That Items 6.1 to 6.5, inclusive, BE APPROVED.
6.1 Property Acquisition – 579, 585 and 589 Adelaide Street North – Stingray Holdings Limited – Adelaide Street CP Rail Grade Separation Project
That, on the recommendation of the Managing Director, Corporate Services and City Treasurer, Chief Financial Officer, with the concurrence of the Director, Roads and Transportation and Division Manager, Transportation Planning and Design, on the advice of the Manager of Realty Services, with respect to the properties located at 579, 585 and 589 Adelaide Street North, further described as Lots 1, 2 and 3, Plan 194 (E), being Part of PIN 08277-0035 (LT), as shown on the location map attached, for the purpose of future road improvement to accommodate the Adelaide Street CP Rail Grade Separation Project, the following actions be taken:
a) the Agreement of Purchase and Sale submitted by Stingray Holdings Limited (the Vendor) to sell that portion of the subject properties designated as Part 6, Plan 33R-20556 (the Property) to the City, for the sum of $476,500.00, BE ACCEPTED, subject to the following conditions:
i) the Vendor granting the City vacant possession over that portion of 589 Adelaide Street designated as Part 6, Plan 33R-20556, currently occupied by North End Body Shop;
ii) the Vendor undertaking and completing the removal of the building located at 589 Adelaide Street North on or before December 31, 2020;
iii) the City agreeing to reimburse Stingray Holdings Limited for its costs to remove the building located at 589 Adelaide Street North;
iv) the City agreeing to reimburse Stingray Holdings Limited for its costs to relocate the existing fence between the dwellings located at 579 and 585 Adelaide Street North;
v) the Vendor agreeing to a hold back of $25,000.00 from the closing funds, which holdback will only be released upon the successful removal of the building located at 589 Adelaide Street North. Should the building not be removed by December 31, 2020, the City shall have the right to enter and undertake the removal of the building and deduct its costs from the holdback funds;
vi) the City agreeing to pay the Vendors’ reasonable legal costs, including fees, disbursements, and applicable taxes, to complete this transaction, subject to assessment;
vii) the City agreeing to pay the Vendor’s reasonable legal costs, including fees, disbursements, and applicable taxes, to acquire a replacement investment property, subject to assessment; and,
b) the financing for this acquisition BE APPROVED as set out in the Source of Financing Report attached hereto as Appendix “A”.
6.2 Offer to Purchase Industrial Lands and Option Agreement for Industrial Lands – Dancor Construction Limited – 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, on the advice of the Manager of Realty Services, with respect to the City-owned industrial land located, Innovation Park, Phase I, Part of Block 3 containing an area of approximately 4 acres, located on the East side of Innovation Drive, and being comprised of Part Block 3, Plan 33M-544, as outlined on the sketch attached hereto as Appendix “A”, the following actions 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 $280,000.00 (reflecting a sale price of $70,000.00 per acre), attached as Appendix “B”, 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 offer to finalize and secure a Lease Agreement with the Purchaser’s tenant satisfactory to the Purchaser in its sole discretion;
f) the City agreeing to grant to the Purchaser an Option to Purchase Agreement for the abutting four (4) acre of land identified in Schedule E-1 on the terms contained in Schedule E of the Agreement of Purchase and Sale;
g) the City agreeing to prepare and deposit on title, on or before closing and at its expense, a reference plan describing the property;
h) 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; and,
i) the City agreeing 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.
6.3 Offer to Purchase Industrial Lands – 11850407 Canada Inc. – Block 4, Plan 33M-544 – 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, containing approximately 12.1 acres, subject to survey, located on the north side of Concept Drive, legally described as being Block 4, Plan 33M-544, save and except Part 1, Plan 33R-16973, and being PIN 081970140, as as outlined on the sketch attached, the Agreement of Purchase and Sale attached as Schedule “A” (the “Agreement”) submitted by 11850407 Canada Inc. (the “Purchaser”), to purchase the subject property from the City, at a purchase price of $847,000.00 (reflecting a sale price of $70,000.00 per acre), BE ACCEPTED, subject to the following:
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 date of acceptance, of the geotechnical condition of the property; and,
e) the Purchaser, at the Purchaser’s expense, within ninety (90) days from the date of acceptance of this Agreement, determining the financial feasibility of the Purchaser’s intended use.
6.4 Lease Agreement Renewal for Office Space – 520 Wellington Street, Units 1-3 – Centennial House – Risk Management Division
That, on the recommendation of the Managing Director, Corporate Services and City Treasurer, Chief Financial Officer, with the review and concurrence of the Manager, Risk Management, on the advice of the Manager of Realty Services, the following actions be taken:
a) the Lease Renewal Proposal (the “Proposal”), attached as Appendix “A”, between the City and Centennial House Limited (the “Landlord”), for the lease extension of approximately 4,246 square feet of Gross Rentable Area space located at 520 Wellington Street, Units 1-3, for a term of five (5) years, for the City’s Risk Management Division, at a base semi gross rent of $7.75 per square foot for the first year, $8.00 per square foot for years two, three, and four, and $8.25 per square for year five BE ACCEPTED; and
b) the Civic Administration BE AUTHORIZED to enter into a formal Lease Extension Agreement with Centennial House Limited (the “Landlord”) in accordance to the general terms of the Proposal.
6.5 Lease Agreement Renewal for Office Space – 520 Wellington Street, Units 11-12 – Centennial House – Municipal Law Enforcement Office
That, on the recommendation of the Managing Director, Corporate Services and City Treasurer, Chief Financial Officer, with the review and concurrence of the Chief Municipal Law Enforcement Officer, on the advice of the Manager of Realty Services, the following actions be taken:
a) the Lease Renewal Proposal (the “Proposal”), attached as Appendix “A”, between the City and Centennial House Limited (the “Landlord”), for the lease extension of approximately 3,157 square feet of Gross Rentable Area space located at 520 Wellington Street, Units 11-12, for a term of five (5) years, for the City’s Municipal Law Enforcement Office (MLEO), at a base semi gross rent of $7.75 per square foot for the first year, $8.00 per square foot for years two, three, and four, and $8.25 per square for year five BE ACCEPTED; and
b) the Civic Administration BE AUTHORIZED to enter into a formal Lease Extension Agreement with Centennial House Limited (the “Landlord”) in accordance to the general terms of the Proposal.