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Home My WebLink About06 150 Finish 4 Less Land Sale · · · · THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE BY-LAW NO. 2006 -150 BEING A BY-LAW TO ACCEPT AN AGREEMENT OF PURCHASE AND SALE AND TO AUTHORIZE THE SALE OF LAND TO FINISH 4 LESS INC. (Parts 1, 2 and 7 of Part of Lot 1 Concession 1, South of Durham Road (former Township of Kincardine) Municipality of Kincardine, County of Bruce) WHEREAS Section 268 of the Municipal Act, 2001, S.D. 2001, c. 25, as amended, provides for procedures for the sale of lands declared surplus by municipalities; AND WHEREAS the Municipality of Kincardine, on September 17, 2003 passed By-law No. 2003-133, being a By-law to establish procedures regarding the sale of real property; AND WHEREAS the Municipality of Kincardine, on April 21, 1999, declared as surplus to its needs those lands described as Part of Lot 1 Concession 1 South of Durham Road (former Township of Kincardine), in the Municipality of Kincardine in the County of Bruce; AND·WHEREAS the Council of the Corporation of the Municipality of Kincardine deems it advisable to dispose of the aforementioned lands; AND WHEREAS .Finish 4 Less Inc. wishes to purchase the said lands: NOW THEREFORE the Council for The Corporation of the Municipality of Kincardine ENACTS as follows: 1. That the Mayor and C.A.O. be authorized and directed to execute such documents, on behalf of The Corporation of the Municipality of Kincardine, as they may deem advisable to convey the lands described as Part 1, 2 and 7 of Part of Lot 1 Concession 1, South of Durham Road (former Township of Kincardine), Municipality of Kincardine in the County of Bruce, to Finish 4 Less Inc., being approximately 2.6 acres Part 1; 2.2 acres Part 2; 1 acre Part 7, for total of approximately 5.8 acres, to be adjusted on closing based on the plan of survey. 2. That this transaction is subject to the conditions set out in the Agreement of Purchase of Sale attached hereto as Schedule "A" to this By-law. 3. The unit price for the said lands shall be ninety thousand dollars ($90,000.00) per acre for Part 1; eighty-eight thousand dollars ($88,000.00) per acre for Part 2; and two dollars ($2.00) for Part 7, which based on 5.8 acres shall be four hundred and ninety thousand and two dollars ($490,002.00), with sale price to be confirmed on closing based on the plan of survey. .. ./2 . . . . Page 2 Finish 4 Less Inc. Land Sale By-law By-Law No. 2006 - 150 4. That this by-law shall come into full force and effect upon its final passage. 5. This By-law may be cited as the "Finish 4 Less Inc. Land Sale By-law". READ a FIRST, SECOND and THIRD TIME and FINALLY PASSED this 9th day of August, 2006. ~..I ~ Mayor ~~~~ Cler QC~) .\- ø"'2- l "2.-- '2.- Page 1 of 2 pC '" f2- ..\-~\ per CZ" FINISH 4 LES INC. ("Purchaser") having in pected the property, h eby agrees t and with THE C RPORATION OF THE MU CIPAUTY OF KINC DINE ("Vendor" , to purchase com erciallbusiness park lands t the intersection of ighways # 9 & 21 in the Municipality 0 incardine, designated as ~, ) and 1 acre forestry reserv all as depicted on the Plan annexed as Schedule "B" (herein called the "Property") at the price ("Purchase Price") of ***FOUR HUNDRED NINETY THOUSAND TWO*** Dollars ($490,002.00) as follows: ***TWENTY-FOUR THOUSAND, FIVE HUNDRED*** Dollars ($24,500.00) submitted herewith payable to the Vendor as a deposit and to be credited on account of Purchase Price on closing; balance by certified cheque/bank draft on closing, subject to adjustment based on the actual acreage of the Property as verified by a reference plan of survey to be prepared and deposited on title at Vendor's expense, the Purchase Price to be adjusted based on $88,000.00 per acre for ~90,000.00 per acre fo~nd $2.00 for the 1 acre forestry reserve. po- r -\- å 'Z-- pc- ,-\.,,:t , (5J . (;r~ b 1- ~edUle f.¡" attached hereto is in~~erein. ~~' r Purchaser acknowledges that G.S.T. is in addition to the Purchase Price. Purchaser warrants that the Purchaser is registered for G.S.T and that the Vendor is not required to collect or remit the G.S.T. on the Purchase Price. ~ ~'". ~.... '" PROVIDED the title is good and free from all encumbrances except local rates and minor easements for hydro, gas, telephone or like services to the Property; said title to be examined by the Purchaser at its own expense, and the Purchaser not to call for the production of any title deed, abstract of title, survey, proof or evidence of title, other than those in Vendor's possession or under its control; and provided the same have been complied with, the Purchaser to accept the Property subject to municipal requirements, including building and zoning by-laws, and minor easements as above-mentioned. The Purchaser to be allowed until September 13, 2006 to investigate the title at its own expense; and if within that time It shall furnish the Vendor in writing with any valid objection to title, and which the Vendor shall be unable or"unwilling to remove or correct, and which the Purchaser will not waive, this Agreement shall, notwithstanding any intermediate acts or negotiations, be null and void and the deposit money returned to the Purchaser without interest or deduction, and t!,1e Vendor shall not be liable for any costs or damages. Save as to any valid objection so made within such time, the Purchaser shall be conclusively deemed to have accepted the title of the Vendor to the Property. This Agreement shall be completed September 14 November 15. 2006 on which date vacant possession of the Property is to be given to the Purchaser. Transfer/Deed to be prepared at the expense of the Vendor in a form acceptable to the Purchaser's Solicitor. The Affidavit of Residence and of Value of the Consideration required under the Land Transfer Tax Act shall be prepared by the Purchaser. Each party to pay the costs of registration and taxes on its own documents. Any tender of documents or money hereunder may be made upon the Vendor or Purchaser or upon the Solicitor acting for the party on whom tender is desired. and it shall be sufficient that a negotiable certified cheque be tendered instead of cash. Time ¡nail respects shall be of the essence of this Agreement. DATED at Stratford this 9th day of August, 2006. IN WITNESS WHEREOF the Purchaser has executed this Offer. 'Twø~..zt..IDø,.z. -.., No. . passed the q-tL day ~~ .' ~ Mayor - - CIedt ~~ Per: I have aut ority to bind the Corporation ,,-. -- ......- Page 2 of 2 '- .. The Vendor hereby accepts the above Offer and agrees to and with the Purchaser to duly carry out the same on the terms and conditions above mentioned. DATED at Kincardine thisl&Öay of August, 2006. THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE ~ ~..........>///_-- Mayor - G!énn su,~~n..· . -.-.:.- \'" ,. - ~.... " ~~ ,- ....- .... Per: P Purchaser's Solicitor CHARLES G. DUNPHY 1 Ontario St.. 4th fl. Stratford. N5A 6T7 (fax: 519-271-1762) ...-. ......:11",'" ;... - . ...." __~;~:.-'__~,.. ,(. .. ~ f {fax: Schedule "A" This Agreement is conditional on Council of the Municipality of Kincardine passing a by-law approving the sale of the Property in accordance with the tenns of this Agreement on or before September 13,2006 failing which this Agreement is null and void and the Purchaser's deposit shall be refunded without interest or deduction. This Agreement is further conditional until October 14.2007 (the "conditional period") on Purchaser in its sole discretion detennining that soil. environmental and other conditions are suitable for, and that neither municipal building and zoning by-laws nor any other municipal or other regulatory requirements will adversely affect, Purchaser's intended development of the Property. Unless the Purchaser delivers written notice of fulfillment or waiver of the foregoing conditions within the conditional period, this Agreement shall be null and void and the Purchaser's deposit shall be refunded without interest or deduction. The foregoing conditions are inserted for the sole benefit of the Purchaser and may be waived by it wholly or in part at any time within the conditional period. The Vendor agrees to supply and install at its expense municipal services to the lot lines on or before March 28, 2007, Purchaser acknowledges that access to the Property will be via Millennium Drive North which Vendor will dedicate and maintain as a municipal road. Vendor will use its best efforts to complete construction in the fall of 2006 with asphalt and rectification of construction deficiencies. if any. in spring of2007. Vendor agrees that Purchaser shall be entitled to direct that title to Lots 4 & 5 be transferred to separate Transferees in which case the Transfer of Lot 5 shall include the 1 acre forestry reserve and the Purchase Price shall be apportioned between the two Transfers, Purchaser agrees to accept title to the I acre forestry reserve subject to natural preservation or similar restrictions and easements for public utilities (water. sewer. gas. road. electrical). V carlor represeBts &BEl 'lIaFftI:fttS, sueh r.epreseRtatioRs and w&fft1I1ties to survive elasiRg, that: 1. The Property has Be\'er beeø used for the tfeatæeftt, storage or dispasal ofhazardoas waste and there are 80 1:18åergrmmd staf&ge tanks; &Bd 2. The VeFlàor is Rot aware ofaB)' coøditieø efthe Property whioh might result iR the Plirehaser beiag legally required to pre"leBt, ameliØftloo or eliæiRate aay adverse eftvir-eftHleøtal eonditioas or restore the Ramral eftviooftHleøt. ø - -. ..... ..... ..... " "- "- \. , .\ ,~ SCHEDULE "B" -. A-3759.72' N4JSl.63' 0-287.56' N63"33'OO"W \ '\., THE HIGHWAY NO. g DURHAM ROAD) :::::::::-:::~:- -::::~::::-::::::::: tss CMTQ) 01TQ) ~72' A.!JI11.81· c-:J/RM N83"33'ŒI"W PART 1 u:i I ~ 2.6 Acres. ,.... Q) L 0 INST. 22492' i « D- o ! ..- "..... .- ! '- .. N I a.. INST. :J4,,1ID :z t Lø_~__ « ct g N28"5J.'«J"E I 29.75" ::E PART 2 w' INST- .D3f1t r..: ------- or ~ 2.2 Acres. II Q.189) 0 ... 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