1. Property Acquisition – 99.5 Stanley Street – Wharncliffe Road South Improvements Project
That, on the recommendation of the Managing Director, Corporate Services and City Treasurer, Chief Financial Officer, with the concurrence of the Division Manager, Transportation Planning and Design and the Director, Roads and Transportation, on the advice of the Manager of Realty Services, with respect to the property located at 99.5 Stanley Street, further described as Part Lots 17 and 18, Plan 26(4th), Part 1, 3, and 4, Plan 32R32, subject to Instrument LC168915 in the City of London, County of Middlesex, being PIN 083230044, as shown on the location map attached, for the purpose of future road improvement to accommodate the Wharncliffe Road South Improvements Project, the following actions be taken:
a) the offer submitted by Lukasz Skalski and Rachel Sansone, to sell the subject property to the City, for the sum of $756,000.00, BE ACCEPTED, subject to the following conditions:
i) the City having until 4:30 p.m. on August 30, 2019 to examine title to the property;
ii) the City having until 4:30 p.m. on August 30, 2019 to satisfy itself in its sole and absolute discretion as to the soil and environmental condition of the property;
iii) the City having until August 30, 2019 to complete an inspection of the property, at the City’s expense, and obtaining any report(s) satisfactory to the purchase in the City’s sole and absolute discretion;
iv) the City agreeing to reimburse on completion, the mortgage penalty discharge cost (the “Mortgage Discharge Cost”) incurred by the Vendors to discharge the mortgage from the property at the time of completion;
v) the City agreeing to pay the Vendors’ reasonable legal costs, including fees, disbursements, and applicable taxes, to complete this transaction, subject to assessment;
vi) the City agreeing to pay on completion of this transaction, a further sum of $10,000.00 payable to the Vendors as full and final payment for all of the Vendors’ moving costs;
vii) the Vendors agree to provide to the City all copies of the leases for the subject property within five (5) business days of the acceptance of this agreement;
viii) the City agreeing that the Vendors may remain as a tenants at the subject property for a period of six (6) months rent free commencing from the date of closing of this transaction; and
b) the financing for this acquisition BE APPROVED as set out in the Source of Financing Report attached hereto as Appendix “A”.
2. Offer to Purchase Industrial Land and Option Agreement – Cardiff Products Corporation – Part Block 1, Plan 33M-627 – Innovation Park, Phase III
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 in Innovation Park, Phase III, containing approximately 6.61 acres, located on the north side of Discovery Drive, legally described as Part of Block 1, Plan 33M-627 (Part 2, Plan 33R-18098), as shown on the sketch attached hereto as Appendix “A”, the following actions be taken:
a) the Agreement of Purchase and Sale (the “Agreement”) submitted by Cardiff Products Corporation (the “Purchaser”) to purchase the subject property from the City, at a purchase price of $462,700.00 (reflecting a sale price of $70,000.00 per acre), attached as Appendix “B”, BE ACCEPTED;
b) the Purchaser be allowed ninety (90) days from the date of acceptance of this agreement to examine title at the Purchaser’s own expense;
c) the Purchaser be allowed ninety (90) days from the date of acceptance of this agreement to carry out soil tests as it might reasonably require;
d) the Purchaser be allowed ninety (90) days from the date of acceptance of this agreement to conduct environmental inspections and investigations of the property;
e) the Purchaser satisfying itself, within ninety (90) days from the date of acceptance, of the geotechnical condition of the property;
f) the City obtaining approval of the Purchaser’s proposed use from Dr. Oetker within ninety (90) days of the acceptance of this agreement;
g) the City having ninety (90) days from the date of acceptance of this agreement to terminate the existing Farm Lease Agreement with the farm tenant; and
h) the City agreeing to provide to the Purchaser all documents within possession for the property (being surveys, reports etc.) within five (5) days from the acceptance of this Agreement.