HomeMy WebLinkAboutCAO-15-032 - Offer to Purchase
REPORT TO: Committee of the Whole
DATE OF MEETING: October 5, 2015
SUBMITTED BY: Brian Bennett, Manager of Business Development, 519-741-2200 x7230
PREPARED BY: Rob Morgan, Capital Investment Advisor, 519-741-2200 x7734
WARD (S) INVOLVED: 5
DATE OF REPORT: September 28, 2015
REPORT NO.: CAO- 15-032
SUBJECT:Offer to Purchase– 35 Trillium Drive
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RECOMMENDATION:
“That the Mayor and Clerk be authorized to execute an Agreement of Purchase and Sale
with Ferj Investments Inc. for their acquisition of the City’s parcel of land located at 35
Trillium Drive, having an area of approximately 2.0 acres (.80 hectares), legally
described as Part 1 58R-16845, Plan 1478 Part lot 5 at a total purchase price of
$475,000.00; said agreement to be to the satisfaction of the City Solicitor; and further,
That the Mayor and Clerk be authorized to execute all documentation required to
complete the transaction, said documentation to be satisfactory to the City Solicitor.”
BACKGROUND:
The two acre property is located on the north - west corner of the intersection of Huron Road
and Trillium Drive within the City’s Huron Business Park. The property is zoned Restricted
Business Park Zone (B-2) with a Special Regulation related to the requirement of a Fill Permit
from the GRCA prior to any construction.
The lands were declared surplus March 30, 2009 as a result of the process review associated
with the Kitchener Operations’ Centre. It was anticipated that the revenue from the sale of this
property would be utilized to offset the cost of the project.
REPORT:
The City, through its Real Estate Service Provider, Coldwell Banker Commercial, has received
an Offer to Purchase for the subject property from Ferj Investments Inc. They intend to
construct a building and lease it out to tenants for uses permitted by the Zoning By-law.
*** This information is available in accessible formats upon request. ***
Please call 519-741-2345 or TTY 1-866-969-9994 for assistance.
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The Offer is conditional for 30 days following acceptance on the Purchaser satisfying itself with
the physical condition of the property including soils condition, environmental and geotechnical
conditions.
The Offer is also conditional for 30 days from acceptance on the Purchaser being satisfied with
the feasibility of the ability to develop the property in compliance with the zoning requirements
and restrictions associated with the property.
ALIGNMENT WITH CITY OF KITCHENER STRATEGIC PLAN:
The recommendation of this report supports the achievement of the city’s strategic vision
through the delivery of core service.
FINANCIAL IMPLICATIONS:
The Offer price is $475,000 and the approximate net proceeds to the City will be $326,000
after site servicing costs (sanitary and storm) and real estate commission. These revenues are
consistent with what was anticipated through the KOF funding model.
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COMMUNITY ENGAGEMENT:
– This report has been posted to the City’s website with the agenda in advance of the
INFORM
council / committee meeting.
ACKNOWLEDGED BY:
Dan Chapman, Acting CAO.
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