Land Deal Boosts U of S Student Scholarships and Bursaries

Posted July 19, 2001


FOR IMMEDIATE RELEASE - July 16, 2001
2001-07-03-OTHER

Land Deal Boosts U of S Student Scholarships and Bursaries

The University of Saskatchewan Board of Governors has approved an agreement
between the University and Rencor Developments Inc., Harvard Developments
Inc. and TGS Properties Ltd. to lease a parcel of land within the city.
Revenue from the lease will be used to create a University Land Endowment
Fund.

The Fund will be used to boost scholarships and bursaries for students and
to support research and technology initiatives.

University President, Peter MacKinnon said: "If we are to compete
successfully with other universities to attract the best and brightest
students, it is essential that we increase the scholarships and bursaries we
offer and build on our research strengths. This deal provides an ideal
opportunity to do both, without affecting our operating costs."

The agreement will allow a retail development of approximately 600,000
square feet to be built in three phases on land currently used by the
College of Agriculture. This alternative use means a significant annual
boost to the bursary and scholarship program of the University.

University Students' Union President, Janelle Hutchinson, warmly welcomed
the news. "There is a serious need for increased scholarship and bursary
support for students, and we feel that a student focus is very appropriate
for these funds," she said.

Pending all municipal approvals being obtained at City Council meeting on
July 16, construction on the site will commence late fall 2001 and the first
phase of the development will be open for business next summer. Once
complete, the centre will be managed by TGS Harvard Property Management
Services in conjunction with the University.

Ron Renaud, President, Rencor Developments Inc., said: "We are pleased and
excited that our team has been selected to develop, what we hope will
become, an exciting retail landmark in Saskatoon that will complement the
campus setting and act as an eastern gateway to the University.

"We would like to thank the University for their assistance in securing this
land lease and we look forward to a long and successful relationship."

For further information, contact:

Judy Yungwirth
Director Corporate Administration
(306) 966-8781

Tony Whitworth
Vice-President Finance and Resources
Tel: (306) 966-6631