HomeMy WebLinkAboutDSD-20-101 - Land Sale-PLAN 675 PT LOT 1 PT LOT 2, PIN #22302-0126(LT)REPORT TO: Committee of the Whole
DATE OF MEETING: August 24, 2020
SUBMITTED BY: Brian Bennett, Manager, Business Development, 519-741-2200 X 7230
PREPARED BY: Rob Morgan, Capital Investment Advisor/ Brownfield Co-ordinator,
519-741-2200 x7734
WARD (S) INVOLVED: Ward 1
DATE OF REPORT:July 15, 2020
REPORT NO.: DSD-20-101
SUBJECT: Land Sale - PLAN 675 PT LOT 1 PT LOT 2, PIN # 22302-0126(LT),
Land-locked Vacant Land, BridgeportEast
RECOMMENDATION:
That the Mayor and Clerk be authorized to execute an Agreementof Purchase and Sale
with Newo Holdings Ltd.for their acquisition of the City’s parcel of land having an area
of approximately 0.902 acres., legally described as Plan 675 PT Lot 1, PT Lot 2, PIN #
22302-0126(LT), at a purchase price of $520,000.00, and that the subject land be declared
surplus to the City’s needs; 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 to the satisfaction of the City
Solicitor.
BACKGROUND/REPORT:
The subject property is approximately 0.902 acres in area and is currently zoned Residential 4
(R-4). The lands are landlocked, vacant, unserviced andare located in Bridgeport Eastclose to
Grand Avenue.(see attached plan)
City staff were approached by Newo Holdings Ltd. requesting that the City sellthe0.902-acre
subject parcel to them. NewoHoldings is a land development company who has assembled the
surrounding landsand nowwishesto purchase the City lands to completethe block allowing
them the ability to develop the lands as a subdivision for residential purposes.
The City owned parcelof land was originally conveyed to the Village of Bridgeport in 1968 and
has remained in Municipal ownership since this conveyance. The land was originally planned to
be utilized for the extension of Grand Avenueand is nolonger required for this purpose.
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Land Value
The proposed purchase price of $520,000 is fair market value for this parcel of land based on
the valuation secured by the City, especiallywhen considered with the unprecedented times
resulting from the Covid-19 Pandemic.
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 proceeds from the transaction will be deposited into the Land Reserve Account.
COMMUNITY ENGAGEMENT:
INFORM – This report has been posted to the City’s website with the agenda in advance of the
council / committee meeting.
ACKNOWLEDGED BY: Justin Readman, General Manager, Development Services
Department
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Locational Plan
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