HomeMy WebLinkAboutCAO-07-037 - Execution of Option/Letter of Intent - TC MidAtlantic Dev Inc - 131 Goodrich Dr
Report To:
Date of Meeting:
Submitted By:
Mayor Zehr and Members of Council
June 25, 2007
Prepared By:
Hans Gross, Director of Project Administration & Economic
Investment
Lesley MacDonald, Director of Legal Services and City
Solicitor
All
Ward(s) Involved:
Date of Report:
Report No.:
Subject:
June 25, 2007
CAO-07 -037
EXECUTION OF AN OPTION/LETTER OF INTENT WITH
TC MIDATLANTIC DEVELOPMENT, INC.
REGARDING 131 GOODRICH DRIVE, KITCHENER
RECOMMENDATION:
That the Mayor and Clerk be authorized to execute an Option/Letter of Intent with TC
MidAtlantic Development, Inc. to purchase land at 131 Goodrich Drive, Kitchener, said
Option/Letter of Intent to be satisfactory to the City Solicitor.
BACKGROUND:
The City has been approached by representatives of TC MidAtlantic Development, Inc., the
potential purchaser of 131 Goodrich Drive with a proposal to sell a portion of the site to the City
for the purposes of developing a consolidated maintenance facility.
REPORT:
City staff recognizes the potential for this site to be considered as a one-site option for the
consolidated maintenance facility. Accordingly, staff negotiated an Option/Letter of Intent to
purchase a portion of the lands at 131 Goodrich Drive. Said Option/Letter of Intent would only
be exercised following the completion of the consolidated maintenance facility Class EA process
and in the event, that at the conclusion of the Class EA process, this site was recommended
and Council concurred with such recommendation.
It is not appropriate to discuss the terms of this Option/Letter of Intent at this time, recognizing
that the terms will not be disclosed unless Council decides to exercise this option.
FINANCIAL IMPLICATIONS:
None at this time.
COMMUNICATIONS: N/A
CONCLUSION:
Staff supports the execution of this Option/Letter of Intent, to purchase a portion of 131
Goodrich Drive, in order to preserve this site as an option to be considered for the proposed
consolidated maintenance facility.
Hans Gross
Director of Project Administration & Economic Investment
Economic Development