Time is ticking to close the deal on the Waterloo Summit Centre sale
The deadline to finalize the sale of the Waterloo Summit Centre is less than a month away. At Monday night’s council meeting, Huntsville CAO Denise Corry explained that the town and the buyer, De Novo Treatment Centre, had 120 days from the date that the town confirmed De Novo was the successful buyer to close the deal. Corry says that announcement was made on November 28th, so 120 days will be up on March 28th.
Corry says the hold up is on De Novo’s side of negotiations; the town had requested more information from the drug and alcohol rehabilitation centre before the deal is finalized and Corry says they are still waiting for those details. The exact information isn’t being released, as it was discussed in a closed meeting.
Corry says she has explained to De Novo that the town needs sufficient time to review the information before signing off on the deal, which means they can’t come back the day before the deadline with answers. Councillor Brian Thompson asked what would happen if the deal goes south, and Corry says at that point she would bring more options forward.
The town had decided to sell the building for $3.9 million after the University of Waterloo backed out of its lease agreement a year early.
Still no decision on Waterloo Summit Centre, negotiations continuing