p2pnet news | music:- Once Canada’s largest music recording retailer, Toronto’s Sam the Record Man has gone the way of the DoDo. And now Ryerson University wants to take the site over.

“The corner of Yonge and Gould is also of prime strategic significance to Ryerson and will be part of the revitalization of the surrounding neighbourhood,” it says.

Under the provincial Expropriations Act, universities can seek approval to expropriate under specific circumstances in order to achieve academic and community goals, says the university in a statement.

“Compensation for the property is determined either by agreement of the parties, or by a formal process dictated by the Expropriations Act.”

The university will make an offer in the $20-million range for the Sam’s building at 347 Yonge St, says CTV.

It says 87-year-old Sam Sniderman who supports the possible takeover.

We should think so considering Sam paid a mere $140,000 for the building when be bought it slightly more than 25 years ago ;P

Slashdot it!

Also See:
the way of the DoDo – Sam the Record Man auction, June 27. 2007
statement – Ryerson University to pursue expropriation of Yonge-Gould corner for student space, July 3, 2007
CTV – Ryerson wants to take over Sam’s building, July 3, 2007

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This entry was posted on Wednesday, July 4th, 2007 at 10:35 am and is filed under Music. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

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