Recommendation: That, on the
recommendation of the Managing Director - Corporate Assets, on the advice of
the Manager Realty Services, with respect to the vacant property consisting
of a portion of Pottersburg Creek and the adjacent floodplain land owned by
Elron Developments Limited, municipally known as 600 - 650 Industrial Road,
the following actions be taken:
a) the
offer submitted by Elron Developments Limited to donate to the City land
municipally known as 600 and 650 Industrial Road, located on the south of
Oxford Street East, north of Industrial Road, further described in the draft
Reference Plan as Parts 3, 4, 10 and 11 (shown in yellow on Schedule “A” attached),
containing an area of approximately 4 acres, for the purpose of the protection
and addition of floodplain lands and the watercourse in perpetuity, for a
nominal sum of $2.00 BE ACCEPTED, subject to the following conditions:
i) the
City and Elron Developments Limited agreeing to split the total cost in
preparing and depositing a reference plan on title (a cost of approximately
$15,000.00) setting out the lands to be conveyed, as well as the lands for
the multi-purpose easement for municipal services;
ii) the
City agreeing to pay Elron Developments Limited’s legal fees of approximately
$2,500.00 plus disbursements to close this transaction, subject to
assessment;
b) the
Sources of Financing BE APPROVED as detailed in Appendix “A” of the
associated staff report dated September 24, 2012; and
c) the
attached proposed by-law BE INTRODUCED at the Municipal Council
meeting to be held on October 9, 2012 to approve this acquisition and to
authorize the Mayor and the City Clerk to execute the Agreement of Purchase
and Sale and the Grant of Easement agreement.
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