Brandt Properties has made an offer to purchase and operate a large portion of Regina’s REAL District, pending approval from city council.

The City revealed the offer during a briefing Friday morning. The deal, if approved by city council, would see Brandt assume control of nine properties on the REAL District campus for $6.5 million.

The properties include the Ag-Ex Building, Canada Centre Building, Commercial Cattle Barn, Queensbury Convention Centre, Stockman’s Building, the Brandt Centre, the Agribition Building, the land lease for the McDonalds located at 1810 Exhibition Parkway and the parking lot west of Mosaic Stadium.

As part of the deal, Brandt would also assume operation of the Queen City Ex for, “as long as it is commercially viable and there is demand for the event in the community.” Additionally, Brandt would commit to invest at least $15 million into the buildings within two years of the purchase.

According to the City, the proposed sale price was affected by the age and maintenance requirements for many of the buildings. Total deferred maintenance would cost the City $73.5 million, while partial upgrades to meet acceptable city standards would total $39 million.

“The proponent here is willing to take on the risk solely and [what was] important for us when we were negotiating this deal, was to try and ensure that the taxpayers reduce that liability, completely,” deputy city manager and CFO Daren Anderson told reporters Friday.

“… This is about whether taxpayer dollars are best served being invested into activities like this, or best served, focusing on other core activities that the city does.

The City will retain control of Mosaic Stadium, the AffinityPlex, the Co-operators Centre and the Bunge International Trade Centre.

The close to 700 unionized staff employed by REAL will be transferred to Brandt, with the company assuming the existing collective agreements.

As part of the deal, Brandt will offer employment to designated members of the 50 out-of-scope individuals currently employed by REAL. Any out-of-scope staff who are terminated will be offered severance, according to the terms of the offer.

“Brandt has been working with the City and REAL to explore options related to the future of the REAL District,” a Brandt spokesperson told CTV News in an email.

To respect council’s review of the proposal, Brandt would not comment further.

In addition to needing the sign off from Regina city council, the sale is subject to REAL and Brandt board of director approvals.

The deal is set to be discussed during the City’s next executive committee meeting on April 29. If passed at that meeting, the agreement will go to city council May 6.

Mayor Chad Bachynski is expected to comment on the deal following next week’s executive committee meeting.