1. Agreement to Purchase Industrial Lands – Dancor Phase lll Oxford Inc. – 2.0 Acres, Southerly Portion of Parts 1, 2, 3 and 4, Plan 33R-20656 – Skyway Industrial Park
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 west side of Robin’s Hill Road, containing 2.0 acres, more or less subject to final survey, in the City’s Skyway Industrial Park, as outlined on the sketch attached hereto as Appendix “A”, the following actions be taken:
a) the Agreement of Purchase and Sale Agreement, attached as Appendix “B”, submitted by Dancor Phase III Oxford Inc. (the “Purchaser”) to purchase from the City approximately 2.0 acres of industrial land located on the west side of Robin’s Hill Road, described as the southerly portion of Parts 1, 2, 3 and 4, Plan 33R-20656, as outlined on the location map attached as Appendix “A”, in the amount of $160,000, BE ACCEPTED;
b) the Purchaser to be allowed until 4:00 pm on June 5, 2020 to examine title at his own expense;
c) the Purchaser is to be allowed until 4:00 pm on June 5, 2020 to carry out soil tests as it might reasonably require; and
d) the transaction of purchase and sale to be completed on June 18, 2020 after waiver of the title and soil conditions.
2. Offer to Purchase Industrial Lands – Pan Continent Inc. – Lots 3 and 4, Plan 33M-251 – Trafalgar Industrial Park, Phase lll
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 east side of Sovereign Road in Trafalgar Industrial Park, Phase III, containing an area of approximately 1.51 acres, being comprised of Lot 3, Plan 33M-251 and Lot 4, Plan 33M-251, as outlined on the sketch attached hereto as Schedule “A”, offer submitted by Pan Continent Inc.. (the “Purchaser”) to purchase the subject property from the City, at a purchase price of $98,150.00 (reflecting a sale price of $65,000.00 per acre), as outlined on the location map attached, BE APPROVED; subject to the following conditions:
a) the Purchaser, is allowed 90 days from the date of acceptance of the Agreement to examine title at his own expense;
b) the Purchaser is allowed 90 days from the date of acceptance of the Agreement to carry out soil test as it might reasonably require;
c) the Purchaser is allowed 90 days from the date of acceptance of the Agreement to carry out environmental tests as it might reasonably require;
d) the Purchaser is allowed 90 days from the date of acceptance of the Agreement to carry out geotechnical test as it might reasonably require; and
e) the transaction of the purchase and sale to be completed within 120 days from the acceptance of the agreement.
3. Property Acquisition – 600 Adelaide Street North – 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 Division Manager, Transportation Planning and Design and the Director, Roads and Transportation, on the advice of the Manager of Realty Services, with respect to the property located at 600 Adelaide Street North, further described as Part of Lot 3, east of Adelaide Street North, Registered Plan 386(3rd), designated as Part 1, Plan 33R-20554, being the whole of PIN 08280-0004 (LT), as shown on the location map attached, for the purpose of future road improvement to accommodate the Adelaide Street North CP Rail Grade Separation Project, the following actions be taken:
a) the offer submitted by Flor Yadira Barahona Franco, attached as Schedule “A”, to sell the subject property to the City, for the sum of $650,000.00 BE ACCEPTED, subject to the following conditions:
i) the City agreeing to pay the Vendor’s reasonable legal, appraisal costs, accounting fees, including fees, disbursements and applicable taxes, as incurred to complete this transaction;
ii) the City agreeing to pay compensation for any bonus legally payable and for any loss incurred by reason of a difference in interest rates, pertaining to the existing mortgage;
iii) the City agreeing to pay reasonable legal and other non-recoverable expenditures incurred in acquiring a similar replacement property, providing a claim is made within one (1) year of the date of possession; and
b) the financing for this acquisition BE APPROVED as set out in the Source of Financing Report attached hereto as Appendix “A”.
4. Property Acquisition – 625 Adelaide Street North – Adelaide Street North 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 Division Manager, Transportation Planning and Design and the Director, Roads and Transportation, on the advice of the Manager of Realty Services, with respect to the property located at 625 Adelaide Street North, further described as Part of Lots 7 and 8, lots west side of Adelaide Street North, in the City of London, County of Middlesex, designated as Part 4, Plan 33R-20556, being the whole of PIN 08277-0134 (LT), as shown on the location map attached, for the purpose of future road improvement to accommodate the Adelaide Street North CP Rail Grade Separation Project, the following actions be taken:
a) the offer submitted by Grant Cameron Robinson, attached as Schedule “A”, to sell the subject property to the City, for the sum of $2,034,500.00 BE ACCEPTED, subject to the following conditions:
i) the City agreeing to pay the Vendor’s reasonable legal, appraisal costs, accounting fees, including fees, disbursements and applicable taxes, as incurred to complete this transaction;
ii) the City agreeing to pay compensation for any bonus legally payable and for any loss incurred by reason of a difference in interest rates, pertaining to the existing mortgage;
iii) the City agreeing to pay the Vendor, on closing, the further sum of $851,800.00 as additional compensation pursuant to section 18(b) of the Expropriations Act;
iv) the City agreeing to pay the Vendor, on closing, the further sum of $445,000.00 as additional compensation to acquire a replacement site, pursuant to section 18(b) of the Expropriations Act;
v) the City agreeing to pay the Vendor, should the costs actually be incurred, the further sum of $82,500.00, which costs represents the estimated development charges that would be incurred should a parcel of land be acquired and improved with a new car wash facility. These funds shall be held back from the balance due on closing. The Vendor shall have until the 2nd anniversary of the completion date of this transaction to obtain a site for a new car wash facility and have a development agreement/site plan for its development approved, at which time the holdback, together with any additional development charges shall be released to the Vendor, and failing which the City shall retain the holdback;
vi) the City agreeing to pay the Vendor, the further sum of $132,200.00, to purchase new car wash equipment, should the costs actually be incurred. These funds shall be held back from the balance due on closing. The Vendor shall have until the 2nd anniversary of the completion date of this transaction to obtain a site for a new car wash facility and to submit the actual costs of the replacement equipment for re-imbursement, at which time the holdback herein of $132,200.00, together with any additional costs to purchase the replacement equipment shall be released to the Vendor, and failing which the City shall retain the holdback;
vii) the City agreeing to pay reasonable legal and other non-recoverable expenditures incurred in acquiring a similar replacement property, providing a claim is made within one year of the date of possession; and,
b) the financing for this acquisition BE APPROVED as set out in the Source of Financing Report attached hereto as Appendix “A”.