The City of Lloydminster will not be purchasing the downtown Synergy Credit Union building.
In recent months, the green light had been given to the conditional purchase of the building by city council. The purchase had been the first stage of the Community Hub project, which emerged as a hot topic during the recent municipal election held in the Border City.
However, the City has now announced that the purchase agreement for the building has now been rendered null and void.
“The purchase of the downtown Synergy Credit Union building was subject to certain conditions in favour of the City of Lloydminster,” read a statement from the City.
“The City was not in a position to remove or waive the conditions on or before October 26, 2016 and as such, the purchase agreement has been rendered null and void.”
Outgoing mayor Rob Saunders was also quoted in the statement.
“Although the purchase agreement will not be moving forward, we hope the vision of a Community Hub will be preserved,” said Saunders, in the statement.
“It is important the City continues to examine new and innovative ways to enhance our downtown core; by working together with the Synergy Credit Union we hope to create an attractive, inclusive community space for the benefit of residents and visitors.”
A press conference about the decision will be held at City Hall at 2 p.m. today.