1. Offer to Purchase Industrial Lands and Option Agreement for Industrial Lands – Dancor Construction Limited – Part of Block 4, Plan 33M544 – 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 in Innovation Park, Phase I, Part of Block 4 containing an area of approximately 5 acres, located on the east side of Innovation Drive, and being comprised of Part Block 4, Plan 33M-544, as outlined on the sketch attached hereto as Appendix “B”, the Agreement of Purchase and Sale (the “Agreement”) submitted by Dancor Construction Limited (the “Purchaser”) to purchase 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 “C” BE ACCEPTED, subject to the following:
a) the Purchaser be allowed sixty (60) days from the date of acceptance of this agreement to examine title at the Purchaser’s own expense;
b) the Purchaser be allowed sixty (60) days from the date of acceptance of this Agreement to carry out soil tests as it might reasonably require;
c) the Purchaser be allowed sixty (60) days from the date of acceptance of this Agreement to conduct environmental inspections and investigations of the property;
d) the Purchaser satisfying itself, within sixty (60) days from the acceptance of this Agreement, of the geotechnical condition of the property;
e) the Purchaser shall have sixty (60) days from acceptance to this Agreement to finalize and secure a Lease Agreement with the Purchaser’s tenant satisfactory to the Purchaser in its sole discretion;
f) the Purchaser shall be granted a 5 year Option to Purchase for the remaining northern portion of Block 4, Plan 33M-544 being approximately 7.1 acres (subject to survey) at the price of $70,000 per acre as referenced in Schedule “F” of the Agreement attached in Appendix “C”;
g) the Vendor agrees to prepare and deposit on title, on or before closing and at its expense, a reference plan describing the property;
h) the Vendor shall have ninety (90) days from the date of acceptance of this Agreement to terminate the existing Farm Lease with the Farm Tenant; and
the Vendor agrees to provide the Purchaser all documents within possession for the property (being surveys, reports etc.) within five (5) days from the acceptance of this Agreement.
2. Offer to Purchase Industrial Land – 1960946 Ontario Inc. – Part 1, Plan 33R-16368 – Cuddy Industrial Lands
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 east side of Cuddy Boulevard, being part of the Cuddy industrial lands, containing an area of approximately 2.52 acres, being composed of Part 1, Plan 33R-16368, outlined on the sketch attached hereto as Appendix “B”, the offer submitted from Copia Developments under the corporate name 1960946 Ontario Inc. (the “Purchaser”) to purchase the subject property from the City, at a purchase price of $201,600.00 (reflecting a sale price of $80,000.00 per acre), attached hereto as Appendix “C” BE ACCEPTED; subject to the following conditions:
a) the Purchaser be allowed, within thirty (30) days from acceptance of the offer, to examine title at Purchaser’s own expense;
b) the Purchaser be allowed, within thirty (30) days from acceptance of the offer, to carry out soil tests as it might reasonably require;
c) the Purchaser be allowed, within thirty (30) days from acceptance of the offer, to conduct environmental inspections and investigations of the property satisfactory to the Purchaser;
d) the Purchaser be allowed, within thirty (30) days from acceptance of the offer, to carry out geotechnical investigations of the property satisfactory to the Purchaser;
e) the Purchaser be allowed, within thirty (30) days to determine the financial feasibility of the Purchaser’s intended use of the property satisfactory to the Purchaser; and
f) the Purchaser acknowledges and accepts the property in an ‘as-is’ condition.
3. Property Value Protection Plan Agreement – 5435 White Oak Road – W12A Landfill Site
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 the concurrence of the Managing Director, Environmental and Engineering Services and City Engineer and the Director of Environment, Fleet and Solid Waste, with respect to the property at 5435 White Oak Road, the W12A Landfill Property Value Protection Plan Agreement, attached as Appendix “B”, for 5435 White Oak Road BE APPROVED.