Rent reduced for riders, early budget items approved by Regina Council
38m ago
Council retroactively slashed $1.33 million in rent owed by the Roughriders.
The Global Transportation Hub in Regina was a hub of activity over the past year.
According to a media release from SaskBuilds and Procurement, there was construction on about one quarter of the GTH’s footprint on the city’s outskirts.
That construction was connected to road, rail, utility service or land development.
In the release, SaskBuilds said the increases in sales and development have improved the hub’s financial position. Over the past fiscal year, the GTH dropped its organizational debt by 48 per cent, with the debt-to-equity ratio falling from 4.23 to 0.79.
The GTH expects revenue increases connected to property taxes over the coming years as well.
The improvement of the financial picture includes a sale of five acres of land to Cam Transport Ltd. The deal with the Saskatchewan trucking company was closed Thursday.
“The GTH offers the perfect environment to expand our operations,” Cam Transport owner Guldeep Romana said in the release. “The ease of access to the bypass to serve our many customers from around the city made our location decision an easy one.”
Cam Transport is to develop a five-acre plot in two phases starting next year. The work will include a truck yard with secure parking and storage for trucks and trailers, a repair shop, warehouse and offices.
“Despite concerns about inflation and other economic challenges, the GTH is enjoying consistent and continued success,” Daniel Hersche, the GTH’s president and CEO, said in the release.
“We’re pleased to welcome Cam Transport — a business aligned with our vision and goals — to the GTH, keeping our forward momentum and creating economic value and impact for Saskatchewan.”
“This most recent sale tells the story of a thriving future for both the GTH and for our great province,” added Joe Hargrave, the minister responsible for the GTH. “With many more exciting deals in the works, I think the public can look forward to a landmark year at the GTH.”
The latest transaction means 283.8 acres have been sold at the Global Transportation Hub footprint since March 31 of last year. Among the deals announced this year was the sale of 15 acres of land to Regina-based trucking firm 4Tracks Ltd. in May.
The facility also will soon be the home of a canola-crushing plant owned and operated by Cargill.
In total, 1,010.2 acres have been sold by the GTH since its inception in 2009. As well, 497 acres remain for sale, with the rest of the land dedicated to infrastructure.