HomeMy WebLinkAboutCAO-14-024 - Declaration of Surplus & a Sale of a Portion of 55 Bramms St Staff Report
K jT(,'H-Ni., CA0 Office www.kitchener ca
REPORT TO: Finance and Corporate Services Committee
DATE OF MEETING: April 28, 2014
SUBMITTED BY: Rod Regier, Executive Director Economic Development
519-741-2200 ext 7506
PREPARED BY: Brian Bennett, Manager Business Development
519-741-2200 ext 7230
WARD (S) INVOLVED: 9
DATE OF REPORT: April 16, 2014
REPORT NO.: CAO-14-024
SUBJECT: Declaration of Surplus and a Sale of a Portion of 55 Bramm Street
RECOMMENDATION:
The .30 acre portion of land forming part of 55 Bramm Street, owned by the City of
Kitchener located at 55 Bramm Street depicted on the map (Schedule A) attached to
CAO-12-024 Report, to be further described on a Reference Plan, be declared surplus,
and the City enter into a conditional Agreement of Purchase and Sale with 2373074
Ontario Inc. (Momentum Developments) for fair market value; said transaction, to close
on or before construction commences; and further
That the Mayor and Clerk be authorized to execute the necessary documentation to
effect this transaction with 2373074 Ontario Inc, said documentation to be to the
satisfaction of the City Solicitor.
BACKGROUND:
Momentum Development owners of the property at 98 to 110 Victoria St, would like to
purchase the .30 acres of City land located at 55 Bramm St adjacent to their parcel as outlined
in Schedule A. Momentum Developments intend to utilize this property to construct a mixed
use development, consisting of 266 residential units, 60,000 square feet of office space and
10,000 square feet of retail space in two towers.
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REPORT:
The City-owned .30 acre parcel has limited street front exposure, is underutilized, isolated from
the main body of the Bramm Yards and has not been incorporated in the initial mixed use
concepts for the proposed Bramm redevelopment.
The addition of the .30 acres of City owned land to Momentum's current property allows the
developer's property envelope to be squared off, creating a more developable parcel, allowing
for an enhanced, efficient and larger underground parking area and increased building density.
Momentum will need to apply for a Zone change and Official Plan Amendment for the subject
lands as well as their own.
The City's ongoing overall tax assessment for the proposed development would be
approximately $420,000 annually.
The proposed development will be the initial catalyst for the overall development of the Bramm
Yards.
The property is being sold for fair market value, on an as is basis, with Momentum responsible
for all costs associated with the transaction including completing a Reference Plan.
ALIGNMENT WITH CITY OF KITCHENER STRATEGIC PLAN:
The sale of surplus land relates to the foundation of Efficient and Effective Government as defined in
the City's Strategic Plan.
FINANCIAL IMPLICATIONS:
The Sale proceeds will be deposited into the City's Land Reserve Account in accordance with
Council Policy
COMMUNITY ENGAGEMENT:
Inform: This report is posted publically with the agenda prior to Committee meeting. Consult: The
public will be engaged during the proposed Official Plan Amendment and the Zoning Change.
ACKNOWLEDGED BY: Jeff Willmer, CAO
Enclosures:
Schedule A: Bramm Street Land Request
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