City of Lacombe calls land exchange deal a “win-win” for taxpayers
The City of Lacombe has reached a deal with a local developer that it says will benefit taxpayers and revitalize key downtown properties.
The deal sees The Tricon Group purchase the former police station and current fire station building, as well as the former Provincial Building, from the city in exchange for Tricon’s property at 5046 56 Avenue, formerly the Parkland Regional Library building, and a $375,000 cash payment.
Under the deal, the Lacombe Fire Department will continue to operate in their current space as part of a lease-back agreement starting at $36,000 per year, until relocating to a new fire hall, which is anticipated for construction in 2023-24 as detailed in the City’s 10-year capital plan.
“This is a positive development for all parties involved,” says Mayor Grant Creasey. “At first glance the City may be exchanging two assets for one, but in reality there is much more to this agreement. We are trading closed doors and darkened windows for spaces that will immediately generate tax revenue, and once redeveloped, add to our vibrant downtown.