The City has bought up a parcel of land which they say will allow to continued development of the community’s economy.
The sale of the land, in the North-East industrial part of Lloydminster, has been in development since 2010. That’s when the landowner approached the city with plans to sell the land. In 2011, the City was granted first right of refusal, meaning they would be the first one allowed to make a bid for the land.
In September of 2020, a land appraisal found it was worth $1,390,000 for all lands and leases. There are currently two oil leases, one for production and another for reclamation, along with one farmland lease on the parcel.
In the end, the City paid 1.36 million for the 155.95 acre property, and assumed all three leases.
Mayor Gerald Aalbers says this buy will expand the city both in terms of land base and finances.
“It will add to the city’s land-base, but it also allows for that for that continued growth of the city, should and when opportunities arise, whatever economic opportunity comes forward.”
Before this purchase was approved, the City owned 85 per cent of the land outlined in the Northeast Area Structure Plan. Now, the City owns 95 per cent of that land.
Aalbers pointed to several business opportunities that the land could be used for, including farming or oil development, but right now he says there’s no limit on the potential of this parcel as the city works on economy building and job creation.
“Certainly we have an economic development team that’s continuously working steadily on attracting new investment to our city and opportunities, and it’s always great to have as many pieces in your toolbox.”
The City will close the deal within 30 days of this acceptance, and the landowner will assume all realtor fees.