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, the following actions be taken
with respect to the City-owned industrial land located at the northeast end
of Swiftsure Court in Trafalgar Industrial Park, Phase III, containing an
area of approximately 1.99 acres, being comprised of Lot 4, Plan 33M-239,
save and except Part 1, Plan 33R-17696, as outlined on the location map attached
hereto as Appendix “A”:
a) the
offer submitted by PTN Holdings Limited (the “Purchaser”) to purchase the
subject property from the City, at a purchase price of $109,450.00
(reflecting a sale price of $55,000.00 per acre), as outlined on the location
map attached, BE APPROVED;
b) an
initial building coverage of 11.5% in place of the required 15%, BE ACCEPTED;
and
c) the
proposed by-law included as Appendix “B” to the staff report dated November
15, 2016 BE INTRODUCED at the Municipal Council meeting to be held on
November 22, 2016, to authorize and approve the Agreement of Purchase and
Sale and to authorize the Mayor and the City Clerk to execute the Agreement
of Purchase and Sale.
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