The District of Sicamous has announced a conditional purchase offer on the acquisition of the Sicamous Medical Clinic, located at 217 Finlayson Street.
“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 in a news release. “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.”
The conditional purchase offer of $690,000 is below the property’s 2017 assessment value of $929,000 and appraised value of $790,000, states the release. In addition, the long-term tenants that will remain in the space yield a healthy capitalization rate of seven per cent 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 Nov. 10,” the release states.
An amendment to the 2017 Financial Plan will be introduced to council on Oct. 11 reflecting this purchase.
A press conference is scheduled for Friday, Oct. 13 at noon at municipal hall for anyone to ask questions and learn more about the acquisition.