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REPORT TO:Finance and Corporate Services Committee <br />DATE OF MEETING:May 13, 2019 <br />SUBMITTED BY:Brian Bennett, Manager, Business Development, 519-741-2200 x7230 <br />PREPARED BY:Rob Morgan, Capital Investment Advisor/ Brownfield Co-ordinator, <br />519-741-2200 x7734 <br />WARD (S) INVOLVED:Ward1 <br />DATE OF REPORT:April15, 2019 <br />REPORT NO.:DSD-19-097 <br />SUBJECT:Declaration of Surplus and saleCity owned lands Lancaster Street <br />West <br />_________________________________________________________________________________________ <br />RECOMMENDATION: <br />described as Part 1 on Plan 58R- <br />That the closure of the unimproved Right of Way described as Waterloo Street Plan 577 <br />be approved in principle; <br />That the Mayor and Clerk be authorized to execute an Agreement of Purchase and Sale <br />with 528 Lancaster Street West Inc. for their acquisition of two City-owned parcels of land, <br />as follows: <br />i)escribed as Part 1 on Plan 58R-18133 at a <br />purchase price of $585,000.00; and, <br />ii) <br />purchase price of $184,050. <br />That the Agreement of Purchase and Sale be conditional on the following: <br />i)The purchaser obtaining a Record of Site Condition, at their cost, for both <br />parcels ofland prior to closing; <br />ii) <br />iii)The City retains the right to re-purchase the subject lands at 90% of the <br />purchase price in the event that the purchaser has not commenced construction <br />with two years of Council approval; And further <br />***This information is available in accessible formats upon request. *** <br />Please call 519-741-2345 or TTY 1-866-969-9994for assistance. <br />1 - 1 <br />