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.”