DSD-19-097 - Declaration of Surplus and Sale – City Owned Lands

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