Invest Windsor > News
St. Clair College gets Downtown Windsor City Building for $1
December 9, 2009
WINDSOR, Ont. — St. Clair College’s journalism school will set up shop downtown at the former Salvation Army building and pay the city $1 for the property.
The only condition is that the new owner must hold the property for 15 years, after which it will be granted title, according to a deal approved by council behind closed doors Monday night.
Dumpsters were outside the long-vacant property Wednesday morning as crews began cleaning up and prepping the building.
City solicitor George Wilkki said the land and building at the corner of Victoria and University avenues are valued at $917,500. Using a simple 15-year depreciation formula, if the college steps away from its commitment sooner, it must pay the city based on the remaining years multiplied by $61,200.
CLICK HERE FOR THE REST OF THIS ARTICLE
Click HERE for more Windsor Ontario News
Property Management in Windsor, Ontario...Read More
Email Address:
