HomeMy WebLinkAboutDTS-07-184 - Sale of 278 Clifton RdREPORT
Report To: Special Council
Date of Meeting: November 19, 2007
Submitted By: James A. Witmer, Director of Building and Environmental
Remediation
Prepared By: James A. Witmer, Director of Building and Environmental
Remediation
Ward(s) Involved: Bridgeport -Centre
Date of Report: November 15, 2007
Report No.: DTS 07-184
Subject: SALE OF 278 CLIFTON ROAD
RECOMMENDATION:
That Council accept the conditional Offer to Purchase 278 Clifton Road, legally described
as Plan 666 PT Lot 96, at the total purchase price of $220,00.00, and further;
That the Mayor and Clerk be hereby authorized to execute any other necessary
documentation required by the City Solicitor to complete the sale transaction.
BACKGROUND:
In July 2006 Council authorized staff to retain the services of an environmental consultant and
contractor to complete an environmental remediation of the properties at 270, 274, 276, 278 and
280 Clifton Road and 834 Guelph Street where some ash fill had been placed in the 1940's or
earlier.
As part of the remediation, 4 of the residential units (2 semi-detached buildings) were required
to be demolished. Of the owners impacted by this demolition, one of these property owners
decided to sell his unit to the City (#278). The remaining property owners decided to retain
ownership and the City undertook to have replacement semi-detached units constructed on their
lands.
Council also authorized the construction of the remaining half of the semi-detached unit at #278
Clifton Road, which would be sold upon completion of the remediation.
The unit has now been completed and has been considered surplus to the City's needs.
REPORT:
The City of Kitchener utilized the services of Coldwell Banker Peter Benninger Realty the City's
contracted realtor to sell the house on the City's behalf. Two offers were received, one for
$212,500.00 and the second and recommended offer of $220,000.00 which, is above the listing
price of $219,900.00. The proposed closing date is December 7, 2007 or such date to be
agreed upon by the parties respective solicitors. The offer is conditional until November 21S'
2007 on the purchaser obtaining the required financing.
The City Solicitor has reviewed the Offer to Purchase.
FINANCIAL IMPLICATIONS:
Sale Price $220,000
Real Estate 4% commission (net of GST) 8( ,800)
Net Revenue $211,200
The net proceeds received from the sale will be put back into the Clifton Road Project Account
715095.
Respectfully submitted,
James A. Witmer,
Director of Building and Environmental Remediation
Cc: Carla Ladd, CAO
Lesley MacDonald, Director of Legal Services
Laurier Proulx, Director of Facilities Management
Rob Morgan, Capital Investment Advisor