NANAIMO – At the June 19, 2017 Special In Camera Meeting, Nanaimo City Council provided ‘Approval in Principle’ to sell the City-owned 100 Gordon Street property to PEG Development from Provo, Utah for $750,000.
The sale is subject to a 120-day due diligence period for PEG to complete their Development Permit and perform other environmental and geotechncial studies on the site.
Quick facts:
- In December 2016, the City of Nanaimo issued a Request for Offers for the City-owned property at 100 Gordon Street. Six offers were received by the closing date of January 27, 2017.
- Five of the proponents chose to present their projects to Council at a series of Special “In Camera” meetings on April 20, 2017, April 21, 2017 and May 8, 2017.
- The Request for Offers process has shown that there is considerable interest in the property and there are a number of feasible options for the site.
- Council selected PEG as the preferred proponent and directed staff to commence negotiations. Those negotiations are now complete and Council has provided approval in principle to the deal.