The potential sale of more than 250 hectares of land just north of the city will be up for debate at a special Regina city council meeting on Monday.
It's the only item up for debate on the agenda for the special meeting, but there are very few details about the organization or individual looking to purchase the land, or what they're planning to do with it.
The purchaser is described only as "an independent commercial party" in a report headed to council as part of Monday's meeting.
The proposed $4-million purchase price for the 633.6 acres (256.4 hectares) of land is below market value, according to the report. However, the proposed development would provide a "substantial economic opportunity for the City of Regina," it says.
The development — if it is eventually built here — would employ an unspecified but "significant number" of construction jobs, the report claims.
That would then be followed by ongoing permanent jobs and indirect support of another 1,500 jobs in the area of the Queen City.
The report claims the project could add approximately $500 million to the region's domestic product.
The four parcels of land included in the proposed sale are located just north of the city, past the Co-op refinery complex and beyond the city's landfill, a map included with the city report shows.
An assessment of the land completed on March 16, 2021, estimates the market value of the property at $6.3 million, according to the report.
But if the deal is approved by council, the developer would be granted a $4-million option to purchase the land, with $50,000 of that being considered a non-refundable fee.
That option to purchase will be required to be exercised within one year.
However, it's not a blank cheque, with the City of Regina and the developer needing to come to further agreements on a number of unspecified details that require further study, the report says.
Those would come before council for approval and would likely include further details on the developer and its plans.
If the option to purchase is exercised but construction of the proposed development doesn't get underway within two years of the purchase, the City of Regina would have the right to take ownership of the parcels.
That process would require the city to refund the $4-million option, minus the $50,000 fee.
Council can decide to reject the potential sale, although the report notes that could result in the developer choosing another region for their potential project.
Monday's special meeting is set to begin at 1 p.m. CST.