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Winnipeg Free Press - PRINT EDITION
City to lend Longboat $5M for parkade
Space for 464 cars
The City of Winnipeg has signed an agreement with Longboat Development Corp. to lend them $5 million to build a 464-stall downtown parkade.
Earlier this year, downtown development agency CentreVenture confirmed the Chipman family-owned Longboat Development Corp. was selected by the city to build a new parkade at 309 and 323 Hargrave St. The agreement was formally signed on Aug. 27, documents posted online Thursday morning reveal.
The city will loan Longboat $5 million toward the cost of the parkade, and Longboat is expected to repay the money at the earliest possible date.
The city's $5-million contribution comes from proceeds of the Winnipeg Square Parkade sale in 2009 and is being held in the city's land operating reserve.
The plan has to be approved by city council. Council's downtown development committee will review the agreement at a meeting today.
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 -- currently the MTS Exhibition Centre -- into a 140-room hotel and retail/office complex.
Earlier this week, council's downtown development committee voted to remove the building from Winnipeg's building conservation list so it can be demolished to make way for the $40-million complex.
-- staff
Republished from the Winnipeg Free Press print edition October 7, 2011 B3
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