HomeMy WebLinkAboutCRPS-06-025 - Acquisition of 521 King St WCorporate Services
REPORT
Report To: Committee of the Whole
Date of Meeting: Monday, February 13, 2006
Submitted By: Lesley MacDonald,
Director of Legal Services and City Solicitor (Ext. #
2267)
Prepared By: Lesley MacDonald,
Director of Legal Services and City Solicitor
Wards) Involved: N/A
Date of Report: February 10, 2006
Report No.: CRPS - 06 - 025
Subject: Acquisition of 521 King St W, Kitchener
RECOMMENDATION:
"That the Mayor and Clerk be authorized to execute the necessary documentation
with the registered owner, L.P. Holdings Inc. and other interested parties involved in 521
King Street West for the staged acquisition of said property, satisfactory to the City
Solicitor."
EXECUTIVE SUMMARY:
N/A
BACKGROUND:
The City has had a cooperative relationship with L.P.Holdings Inc., the registered owner
of 521 King Street West since before they acquired the property back in 1996, along
with PolyOne Canada Inc. and PolyOne Corporation. L.P. Holdings Inc. is a wholly
owned subsidiary of PolyOne Canada Inc. L.P.Holdings Inc. with the support of
PolyOne Canada Inc. and PolyOne Corporation, made it known to the City from the
early days that they would be prepared to allow the City to use the land for a community
purpose. They offered to give the 521 King Street West property, the former Epton site,
to the City for the benefit of the Community.
2
REPORT:
The City approached L.P. Holdings Inc. and PolyOne Corporation several years ago,
when the idea of the University of Waterloo Health Science Campus was in its infancy,
to discuss the idea of a Health Science Campus being built on the site at 521 King
Street West, a prominent location in the heart of downtown Kitchener. The creation of a
Health Science Campus was recognized to be of great benefit to the Community and
one which L.P. Holdings Inc. and PolyOne Corporation were prepared to facilitate with
the donation of the property.
The property has undergone remediation activities and the main part of the Site has
been fully remediated, for which a Record of Site Condition will be filed very shortly. The
acquisition of the Site will be staged to accommodate the completion of any remediation
and the filing of the Record of Site Condition documentation.
FINANCIAL IMPLICATIONS:
The land is being donated to the City.
COMMUNICATIONS:
N/A
CONCLUSION:
In anticipation of the filing of the Record of Site Condition, the City will be in the position
to take title to the large front portion of the site and subsequently thereafter to the
remaining parcels once the respective Records of Site Condition are filed. The City
needs to be in a position to have the necessary documentation executed by the Mayor
and Clerk to facilitate the acquisition of the land and the subsequent development of the
Health Science Campus.
Lesley MacDonald,
Director of Legal Services and City Solicitor
/tr