HomeMy WebLinkAboutCRPS-07-018 - Extend Closing Date - Sale of Market Retail Lands 290 & 310 King St E to Barrel WorksREPORT
Report To: Committee of the Whole
Date of Meeting:
Submitted By:
Prepared By:
Ward(s~ Involved:
Date of Report:
Report No.:
February 5, 2007
Lesley MacDonald, City Solicitor
Fiona M. McCrea
Assistant City Solicitor, Ext. 2266
Ward 1
January 30, 2007
CRPS-07-018
Subject: REQUEST TO EXTEND CLOSING DATE OF SALE OF
RETAIL LANDS AT 290 & 310 KING STREET EAST TO
BARREL WORKS MARKET SHOPS INC.
RECOMMENDATION:
That the Mayor and Clerk be authorized to execute an amendment to the Retail Component
Purchase Agreement with Barrel Works Kitchener Limited and Barrel Works Market Shops Inc.
to extend the closing date to March 1, 2007 on terms and conditions satisfactory to the City
Solicitor.
REPORT:
Barrel Works Market Shops Inc. has secured financing to complete the purchase of the two
retail buildings known as 290 and 310 King Street East. Staff have received confirmation from
Barrel Works that they are therefore in a position to complete this transaction on or before
March 1, 2007 in accordance with the terms of the Retail Component Purchase Agreement as
amended.
FINANCIAL IMPLICATIONS:
No additional costs will be incurred by the City as a result of this extension.
COMMUNICATIONS:
N/A
Fiona M. McCrea
Assistant City Solicitor
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c.c. -Laurier Proulx, Ann Pappert