1. Offer to Purchase and Option Agreement for Industrial Lands – Anvo Laboratories Inc. Part of Block 5, Plan 33M-609 – Innovation Park, Phase IV
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, Innovation Park, Phase IV, Part of Block 5 containing an area of approximately 5 acres, located on the west side of Bonder Road, being comprised of Part Block 5, Plan 33M-609, as outlined on the sketch attached hereto as Appendix “A”, the Agreement of Purchase and Sale (the “Agreement”) submitted by Anvo Laboratories Inc. (the “Purchaser”) to purchase five (5) acres of the subject property from the City, at a purchase price of $350,000.00 (reflecting a sale price of $70,000.00 per acre), attached as Appendix “B” BE ACCEPTED; subject to the following conditions:
a) the Purchaser be allowed ninety (90) days from the date of acceptance of this agreement to examine title at the Purchaser’s own expense;
b) 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;
c) the Purchaser be allowed ninety (90) days from the date of acceptance of this Agreement to conduct environmental inspections and investigations of the property;
d) the Purchaser satisfying itself, within ninety (90) days from the acceptance, of the geotechnical condition of the property;
e) the City agreeing to grant to the Purchaser an Option to Purchase Agreement for the abutting four (4) acres of land identified in Schedule E-1, on the terms contained in Schedule E of the Agreement of Purchase and Sale;
f) the City agrees to prepare and deposit on title, on or before closing and at its expense, a reference plan describing the property; and
g) the City shall have ninety (90) days from the date of acceptance of this Agreement to terminate the existing Farm Lease with the farm tenant.
2. Offer to Purchase Industrial Land – 2448622 Ontario Corporation Part of Block 3, Plan 33M-544 – Innovation Park Phase l
That, on the recommendation of the Managing Director, Corporate Services and City Treasurer, Chief Financial Officer and City Manager, 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 of Block 3, Plan 33M-544, as outlined on the sketch attached hereto as Appendix “A”, the offer submitted by 2448622 Ontario Corporation (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 “B” BE ACCEPTED, subject to the following conditions:
a) the Purchaser be allowed, within ninety (90) days from acceptance of the offer, to examine title at Purchaser’s own expense;
b) 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;
c) the Purchaser be allowed, within ninety (90) days from acceptance of the offer, to carry out geotechnical inspections at Purchaser’s own expense;
d) 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; and
e) the City being able to terminate the existing Farm Lease Agreement for the property.
3. Authorization to Grant Access Easement over 434 Elizabeth Street for Indwell Developments
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, a Permanent Non-Exclusive Access Easement between the City and Indwell Developments under the corporate name Indwell Community Homes (the “Transferee”), located at 434 Elizabeth Street, attached as Appendix “A” and as part of the Transferee’s housing development project being a 3 storey mixed use development with 72 apartment units located at 744 Dundas Street, BE APPROVED.