HomeMy WebLinkAboutFCS-11-033 - Sportsworld Arena - Cost SharingS#aff Re orb
KITCHENER ftr~agre and ~Orpor~te Services Deparrme~t wwavkitchenercn
REPORT TO: Committee of The Whole
DATE OF MEETING: February 14, 2011
SUBMITTED BY: Lesley MacDonald, City Solicitor & Director of Legal
Services, 519-741-2267
PREPARED BY: Lesley MacDonald, City Solicitor & Director of Legal
Services, 519-741-2267
WARD(S) INVOLVED: Ward 3
DATE OF REPORT: February 14, 2011
REPORT NO.: FSC-11-033
SUBJECT: Sportsworld Arena -Cost Sharing Agreement -Discharge of
Interest over lands being conveyed to Ministry of
Transportation of Ontario
RECOMMENDATION:
"That the Mayor and Clerk be authorized to sign a Direction and Acknowledgement
authorizing the City Solicitor to execute documentation necessary to release/discharge
the City's interest currently registered on title through Instrument No. WR483132"
BACKGROUND:
As part of the land purchase transaction for the Sportsworld Arena complex, the City entered
into a Cost Sharing Agreement with the previous owner GPM Managed Investments Inc.
("GPM") and one of the adjacent land owners, 2088212 Ontario Inc. wherein the City pays an
annual maintenance fee on account of its use of the access road, and various infrastructure
services such as telecommunications and utilities. The Cost Sharing Agreement was registered
on title to the City's newly purchased lands, the balance of GPM lands and the adjacent lands
owned by 2088212 Ontario Inc on August 14, 2009 as Instrument No. WR483132.
REPORT:
The Ministry of Transportation of Ontario ("MTO") is in the process of acquiring a portion of the
lands currently owned by GPM, specifically, Parts 1-5 and 7 on Plan 58R-17004 and as such
requires the release of Instrument No. WR483132 from title of the lands that MTO is acquiring
as this agreement will have no bearing on the lands once they are acquired by MTO. This was
contemplated at the time the City entered into the agreement. A Reference Plan has now been
created to indicate the lands being transferred to MTO and has been registered as Reference
Plan 58R-17004 (copy attached and copy of Onpoint Map attached).
ALIGNMENT WITH CITY OF KITCHENER STRATEGIC PLAN:
Not Applicable.
FINANCIAL IMPLICATIONS:
None. The reference plan was created in connection with the real estate transaction between
GPM and MTO and the Solicitor for GPM will register the Discharge of Interest on behalf of the
City once it is has been electronically signed by the City Solicitor.
COMMUNITY ENGAGEMENT:
Not Applicable.
CONCLUSION:
It is appropriate to allow the Mayor and Clerk to sign the required Acknowledgement & Direction
at this time as it is currently holding up the real estate transaction between GPM and MTO.
ACKNOWLEDGED BY: Dan Chapman, Deputy Chief Administrative Officer, Finance and
Corporate Services
