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The city and province reached a deal to both develop the former Blue Bonnets site, and extend Cavendish Blvd.

Montreal Mayor Denis Coderre and Finance Minister Carlos Leitão announced Tuesday the province will cede the former horse-racing track near Jean-Talon St. and Décarie Expressway that the city initially sold to the province in the 1990s.

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On Tuesday, Leitão said the government is handing over the land to the city. The city pays nothing up front, but must give the province half the profits of land sold on the 43.5-hectare property. The agreement holds the city responsible for demolishing the Blue Bonnets race track and clubhouse. The city will build as many as 5,000 housing units in the sector with 15 per cent dedicated for social housing rental units, and 15 per cent for affordable housing units.

The agreement gives the city five years to present a development plan to the province and six years to start selling the first housing units. The project will be the subject of public hearings before a final plan is set.