Closing day: T&T Government buys Toronto building for Cdn$4.25

Tuesday September 15 is the closing date for the purchase of a commercial building in Toronto, Canada for use by the Trinidad and Tobago consulate in the city.

The property at 185 Sheppard Avenue West was bought for the full asking price of Cdn$4.25. At today's exchange rate the government would be paying TT$24.319 million.

In budget documents, the government had originally put aside TT$24.6 million for buying the 16,013 square foot building, which carries an annual tax charge of Cdn$93,856.

However, in the revised estimates of expenditure for 2010, the government put aside TT$46.2 million for this purchase, TT$21.6 more than what's needed to complete the transaction.

There is no explanation why an extra $21 million was needed, especially since the transaction was concluded on July, 23 before the budget documents were prepared.

Read the story:TT$20 M discrepancy in purchase of building in Toronto