HomeMy WebLinkAboutCRPS-06-154 - Execution of Acknowledgement & Agreement - Lease dated August 29, 2000 - Parts 1 & 2, Plan 58R-11898J
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CorF~orute Services
Report To: Committee of the Whole
Date of Meeting: October 16, 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
Ward(s) Involved: 3
Date of Report: October 11, 2006
Report No.: CRPS - 06 - 154
Subject: Execution of an Acknowledgment and Agreement
Respecting Lease dated August 29, 2000
Lands described as Parts 1 and 2 on 58R-11898
RECOMMENDATION:
That the Mayor and Clerk be authorized to execute an Acknowledgment and Agreement,
satisfactory to the City Solicitor, with Thyssenkrupp Budd Canada Inc., Martinrea International
Inc., and 2114887 Ontario Limited pertaining to the Lease, dated August 29, 2000, of the Lands
described as Parts 1 and 2 on 58R-11898.
BACKGROUND:
The City entered into a lease on August 29, 2000 to use the lands described as Parts 1 and 2
on 58R-11898 for recreational purposes.
REPORT:
The City has negotiated the continuation of its Lease for the use of the Lands described as part
1 and 2 on 58R-11898 subject to some adjustments to become effective upon the conclusion of
the Martinrea International Inc.'s purchase of Thyssenkrupp Budd Company.
FINANCIAL IMPLICATIONS:
Status quo will continue.
COMMUNICATIONS:
N/A
CONCLUSION:
In order to facilitate a smooth transition of the Year 2000 Lease, Staff has negotiated the
appropriate changes to the lease and has discussed same with Council in caucus pending the
completion of the transaction between Martinrea International Ines and Thyssenkrupp Budd
Company. The Acknowledgment and Agreement addresses these changes and meet with the
satisfaction of the City Solicitor.
Lesley MacDonald,
Director of Legal Services and City Solicitor