For Release:  October 30, 2009
CM09-368

The City of Saskatoon did not receive payment from Lake Placid Developments for the purchase price of Parcel Y.

At the August 19, 2009 Council meeting, City Council passed a resolution indicating that if full balances owing were not received by 5:00 p.m. on October 30, 2009, then both the Parcel Y and the adjacent lane agreement would be terminated without further resolution of Council.

The balance of the purchase price for Parcel Y (River Landing Village) was $4,562,503.84 plus $480,965.65 for the lane adjacent to Parcel Y.  Lake Placid forfeits its two deposits totaling $250,000 and the interest payment of $193,770.48 it made in August.

The City of Saskatoon retains ownership of the property. 

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Media, for more information:
Mayor Donald Atchison
975-3202