REGINA — A special city council meeting will be held next Tuesday to discuss the existing lease agreement with YQR Distillery Ltd and the the Regina Exhibition Association Ltd. (REAL).
Per a report, REAL is requesting consent from council to amend their existing lease with YQR Distillery Ltd. and assign it to 102207241 Saskatchewan Ltd.
REAL originally entered into an 80-year sublease with YQR Distilleries Ltd. in 2021.
“In making the request, REAL has indicated that the proposed assignment aligns with its strategic objectives, will foster economic development on-site, and maintain operational continuity for important community-facing amenities,” reads the report.
If agreed upon, 102207241 Saskatchewan Ltd. would have to follow certain proposed amendments outlined by REAL.
These include 52,000 square feet for the premises plus exclusive use of 60 parking stalls. This is a 10,000 square feet increase from the original premise size, and the additional space would be charged for rent.
The proposed lease term would be 90 years, and REAL estimates $21 million in rent will be due for the first 50 years.
Its worth nothing in the report that 102207241 Saskatchewan Ltd. would have the ability to terminate the lease on six months notice.
REAL will also accept “liability to reconstruct building at landlord cost for initial 20 years of term," according to the report.
If approved, the effective date for the lease would be no later than June 30, 2025.
The special city council meeting will start at 1 p.m. on Tuesday.
