The City had received the property in March of this year from Cornerstone Credit Union for city property taxes owing in the amount of $742,788.
On June 28, Council authorized Administration to proceed with a Public Tender for demolition of all structures at 110 Broadway Street East and associated parcels and to placing all associated fees on the property taxes there after and then to place 110 Broadway Street East and associated parcels for sale and re-development, explained Jeff Fawcett, Manager of Capital Projects with the City.
Seven bids were complete, and the bid received from Silverado Demolition Inc. was deemed to be best value as it was the qualified bidder with the lowest submitted bid, who also satisfies all other requirements of the City, noted the report.
The bid price does not include the City of Yorkton landfill fees and will be the City’s responsibility.
In terms of background; “a full review of the property including structural, mechanical, electrical, hazardous materials and architectural code compliance, revealed that the approximately 50,000 square feet of the structure is in a seriously neglected state and will require substantial investment to repair and/or upgrade,” detailed a report submitted to Council at its regular meeting Monday.
On May 5, 2021, 110 Broadway Street East was offered out to Public Tender for Sale, for a three-week period as is required by the Tax Enforcement Act. The tender included a $750,000 reserve bid and two options, which were to demolish the structure within six months or to repair/upgrade within six months.
There were no bids submitted for the purchase of the property by the tender closing date of May 26, 2021.
