That, on the recommendation of the Managing Director, Parks and Recreation, on the advice of the Division Manager, Parks Planning and Operations and on the advice and with the concurrence of the Manager of Realty Services, the following actions be taken with respect to the Parkland Acquisition related to specific requirements within Subdivision Plan 33M-757, as shown on the Location Map appended to the staff report dated December 15, 2020, further described as Blocks 131, 135, 137, 138 and 147, in the City of London, County of Middlesex, for the purpose of parkland for the Edge Valley Subdivision and to ensure that the Thames Valley Parkway can continue to be extended along the river valley edge:
a) the cost of land acquisition, as agreed between The Corporation of the City of London and Drewlo Holdings Inc., for the City to acquire lands to be used for parkland and open space purposes for the total sum of $712,746.10, BE ACCEPTED;
b) the offers submitted by Drewlo Holdings Inc. (the “Vendor”), as appended to the above-noted staff report as Appendices “B”, “C” and “D”, to sell the subject property to the City, for the sum of $712,746.10, BE ACCEPTED, subject to the approval of the above-noted budget;
c) the source of financing for this acquisition, as set out in the Source of Financing Report, as appended to the above-noted staff report, BE APPROVED; and,
d) subject to the above-noted approvals, the proposed by-law, as appended to the above-noted staff report, BE INTRODUCED at the Municipal Council meeting to be held on January 12, 2021, to:
i) authorize and approve the Agreements, as appended to the above-noted by-law, being Purchase and Sale Agreements between The Corporation of the City of London and Drewlo Holdings Inc. for Blocks 131, 135, 137, 138 and 147 in Registered Plan 33M-757; and,
ii) authorize the Mayor and the City Clerk to execute the above-noted Agreements. (2020-D12)