County Sells Old Administration Building
Thursday, July 11, 2019
Rocky View County has sold its former administration building complex to the City of Calgary.
The County moved to a new County Hall in the east Balzac area in October of 2018, and put the old buildings and land in northeast Calgary up for sale. The County fielded a number of inquiries, including an attractive offer from the City of Calgary, which owns much of the neighbouring property around the site.
The County and the City each had an independent valuation done on the buildings and land. An agreement was reached with a final purchase price of $13 million, and the sale has now been completed.
“Given land values in Calgary, and the condition of the old buildings on the site, this was a strong offer. Completing the sale was a very good move for Rocky View County, and it helps the City of Calgary with their need to expand their operations in that area,” said Reeve Greg Boehlke.
The revenue from the sale will be placed in the County’s Tax Stabilization Reserve Fund. The money remains in the fund until Council votes to use it for important initiatives, such as disaster relief spending, new initiatives, one-time special projects, or unexpected declines in future municipal revenue.
The agreed price for the old building and land takes into account minor environmental factors, such as the potential cost to the City should they choose to mitigate some salt in the soil at former road-salt storage areas, and some hydrocarbons in the soil around old fuel storage tanks.