City to sell 19.7-acre parcel for more than $5 million

The city is looking to sell an undeveloped 19.7-acre plot of land in south Edmonton for more than $5 million.

The piece of land is located just behind homes along 18 Avenue SW in the Glenridding Heights area and is part of the Glenridding Ravine.

The area is bordered by Rabbit Hill Road on the east and 170 Street SW on the west.

In a report going to city council’s executive committee on Thursday, the city already has a buyer for the land, but since the highest bid exceeded more than $5 million, administration needs approval before moving forward with the deal.

The exact details of the sale are being kept private at this time.

The report states the general public is not consulted for individual sales because of their sensitive and private nature.

In 2011, the city acquired 155 acres of land for future use within the Glenridding Ravine neighbourhood with about 93 acres of that being set aside for a school and park site and transit centre. Another 24 acres of land remained after looking after the land dedication, road requirements and public utility rights of way and it was put aside as surplus.

This left the city with roughly 19.7 acres, which is currently zoned for agriculture, and is now being sold. The sale was made public in May when several offers were made. The city says the price is at market value.

Selling benefits the city because it creates sales revenue and tax revenue, which supports municipal services.

If the sale goes through and is approved by city council, the result will be a net gain in its land enterprise operations, which is a city initiative aimed at land development. Land enterprise pays a 25-per-cent annual dividend based on its net income from land development. The payment is made during the second quarter of the year following the land transfer.