By rdnewsNOW Staff

With Added interest

Canadian Tire Real Estate Ltd. returns over $750,000 to the City of Lacombe

Jan 24, 2023 | 4:44 PM

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.

“It is regrettable that the City of Lacombe does not currently have a large retail development located at Lacombe Market Square,” said Mayor Grant Creasey. “Council would like to thank Canadian Tire for honouring the original agreement and returning the deposit to our citizens. Despite this setback, council remains optimistic their property will be developed in the coming years.”

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The City says the site remains the property of Canadian Tire Real Estate Limited and is zoned for a Regional Shopping Centre District. They state an application for a development permit is the next step for the development, which can proceed at the landowner’s discretion.