STC saying goodbye to Saskatoon maintenance centre for $4.9M
The Saskatoon sale marks the second STC building purchase where price was publicly disclosed
The Saskatchewan Transportation Company is saying goodbye to one of the last sites it owns, as the City of Saskatoon has agreed to buy one of STC's two maintenance sites for $4.88 million.
The city originally bid $5.14 million for the property but both sides agreed on a lower price after the city identified repairs that needed to be done on the aging facility. It contains large buildings, including a 19,415-square-foot storage facility and 49,063-square-foot maintenance building.
Disclosing STC sales
The dollar value of the sale is one of only two that have been made public since the shuttered Crown corporation started selling off its assets last year.
The City of Regina disclosed that it paid $16.25 million for STC's Regina depot and two neighbouring parking lots in November, but the province did not disclose how much private company Meridian Development paid for the Saskatoon STC depot.
Details on the sales of the Moose Jaw and Prince Albert depots are not publicly available.
The City of Saskatoon has leased space in both of the buildings it purchased for years. City staff and equipment were able to stay there even after the May 2017 end of STC bus service and throughout negotiations that started in the fall, said Frank Long, director of Saskatoon land.
There is now an opportunity to relocate some city staff, some of whom are currently located in a building that has been committed to the University of Saskatchewan, and to revitalize the north downtown since the city already owns some land in the area, Long said.
"This one just made sense for us."
STC's Regina maintenance site is the only one left for sale before the Crown corporation can dissolve entirely within this fiscal year.