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HomeMy WebLinkAboutKIN 80 4316 Sign Agree-Min/Hous THE CORPORATION OF THE TOWN OF KINCARDINE BY-LAW NO. 4316 A BY-LAW TO AUTHORIZE THE EXECUTION OF AN AGREEMENT WITH THE MINISTER OF HOUSING, The Corporation of the Town of Kincardine and the Board of Management of the Kincardine Business Improvement Area. . THE CORPORATION OF THE TOWN OF KINCARDINE BY THE MUNICIPAL COUNCIL THEREOF ENACTS AS FOLLOWS: . 1. THAT the Head of Council and the Clerk be and they are hereby authorized to execute an agreement on behalf of the Corporation of the Town of Kincardine with the Minister of Housing for the Province of Ontario and the Board of Management of the Kincardine Business Improvement Area, upon the same terms or upon terms substantially the same as are contained in the agreement forming Schedule "A" to this By-law, and to affix the Seal of the Corporation to such agreement, under Section 361 (1) of The Municipal Act. READ a FIRST and SECOND TIME this 23rd day of October , 1980. U/:7~~ M~or ~ ~.-9' ,~C erk A lnistrator READ a THIRD TIME and FINALLY PASSED this 23rd day of 1980. October'> ~-J c . £~, ~ &h-->,v ~or ~ 7:71~~ ~ erk Admlnistrator ::0 . · · · · , ! SCHEDULE "A" BY-LAW" 4316 THIS AGREEMENT made this 3rd day of September A.D. 1980. BE'lWEEN: THE MINISTER OF HOUSING for the Province of Ontario Hereinafter referred to as the "Minister" - and - OF THE FIRST PART THE CORPORATION OF THE TOWN OF KINCARDINE Hereinafter referred to as the "Municipality" OF THE SECOND PART THE BOARD OF MANAGEMENT OF THE KINCARDINE BUSINESS IMPROVEMENT AREA Hereinafter referred to as the "Board" OF THE THIRD PART - and - WHEREAS under subsection (1) of Section 361 of The Municipal Act the Municipality by by-law 4241 dated October 4, 1979, since approved by the Ontario Municipal Board, has designated an area within its boundaries as an improvement area, known as the Kincardine Business Improvement Area, and by the same by-law has established a Board of Management for the area and entrusted to them, subject to the limitations if any provided in the by-law, the improvement, beautification and maintenance of municipally owned real property in the area, beyond such as is provided at the expense of the Municipality at large and further has entrusted to the Board the promotion of the area as a business or shopping area the said area being outlined in red on the plan which is attached as Schedule 'A' hereto and copies of the said by-laws being attached as Schedule 'B' hereto. WHEREAS the Municipality has applied to the Minister for a loan in the capital sum of $100,000 for a maximum period of ten years for the improvement and beautification of municipally owned real property and the Minister has agreed to make such loan subject to the terms and conditions set forth in the within agreement pursuant to subsection (2) of said Section 361 and the policies of the Ministry. NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the premises and the mutual terms and conditions hereinafter set forth the parties hereto agree each with the other as follows: 1. LOAN The Minister agrees to loan to the Municipality the capital sum of $100,000. 2. MUNICIPAL DISBURSEMENTS The Municipality shall disburse the funds to or at the direction of the Board in accordance with the provisions of Section 361 of The Municipal Act to enable implementation of the plan which has been submitted to and approved by the Municipality and the Minister. - . . . " , -2- 3. MINISTRY ADVANCES The Ministry of Housing (hereinafter referred to as the "Ministry") shall advance the loan monies to the Municipality as follows: a) An initial advance of $66,667 comprising 2/3 of the loan shall be made upon receipt of the Municipality's request; b) On or before application for the final advance, the Municipality shall report to the Ministry and provide a municipally audited statement of expenditure of the initial advance supported by clear photocopies of all receipts, invoices and vouchers, demonstrating that the initial advance has been expended or irrevocably committed by or at the direction of the Board; c) The final advance comprising 1/3 of the loan will be made when the Ministry i) has been satisfied that the initial advance has been appropriately expended or irrevocably committed, and ii) has received the Municipality's request therefor and a certified copy of a resolution of the Board that they will complete the final 1/3 of the project. 4. MUNICIPAL TRUST ACCOUNT All advances shall be deposited by the Municipality in a separate interest bearing trust account in the name of the Municipality and the interest which accrues thereon from time to time shall be credited as part of the loan advances to the Muncipality. 5. EXCESS FUNDS If the capital advances from the Minister together with the accrued interest thereon exceed in total the capital sum agreed to be loaned the excess shall be remitted to the Ministry as soon as possible in the first instance and monthly thereafter or at longer intervals if the Ministry gives its written agreement thereto. 6. COMPLETION DATE OF PROJECT The Municipality agrees to complete the approved project by the 30th day of November, 1981, (herein to be known as the "completion date"). 7. REF AYMENT The Municipality shall repay to the Ministry the capital amount of the loan being $100,000 together with a surcharge of 10% thereon being $10,000 totalling $110,000. The repayment shall be effected, by payments of not less than $11,000 annually over the period of ten years, commencing thirty (30) days after the first business tax collection date following the completion date. Each payment from the Municipality to the Ministry shall be accompanied by a statement signed by the municipal auditor summarizing the financial status of the loan to and including the aforesaid payment, showing . . . . . , -3- a) the principal amount to be repaid, inclusive of the 10% surcharge; b) the date and amount of each payment to the Minister; c) the balance owing after each payment. 8. UNEXPENDED FUNDS Unless the Ministry gives written consent to a time extension any portion of the funds not expended by or on behalf of the Board within the time set forth in the project plan or in this agreement shall be repaid to the Ministry whereupon the capital amount of the loan and the amounts to be repaid shall be proportionately reduced. 9. LIMITS OF EXPENDITURE Without the consent of the Minister, unless the Municipality effectively assumes the additional cost, the expenditure by or on behalf of the Board of Management of the improvement area shall not be approved or authorized by the Municipality in excess of the estimated costs set forth in the plan which has been approved by the Minister. 10. MECHANICS' LIENS The Municipality shall take reasonable steps to ensure that the provisions of The Mechanics' Lien Act are observed when the proceeds of this loan are being paid out for work or services. 11. AUDITS The Municipality shall provide access for duly authorized representatives of the Minister to such records and accounts of the Board and the Municipality as are relevant to anything done under or relating to this agreement or the application of the proceeds of the loan. 12. TENDERING The Municipality agrees that any contracts entered into for the provision of materials, work or services which will be paid for in whole or in part out of the monies loaned under this agreement shall be let by public tender unless the Minister in writing waives this requirement. 1). COPYRIGHTS The Minister and the Ministry or either of them, without charge from the Municipality, the Board or any third party, may print, publish or otherwise reproduce in whole or in part any report, plan, document or other material prepared for the project, and may distribute any of the same to any person, persons, corporations, firms or associations, or otherwise use same in any manner which either of them may, in his or their absolute discretion, determine and the Municipality in its dealings with the Board shall ensure that the Minister and the Ministry shall have such unfettered rights of publication and use by reserving such rights on their behalf in all contracts and other relevant documents. · · · · "; -J -4- 14. RESALE OF PARKING FACILITIES If any of the proceeds of the loan provided for in this agreement are used for the acquisition or development of municipal parking facilities and those facilities are sold at any time within 10 years from the date of this agreement then the Municipality shall pay to the Minister a sum which is in the same proportion to the selling price as that portion of the within loan which is used for acquisition and development of the parking facilities is to the capital cost of those facilities. 15. SIGN Upon execution of this agreement the Ministry may cause to be erected at such location in the improvement area as the Ministry chooses a sign in such form as the Ministry may require describing the project and setting forth the Ministry's roll in relation thereto, which sign shall remain in such location until six (6) months after completion of the project. 16. INDEMNITY The Municipality at all times shall indemnify and save harmless the Minister and the Ministry from any claim or suit which may arise as a result of any project being undertaken pursuant to this agreement or the publication or other use of material pursuant to clause 13. 17. BOARD APPROVAL The Board hereby approves the provlslons of the within agreement and hereby agrees in principle to the special levies herein referred to insofar as they relate to repayment of the loan provided for herein from the Minister to the Municipality. 18. APPROVALS The obligation of each of the parties under this agreement are conditional upon the Municipality obtaining all requisite approvals and consents from the Ontario Municipal Board and/or the Minister of Housing. 19. EXCLUSION OF COLLATERAL AGREEMENTS AND INDUCEMENTS All of the terms and conditions of this agreement between the parties hereto are stated herein and no representations or inducements have been made to the Municipality and to the Board by or on behalf of the Minister other than those herein set forth. 20. HEADINGS Paragraph headings are for ease of reference only and do not form part of this agreement. . . . At '!. < o!r -5- IN WITNESS WHEREOF the parties hereto have hereunto affixed their corporate seals attested by the signatures of their proper signing officers in that behalf, all as of the day and year first above written. THE MINISTER OF HOUSING for the Province of Ontario ~~~ .t:'.1erK THE CORPORATION OF THE TOWN OF KINCARDINE k~,//h/~ ~or I THE BOARD OF MANAGEMENT of the KINCARDINE BUSINESS IMPROVEMENT AREA Chairman Secretary ~