1. Offer to Purchase Industrial Land – Synergis Tooling and Machining Inc. – Part 1, Plan 33R-19843 – Innovation Park Phase l
That, on the recommendation of the Managing Director, Corporate Services and City Treasurer, Chief Financial Officer, on the advice of the Manager of Realty Services, with respect to the City owned industrial land located on the west side of Innovation Drive in Innovation Park, Phase I, containing an area of approximately 4 acres, being comprised of Part 1, Plan 33R-19843, as outlined on the sketch attached hereto as Schedule “A”, the following actions be taken:
a) the offer submitted by Synergis Tooling and Machining (the “Purchaser”) to purchase the subject property from the City, at a purchase price of $280,000.00 (reflecting a sale price of $70,000.00 per acre), attached as Appendix “C”, subject to the following conditions BE ACCEPTED:
i) the Purchaser be allowed, within ninety (90) days from acceptance of the offer, to examine title at the Purchaser’s own expense;
ii) the Purchaser be allowed, within ninety (90) days from acceptance of the offer, to carry out environmental inspections as it might reasonably require; at Purchaser’s own expense;
iii) the Purchaser be allowed, within ninety (90) days from acceptance of the offer, to carry out geotechnical inspections at Purchaser’s own expense;
iv) the Purchaser be allowed, within one hundred twenty (120) days to determine the financial feasibility of the Purchaser’s intended use of the property satisfactory to the Purchaser;
v) the Purchaser acknowledges and accepts the property in an ‘as-is’ condition;
vi) the proposed commencement date of construction within one (1) year from the Date of Deed in place of the required one (1) year from Date of Deed;
vii) the City being able to terminate the existing Farm Lease on the property; and
b) an initial building coverage of 11.5% in place of the required 15%, BE ACCEPTED.
2. Property Acquisition – 2497 Bradley Avenue – Industrial Land Purchase Strategy
That, on the recommendation of the Managing Director, Corporate Services and City Treasurer, Chief Financial Officer, on the advice of the Manager of Realty Services, with respect to the acquisition of the property municipally known as 2497 Bradley Avenue, located on the south side of Bradley Avenue east of Veteran’s Memorial Parkway, further described as Part Lots 4 and 5, Concession 2, in the former Township of Westminster as in 95415; save and except 145868, 440691 in the City of London, County of Middlesex, being PIN 81970162 and Part Lots 4 and 5, Concession 2, in the former Township of Westminster, as in 95415; save and except 145868, 440691, Part 1, Plan ER951197 and Part 1, Plan ER1062040, subject to an easement as in WU47110 together with an easement as in 145868, in the City of London, County of Middlesex, being PIN 081970279, as outlined on the sketch attached hereto as Appendix “C”, containing as area of approximately 70.1 acres, for the purpose of the development of the future Innovation Park Phase V, the following actions be taken:
a) the offer (the “Agreement”) submitted by Henry John Esler and Jo-Ann Marie Esler (the “Vendors”) to sell the subject property to the City, for the sum of $4,241,050, which Agreement is attached as Appendix “D”, subject to the following conditions, BE ACCEPTED:
i) the City having until October 16, 2019 to examine title to the Property and at its own expense and to satisfy itself that there are no outstanding work orders of deficiency notices affecting the Property;
ii) the City having until October 16, 2019 to carry out geotechnical, soil, water, species at risk, and environmental tests satisfactory to the City;
iii) the City having until October 16, 2019 to satisfy itself in its sole and absolute discretion as to the archaeological outcome of the Property;
iv) the City having until October 16, 2019 to satisfy itself with the Storm Water Management plan and approvals for a new road crossing along the Hydro One transmission corridor;
v) the City having until October 16, 2019 to obtain, at its expense, the appropriate amendments to the Official Plan and Zoning By-Law necessary for the Purchase to develop and use the property for an industrial use;
vi) the City agreeing to accept on title to the Property an easement in favour of Union Gas;
vii) the Vendors having the option of entering into a Residential Tenancy Agreement for a maximum of two (2) years from the date of the Completion Date as referenced in Schedules “B” and “C” of the Agreement;
viii) the Vendors having the right to harvest the summer/fall 2019 crop prior to November 30th 2019 and entering into a farm lease agreement from January 1, 2020 until December 31, 2023 as referenced in Schedule “D” of this Agreement with a first right of refusal to enter into a yearly farm lease agreement thereafter;
ix) Upon acceptance of this Agreement, the Vendors entering into a farm lease agreement with the City for the lands at 2531 Bradley Ave beginning May 1, 2019 and ending December 31, 2023 as referenced in Schedule “E” of this Agreement. Pending the closing of this transaction, the Vendors having a first right of refusal to enter into a yearly farm lease agreement thereafter;
x) the City preparing and its expense a reference plan describing the property;
xi) the City agrees to reimburse reasonable legal fees associated with the preparation and closing of this transaction; and
b) the financing for the acquisition BE APPROVED as set out in the Source of Financing Report attached hereto as Appendix “A”.