HomeMy WebLinkAboutCRPS-05-060 - Sale of Karn Lane between Belmont Ave W and Patricia Ave in Kitchener
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Report To:
Date of Meeting:
Submitted By:
Prepared By:
C.C.
Ward(s) Involved:
Date of Report:
Report No.:
Subject:
Committee of the Whole
April 11, 2005
Fiona McCrea
Assistant City Solictor (ext. 2266)
Fiona McCrea
Assistant City Solicitor
R. Shamess, B. Cronkite, P. Houston, L. Proulx, G. Sosnoski
West-Victoria Park Ward - 6
April 8, 2005
CRPS-05-060
Sale of Karn Lane between Belmont Avenue West and
Patricia Avenue in Kitchener
RECOMMENDATION:
That the City accept an offer from 1471263 Ontario Inc. and Forest Group (Kitchener) Ltd. to
purchase Karn Lane, between Belmont Avenue West and Patricia Avenue in Kitchener and
described as Parts 1 to 4 inclusive on Plan 58R-5165, for the sum of $18,000.00, conditional
upon the closure of Karn Lane; and further
EXECUTIVE SUMMARY:
N/A
That the Mayor and Clerk be authorized to execute any documentation in this regard required by
and to the satisfaction of the City Solicitor.
REPORT:
On February 28, 2005 Council directed Legal Services to proceed with the preparation and
advertising of the closure and conveyance of Karn Lane, between Belmont Avenue West and
Patricia Avenue, conditional upon obtaining an appraisal of the fair market value and offer to
purchase for Council's consideration. All associated costs with this proposed closure were to be
borne by the prospective purchaser of the property. An appraisal of the market value of the land
has been obtained. The prospective purchaser has submitted a signed offer to purchase in
which it has agreed to pay the market value as determined and all associated costs. This offer is
conditional upon the passage and registration of a by-law to close Karn Lane.
FINANCIAL IMPLICATIONS:
The Purchaser to pay the sum of $18,000.00 for the land, along with all costs associated with the
road closure.
COMMUNICATIONS:
N/A
CONCLUSION:
Staff recommends that Council accept the Offer to Purchase by 1471263 Ontario Inc. and Forest
Group (Kitchener) Ltd.
Fiona McCrea
Assistant City Solicitor
Laurier Proulx,
Director of Facilities Management
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