Canadian Tire Real Estate Ltd. returns over $750,000 to the City of Lacombe
The City of Lacombe announced that Canadian Tire Real Estate Limited has returned to them a $750,000 deposit, along with accrued interest, after mutually agreed upon timelines for the Lacombe Market Square retail development were not achieved.
In January 2019, the City partnered with a commercial developer to facilitate the development on the east end of Lacombe as the future location of Lacombe Market Square. The agreement included the City providing a $750,000 deposit that would become non-refundable if certain construction milestones were met.
READ: Lacombe gives Canadian Tire more time to apply for development permit
City officials confirm the development has not achieved the intended timelines and the City’s $750,000 deposit has been returned, along with the interest accrued since January 2019.