City to drop option to purchase Edmonton Tower, would receive cash from ICE District
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.
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