HomeMy WebLinkAboutFCS-12-192 - Agreement of Purchase & Sale - Centre BlockREPORT TO:
Special Council
DATE OF MEETING:
November 26, 2012
SUBMITTED BY:
Lesley MacDonald, City Solicitor and Director of Legal
Services, (519)741-2267
PREPARED BY:
Lesley MacDonald, City Solicitor and Director of Legal
Services, (519)741-2267
WARD(S) INVOLVED:
N/A
DATE OF REPORT:
November 21, 2012
REPORT NO.: FCS-12- 192
SUBJECT:
Authorization to Execute Amendments to Agreement of
Purchase and Sale and Development Agreement pertaining
to Centre Block
RECOMMENDATION:
That the Mayor and Clerk be authorized to execute amendments to the Agreement of Purchase
and Sale and to the Development Agreement with Andrin Investments Limited to extend the
timing to transact the various phases of the property and commence construction such that the
Phase 1 lands shall be transacted no later than the earlier of thirty days following the issuance
of a building permit or August 30, 2013 and the Phase 2 lands shall be transacted no later than
the earlier of thirty days following the issuance of a building permit or November 30, 2016;
provide further clarity regarding the boundaries of the phases; delete the City’s acquisition of
any public parking in Phase 1 and reduce the number of parking spaces to be acquired in
Phase 2 from 250 to 139 spaces; and any other incidental changes which, as a result of change
in circumstances, require adjustments; said amendments to be satisfactory to the City Solicitor.
BACKGROUND:
The City entered into an Agreement of Purchase and Sale with Andrin Investments Limited as
well as a Development Agreement for the development of the Centre Block. The Developer has
worked diligently towards completing all prerequisites in order to commence construction of
Phase 1 and it is currently undergoing site plan review. In order to complete the site plan
review, secure the necessary building permits and mobilize the project, the Developer has
requested an extension of the November 30, 2012 date.
REPORT:
In accordance with the discussion in camera on November 19, 2012, staff put forward the above
resolution to acknowledge the necessary amendments which will facilitate the commencement
of Phase 1 as early as possible in 2013, and not later than August 30, 2013.
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ALIGNMENT WITH CITY OF KITCHENER STRATEGIC PLAN:
The City of Kitchener Official Plan, Economic Development Strategy and Downtown Action Plan
all prioritize residential intensification and development of high quality mixed use urban
developments as a priority. This project exemplifies the type and quality of development
required by municipal policy.
FINANCIAL IMPLICATIONS:
The City of Kitchener investment in structured parking will be deferred to phase 2 and be
reduced. Sufficient budget exists to fund the investment in parking.
COMMUNITY ENGAGEMENT:
The Centre Block / City Centre project was the subject of extensive public consultation between
2002 and the present.
CONCLUSION:
The City Centre Condominium project plays a strategic role in the evolution of Kitchener’s
downtown and the implementation of the City’s relevant corporate policy and strategy. Andrin
has made a significant investment in the development of the project and achieved significant
project milestones. These amendments will position the project to move into construction in mid-
2013.
ACKNOWLEDGED BY: Dan Chapman, Deputy Chief Administrative Officer Finance and
Corporate Services and Treasurer
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