September 15, 2017
The City of Edmonton and ICE District Corp. have agreed to an amendment in the Edmonton Tower lease agreement that would see the City receive $5 million in exchange for removing its option to purchase a portion of the building in the event it is ever sold.
According to the original lease agreement, the City maintained the first right of refusal in acquiring a half interest in the building. The City has determined it is not interested in exercising this option, and that there is a monetary value in agreeing to a future request to remove it.
City Council accepted Administration’s recommendation in this matter at its meeting on September 13.