HomeMy WebLinkAboutFCS-13-195 - Altered Raod Dedication - One Victoria StreetStaff Report
Finance and Corporate Services Department
REPORT TO: Committee of the Whole
DATE OF MEETING: December 9, 2013
SUBMITTED BY: Steve Ross 519 - 741 -2200 ext.7266
PREPARED BY: Steve Ross 519 - 741 -2200 ext.7266
WARD(S) INVOLVED: 10
DATE OF REPORT: December 2, 2013
REPORT NO.: FCS -13 -195
SUBJECT: Altered Road Dedication — One Victoria Street
RECOMMENDATION:
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That Momentum Developments be allowed to retain the air and subterranean
rights of a road dedication adjacent to 445 King Street West, pursuant to a Site
Plan Agreement; and further
That the City accept a Transfer /Deed from Momentum Developments for Part 9 on
the extract of the draft Strata Reference Plan attached to FCS -13 -195 in
satisfaction of the road dedication requirements.
EXECUTIVE SUMMARY:
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REPORT:
Momentum Developments is constructing a 19 storey building on the corner of
Victoria and King Streets. Due to enhanced urban design and public transit
requirements, Momentum has agreed to a larger road dedication than normally
required on both Victoria Street and King Street. Momentum desires to use part of
the space over the proposed road dedication for the construction of approximately
4,000 square feet of residential condominium. The space under the road dedication
will be used for bicycle lockers. Council has previously approved a rezoning of the
property in accordance with the proposed building, including use of the air and
subterranean rights. Council approved the compensation to be received for those
rights in an in camera meeting of December 2, 2013.
FINANCIAL IMPLICATIONS:
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CONCLUSION:
Staff recommends that Council authorize the Legal Services Department to accept a
deed of the surface rights and related compensation in consideration of the Road
Dedication required by the Site Plan Process, allowing Momentum to retain the air and
subterranean rights.
ACKNOWLEDGED BY: Dan Chapman, Deputy CAO
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