Lot plan axed after land deal collapse
By Collin Gallant on August 22, 2018.
A city plan to buy excess land behind its fleet garage on Kipling Street (left) from the Canada Post warehouse (right) has been scuttled after the Crown corporation pulled out of the $85,000 transaction, council heard on Monday. Instead, grant money that would have paid for the purchase will be used to improve a garage bay. The two buildings are shown from the top of 13th Street SE.--NEWS PHOTO COLLIN GALLANTcgallant@medicinehatnews.com @CollinGallant A plan to expand a fenced parking lot at the city’s fleet garages on Kipling Street is being shelved after the neighbouring property owner, Canada Post, backed away from the land transaction. City council heard on Monday that administrators required approval to move $250,000 in grant money allocated for the now-cancelled project to cover other portions of fleet facility upgrades. The land, located behind the Canada Post property at 460 Kipling St., has long been used for city vehicle storage at the neighbouring city garage. Accessing grants in 2016, administrators planned to acquire and fence the area to provide secure storage after a rash of vandalism. The potential sale and land swap was stated to cost $109,000 at that time, plus a swap of excess land to Canada Post. Another $100,000 was set aside for fencing the site. Now, the fencing budget for only the existing site would be reduced to $30,000, and the $250,000 transit-specific grant would be spent elsewhere in the fleet department, specifically to rework a maintenance bay and parts storage area. Separately, the item before council states a plan to spend $50,000 on new computer data collection and communications system was reduced to $10,000 by augmenting existing equipment instead. Bond manager hired The search for an outside firm to handle $100 million in City of Medicine Hat treasury funds has ended with the contract going to Manulife Financial. Last winter, corporate services officials put out a request for proposals to actively manage funds the city holds for medium terms, which are currently invested in relatively low-return, but highly secure GICs. A short-list of qualified firms, whose names were not disclosed, was then asked to submit fee structures. Manulife’s set annual fee is $150,000, the item states. Last year the city transferred a total of about $130 million, comprising mostly money set aside for well abandonment, with Alberta Investment Management Corporation. Local administrators note the difference is the time horizon with the provincial government agency are long term. 14
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