Saskatoon, February 7, 2024 – I’m sharing some exciting news with you regarding the YMCA building in downtown Saskatoon. The Board of Directors of the YMCA of Saskatoon has officially confirmed an agreement with the City of Saskatoon, signalling their intent to purchase the downtown building and property for $8,504,750. This ‘promise to purchase’ involves initial payments to secure the agreement: a down payment of $875,000 and an additional $2,000,000 due on September 30, 2024.
The YMCA will keep ownership for now until the City finalizes the purchase as part of the proposed entertainment district project. Alternatively, the YMCA may decide to move its programs to other locations in the city. The City will receive the remainder of the purchase price upon the transfer of title.
Why We’re Selling the YMCA Downtown Building
This project represents a necessary and positive change that will strengthen our capacity to serve our members, clients, and community. Selling our 55-year-old building supports several initiatives, allowing the YMCA to marshal our resources and continue our programming. The property transfer helps the City with its plan to develop a new entertainment district in the downtown core.
Recent studies indicate the need for future renovations to the aging 22nd Street East YMCA building. Because of future capital costs and the tough financial situation after the pandemic, the YMCA is facing challenges.
The Board of the YMCA of Saskatoon decided that selling the 22nd Street East building and property was the best option.
. The money we will receive will provide us with the financial stability we need.
As I stated earlier, although the YMCA downtown building is being sold, we expect to continue to offer programming and services at this location for the foreseeable future. During this time, we will be committed to serving the community that works downtown. We will also explore which programs can successfully operate downtown and which ones may run from our other Saskatoon satellite locations.
What Comes Next for YMCA Programs and Services
Childcare services at the 22nd Street East location will continue. However, the YMCA intends to move these services to a new downtown space and is currently exploring options.
The City of Saskatoon’s offer to purchase the YMCA building will be reviewed at their public Governance and Priorities Committee meeting scheduled for February 14 and then the proposed deal will go to City Council for their final approval on February 28.
We plan to hold an information meeting for members so we can provide more details about the sale and our plans. The meeting details will be announced in the coming days.
At the heart of this decision lies our unwavering commitment to our mission and the community we serve. By leveraging the value of our property and building through the sale, we can unlock financial resources that will enable us to further enhance and expand our programs, better respond to the evolving needs of our beneficiaries, and maximize our impact.
Purchase agreement we have negotiated guarantees that we will retain the use of our downtown facility for the foreseeable future. This will allow us to continue providing vital services and programs. These have made a real difference in people’s lives. Our operations will carry on without disruption, and we remain fully dedicated to our mission.
We will answer any questions you may have about this decision transparently and openly. We value our relationship with you and are available to address any concerns or inquiries you might have.
Rest assured, our commitment to our mission and the community we serve remains resolute. With your continued support, we will begin this new chapter with enthusiasm and drive.
Thank you for your ongoing support and trust in our organization.
Sincerely,
Mike McKague
YMCA Volunteer Board Chair
