BREAKING: Canadian Tire fulfills payment obligation for purchase of city property

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Canadian Tire Real Estate Limited (CTREL) has fulfilled its payment obligation to the City of Moose Jaw as per the terms of an agreement to purchase property on Thatcher Drive East.

The agreement stipulated that the company had to pay non-refundable deposits totalling $250,000 by Jan. 15 as part of the deal to purchase 11.95 acres (4.78 hectares) of exhibition property for $3,171,725, or $265,500 per acre.

The original contract was to close on April 16, 2020, while Canadian Tire had to commence construction before Oct. 31, 2021. However, based on the renegotiated contract with the municipality, Canadian Tire must start building before Oct. 31, 2022, which means the new building — which would bring Canadian Tire, Mark’s and SportChek under one roof — could be open by 2023.

Check back later for further updates.