HomeMy WebLinkAboutCRPS-10-023 - Execution of Centre Block Development AgreementREPORT TO:
Committee of The Whole
DATE OF MEETING: February 22, 2010
SUBMITTED BY: Lesley MacDonald, Director of Legal Services
and City Solicitor
PREPARED BY: Lesley MacDonald, Direcor of Legal Services
and City Solicitor
WARD(S) INVOLVED: Ward 1
DATE OF REPORT: February 22, 2010
REPORT NO.: CRPS - 10-023
SUBJECT: EXECUTION OF CENTRE BLOCK DEVELOPMENT
AGREEMENT
RECOMMENDATION:
That the Mayor and Clerk be authorized to execute the Development Agreement with Andrin
Investments Limited pertaining to the Centre Block Development; said agreement to be
substantially in the form reviewed in-camera on February 22, 2010 and satisfactory to the City
Solicitor; and further
That the Mayor and Clerk be authorized to execute an amendment to the Agreement of Purchase
and Sale with Andrin Investments Limited to make any corresponding housekeeping adjustments
to the Agreement to ensure consistency with the Development Agreement.
BACKGROUND:
Following months of discussions and negotiations, representatives of the City and Andrin
Investments Limited have completed the preparation of the Development Agreement.
REPORT:
The Development Agreement establishes the terms under which the actual project will proceed.
The Development Agreement defines who is responsible for what and sets the condition
precedents which the Developer must be in compliance with.
Although it was originally contemplated that the Development Agreement would be executed by
November 30, 2009, more time was needed time and the deadline for executing the Development
Agreement was extended on the condition that the start date for the timing in the Agreement of
Purchase and Sale and the Development Agreement to transact the property and commence
construction of the various phases of the project remained at November 30, 2009,
notwithstanding the Development Agreement would not be executed until February.
The changes made to the Development Agreement since the last time Council reviewed it are
technical in nature and do not affect the substance of the agreement. The changes were made at
the request of Council.
The execution of the Development Agreement further advances the project and documents both
the Developer's and the City's commitment to the Centre Block Project
FINANCIAL IMPLICATIONS:
The City's previous commitment with respect to the construction and retention of one level of
the parking garage.
CONCLUSION:
It is now in order for the City to execute the Development Agreement with Andrin Investments
Limited.
ACKNOWLEDGED BY: Rod Regier, Executive Director of Economic Development