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Capital Pointe owner owes Regina $2.3M for filling hole

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Capital Pointe owner owes Regina $2.3M for filling hole
WATCH: The Capital Pointe Hole is filled, but what does that mean for the property owner and the city? Allison Bamford explains – Nov 8, 2019

A whole bunch of work went into filling the Capital Pointe hole, and now the work is officially done. The City of Regina said 10,000 working hours over four months went into filling the five-story pit.

The city sank about $2.3 million into filling the hole with over 25,000 cubic metres of dirt, putting up a fence around the lot, and rebuilding the sidewalk. This amount has been added to the property tax bill for the site’s owner, Westgate Properties Ltd.

“All of the costs associated with the project are on the taxes and the city will follow the normal processes to do collection on the tax,” said Karen Gasmo, the city’s sustainable infrastructure director.

Property taxes for 1971 Albert Street, the former hole’s address, came to approximately $44,000 for 2019.

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If the property is sold or Westgate declares bankruptcy, the City of Regina is the first creditor that will receive payment. The city said they are taking all steps possible to limit the risk to taxpayers.

Real estate company Cushman & Wakefield currently has the price listed at $2 million. The property was originally valued at $8.5 million.

Gasmo said the city has informed Westgate about the added property taxes, but can’t speak to other correspondence.

As the property owner, Gasmo said Westgate is still responsible for the upkeep of the property. This includes making sure sidewalks are clear.

City bylaws dictate that downtown properties must have their sidewalks clear of snow and ice within 24 hours of a storm.

The city was given clearance to fill the site in March due to safety concerns. Work began in June.

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