stores
Woman charged in North End murder was on bail for assault
Lawyers seek four-and-a-half year sentence in impaired driving crash
Province to help cover losses for flood-affected fishers
Steeves would raise $100 million for city by selling golf courses
Bumbling crook uses his head
Folklorama most popular summer fest: poll
Two years of house arrest for senior who stole $38K
Mayoral candidate wants to lower voting age
Warm, wet weekend in store for Winnipeg
11-year-old conservationist gets meeting with polar bears
Accident closes Trans-Canada Highway near Virden
Katz changes listing on Ariz. home
Court date on hold in Brandon inmate's beating
Police forced to moo-ve cows off highway
Province receives request to review damning audits
New rules for rentals start soon
Woman drank self to death, man says
Temple happy to learn about return of urn
Centra Gas rates go down a tad
A walk a day can keep the doctor away
Owner insists nothing's fishy
SOUNDS of success
How the seven mayoral candidates stack up so far
When it comes to getting a few laughs, I've got the scoop
Dead toddler had CFS contact
Mailbox sites anger residents
'This is the reward for the work we do'
Ancient trees discredit drought
Growing Older July 25
Billboard July 25