Three lots in Capstone can now be bought below market value for multi-family developments
The early bird can get the worm in Red Deer’s Capstone neighbourhood as three parcels of land can now be purchased below market value.
At their meeting on Tuesday, city council approved the sale of lands at 5436 47 Street at a reduced price of $250,000 per parcel, designated for multi-family development.
The resolution to receive such offers was initially passed at council’s June 12 meeting.
Under the Municipal Government Act (MGA), the City had to advertise the proposal of transferring land for less than its market value in the local newspaper for two weeks. Residents then had 60 days to petition; the City confirmed none were received.