HomeMy WebLinkAboutCRPS-05-024 - 50 Washburn Dr - Consent to Refinance Mortgage with The Manufacturer's Life Asstn Company
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Report To:
Date of Meeting:
Submitted By:
Prepared By:
Ward(s) Involved:
Date of Report:
Report No.:
Subject:
Committee of the Whole
February 28, 2005
Lesley MacDonald, Director of
Legal Services & City Solicitor
Lesley MacDonald, Director of
Legal Services & City Solicitor
Ward 4
February 23, 2005
CRPS - 05 - 024
50 Washburn Drive
Consent to Refinance Mortgage with The Manufacturers Life
Assurance Company
RECOMMENDATION:
"That the Mayor and Clerk be authorized to execute any documentation
approved by the City Solicitor to show consent to the mortgage between
1581662 Ontario Inc. and The Manufacturers Life Assurance Company, in
compliance with the restrictions set out in Section 2 in the Schedule of the
Application to Annex Restrictive Covenants registered as Instrument No.
WR28952 respecting the property described as Part of Lot 12, Registered
Compiled Plan 1471, designated as Part 1 of Reference Plan 58R-14392 and
municipally known as 50 Washburn Drive, Kitchener."
BACKGROUND:
I am in receipt of a request from a solicitor for confirmation that the City of Kitchener requests
consent to a mortgage on the subject property in compliance with the restrictions set out in the
Application to Annex Restrictive Covenants registered as Instrument No. WR28952. The City
of Kitchener sold the subject property to 1581662 Ontario Inc. on March 31, 2004. Part of the
Title Control restrictions registered with those lands indicate that the City of Kitchener must
approve all mortgages registered against the subject lands within five years of the purchase.
- 2-
REPORT:
Partial occupancy has been granted and partial verifications and finals have been received for
the warehouse portion only. City records indicate that the office area is not yet ready for
occupancy and a final inspection has not yet been requested. Accordingly, it is premature to
comment on compliance with the remaining restrictions registered against title and staff
currently has no issue with respect to the requested mortgage.
FINANCIAL IMPLICATIONS:
N/A
COMMUNICATIONS:
N/A
CONCLUSION:
In view of the fact that a building is under construction, the owner has complied with some of the
restrictive covenants, I recommend that the City confirm consent to mortgage with The
Manufacturers Life Assurance Company.
If Council enacts the above recommendation, it would be appreciated if the Clerk would forward
a certified copy of Council's resolution as well as the confirmatory by-law to the undersigned.
LESLEY MACDONALD, Director of
Legal Services & City Solicitor
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