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FINANCE & CORPORATE SERVICES COMMITTEE MINUTES <br />MAY 13, 2019CITY OF KITCHENER <br />The Finance and Corporate ServicesCommittee met this date, commencing at 2:35p.m. <br />Present:CouncillorS. Davey -Chair <br />Councillors D. Chapman, K. Galloway-Sealock,J. Gazzola, B. Ioannidis, M. Johnston, S. <br />Marsh, C. Michaud, D. Schnider and P. Singh. <br />Staff:M. May, Deputy CAO& General Manager, Community Services <br />V. Raab, General Manager, Corporate Services <br />J. Readman, General Manager, Development Services <br />J. Lautenbach, Chief Financial Officer, Financial Services <br />D. McGoldrick,General Manager, Infrastructure Services <br />C. Bluhm, Executive Director, Economic Development <br />R. Hagey, Director, Financial Planning <br />B. Bennett, Manager, Business Development <br />R. Morgan, CapitalInvestment Advisor/Brownfield Coordinator <br />J. Bunn,Manager, Council &Committee Services/Deputy City Clerk <br />1.DSD-19-097-DECLARATION OF SURPLUS AND SALE –CITY OWNED LANDS <br />-LANCASTER STREET WEST <br />The Committee consideredDevelopment Services Departmentreport DSD-19-097 dated April <br />15, 2019 regarding declaration of surplus land, and authorizing the Mayor and Clerk to execute <br />anagreement with 528 Lancaster Street West Inc. for theacquisition of two City-owned parcels <br />of land. <br />The motion was then voted on and was Carriedon a recorded vote, withCouncillors P. Singh, <br />S. Davey, B. Ioannidis, M. Johnston, D. Schnider, D. Chapman, S. Marsh, K. Galloway-Sealock, <br />and C. Michaudvoting in favour; and, Councillor J. Gazzola voting in opposition.Mayor B. <br />Vrbanovic was absent and accordinglydid not vote. <br />On motion by Councillor M. Johnston- <br />it was resolved: <br />“That the City’s parcel of land having an area of approximately 0.65 acres, legally described <br />as Part 1 on Plan 58R-18133, as outlined in Development Services Department report DSD- <br />19-097, be declared surplus to the City’s needs; and, <br />That the closure of the unimproved Right of Way described as Waterloo Street Plan 577 be <br />approved in principle;and further, <br />That the Mayor and Clerk be authorized to execute an Agreement of Purchase and Sale, to <br />the satisfaction of the City Solicitor,with 528 Lancaster Street West Inc. for their acquisition <br />of two City-owned parcels of land, as follows: <br />i.The City’s parcel of land legally described as Part 1 on Plan 58R-18133 at a <br />purchase price of $585,000.; and further, <br />ii.The City’s unimproved Right of Way described as Waterloo Street Plan 577 at a <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 parcels <br />of land prior to closing; and, <br />ii.The purchaser paying the City’s expenses to complete this transaction; and, <br />iii.The City retains the right to re-purchase the subject lands at 90% of the purchase <br />price in the event that the purchaser has not commenced construction with two <br />years of Council approval; and further, <br />That the Mayor and Clerk be authorized to execute all documentation required to complete <br />the transaction.” <br />