The City of Nanaimo issued a Request for Offers for 100 Gordon Street. Proponents were asked to provide background information on their proposed project, timing and the price they were willing to pay for the property. Offers were required to be submitted by January 27, 2017. Six proposals were received by the deadline.
At the June 19, 2017 Council meeting, ‘Approval in Principle’ was granted by Council for the disposition of the property to PEG Development.
The key terms of the agreement include the following:
- Purchase price: $750,000
- Deposit: $50,000
- PEG Development conditions (120 days):
- Approval of a development permit
- Approval into the Hotel Revitalization Tax Exemption Program
- Environmental and geotechnical investigations
- Confirmation of project viability
- Closing date: 30 days after removal of last condition.
The City has the right to repurchase the property for $750,000 should PEG Development not meet its obligations and be under construction within two years.