District of Sicamous Enters into Agreement to Acquire Medical Clinic
The District is excited to announce that a conditional purchase offer has been made on the acquisition of the Sicamous Medical Clinic, located at 217 Finlayson Avenue.
“Council has been pursuing additional community space for our recreation programs as well as aggressively recruiting for a second physician to improve quality health care for our residents,” said Mayor Terry Rysz. Council determined that “this was an opportune time to meet both objectives by purchasing the Medical Clinic below its fair market value. This purchase will position Council to actively recruit a second physician and nurse practitioner for our community,” said Mayor Terry Rysz.
The conditional purchase offer of $690,000 is below the property’s 2017 assessment value of $929,000 and appraised value of $790,000. In addition, the long-term tenants that will remain in the space yield a healthy capitalization rate of 7% for the District of Sicamous. All of these factors, led to a final decision to make a purchase offer on the land and building complex. No debt will be issued, the District will be financing this acquisition through available internal resources. Outstanding conditions on the purchase offer include public consultation through a Financial Plan Amendment and a building structural inspection, with a closing date of November 10, 2017.
An amendment to the 2017 Financial Plan will be introduced to Council on October 11, 2017 reflecting this purchase. A press conference is scheduled for Friday October 13, 2017 at noon at Municipal Hall for anyone to ask questions and learn more about this strategic acquisition.
For further information please contact:
Evan Parliament, Town Manager 250-836-2477/250-517-8049 (cell)