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HomeMy WebLinkAbout11 129 Part Elgin Market Square Plan, Kincardine and Part 4 & 5 Property Sale By-law THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE KBT 4 fi4 �PAIITY BY -LAW NO. 2011 -129 BEING A BY -LAW TO AUTHORIZE THE SALE OF PROPERTY TO 773472 Ontario Ltd. (Part Elgin Market Square, Kincardine and Part 4 & 5 3R6613) WHEREAS Section 270 (1) of the Municipal Act, 2001, S.O. 2001, c. 25, as amended, provides that a municipality shall adopt and maintain policies with respect to the sale and other disposition of land; • AND WHEREAS pursuant to the said Municipal Act, Section 8 (1) and 9 provide that the powers of a municipality under this or any other Act shall be interpreted broadly so as to confer broad authority on the municipality to enable the municipality to govern its affairs as it considers appropriate and to enhance the municipality's ability to respond to municipal issues and a municipality has the capacity, rights, powers and privileges of a natural person for the purpose of exercising its authority under this or any other Act; AND WHEREAS the Municipality of Kincardine, on August 10, 2011 has declared surplus to its needs that property described as Part Elgin Market Square Plan, Kincardine and Part 4 & 5 Plan 3R6613; AND WHEREAS an appraisal was completed by the Municipality of Kincardine on May 2, 2011; AND WHEREAS the Council of the Municipality of Kincardine deems it advisable to dispose of the aforementioned property; • AND WHEREAS 773472 Ontario Ltd. has submitted an offer to purchase the aforementioned property in the amount of $55,000.00; NOW THEREFORE the Council of The Corporation of the Municipality of Kincardine ENACTS as follows: 1. That the Mayor and Chief Administrative Officer be authorized and directed to sign and execute such documents, on behalf of The Corporation of the Municipality of Kincardine as they may deem advisable, to convey that property described as Part Elgin Market Square Plan, Kincardine and Part 4 & 5 Plan 3R6613, and to affix the corporate seal of the Municipality of Kincardine. 2. The sale price for the said property be fifty five thousand ($55,000.00). .../2 • Page 2 Part Elgin Market Square Plan, Kincardine and Part 4 & 5 Plan 3R6613 By -law By -law No. 2011 -129 3. That this transaction is subject to the conditions set out in the Agreement of • Purchase and Sale attached hereto as Schedule `A' and forming part of the By -law and that net proceeds be set aside for a future affordable housing project. 4. This by -law shall come into full force and effect upon its final passage. 5. This by -law may be cited as the "Part Elgin Market Square Plan, Kincardine and Part 4 & 5 Plan 3R6613 Property Sale By -law ". READ a FIRST, and SECOND time this 12 day of October, 2011. yo Depcly Clerk • READ a THIRD time and FINALLY PASSED this 12 day of October 2011. WO • PA a mink O 0 y or p u ' Clerk • • Ontario Notice of Fulfillment of Conditi "I Real Estate Form 124 Association for use in the Province of Ontario BUYER, 773472 ONTARIO LTD. SELLER, CORPORATION OF THE MUNICIPALITY OF KINCARDINE REAL PROPERTY- Part Elgin Market Square Plan, Kincardine In accordance with the terms and conditions of the Agreement of Purchase and Sale dated the 15th day of September 20 regarding the above property, I /We hereby confirm that I /We have fulfilled the condition(s) which read(s) as follows: This Offer is conditional until the 12th day of October, 2011 upon the Municipal Town Council's approval by By -Law, failing which this Offer shall be null and void and the deposit shall be returned to the Buyer in full. All other terms and conditions in the aforementioned Agreement of Purchase and Sale to remain unchanged. For the purposes of this Notice of Fulfillment of Condition, "Buyer" includes purchaser, tenant, and lessee, and "Seller" includes vendor, landlord, and les- sor, and "Agreement of Purchase and Sale" includes an Agreement to Lease. DATED at Kincardin Ontario, at / 00 a 0 , this /3 4 - day of Octobe 2 0 11 SIGNED, SEALED AND DELIVERED in the presence of: IN WITNESS whereof 1 have hereunto set my hand and seal: V A I O .— 110-C. 9 ' i I 0 DATE O( . I 9 , o-0 i/ (Witness) (Buyer /Seller) Corporation of ri e (Seal) Municipality of Kincardine • DATE (Witness) (Buyer /Seller) (Seal) Receipt acknowledged at.. a. D0 a. 0 , this 13 d ay of i , a / . b )011 Print Name Signature / iir Ail ® 2011, Ontario Real Estate Association ( "OREA "). All rights reserved. This form was developed by OREA forme use and reproduction of its '' g ■ - a . ce • . -s ® al. only. Any or use or reproduction is prohibited except with prior written consent of OREA. Do no alai when printing or reproducing the stan.=,,'4s preset portion. orm 124 Revised 2008 Page 1 of 1 WEBForms Dec/2010 ORM Zatl EsaTate Agreement of Purchase and Sale Form 109 Association for use in the Province of Ontario This Agreement of Purchase and Sale dated this 15th day of September 20 11 BUYER, 773472 Ontario Ltd. , agrees to purchase from (Full legal names of all Buyers) SELLER, Corporation of the Municipality of Kincardine , the following (Full legal names of all Sellers) REAL PROPERTY: Address Part Lot 4 & 5 Princes Street South fronting on the West side of Princes Street in the Town of Kincardine and having a frontage of 85' more or less by a depth of 116' more or less and legally described as Part Elgin Market Square Plan, Kincardine, Part 4 & 5 Plan 3R6613 (Municipality of Kincardine) County of Bruce (the "property "). (Legal description o) land including easements not described elsewhere) PURCHASE PRICE: Dollars (CDN$) 55,000.00 Fifty -Five Thousand Dollars DEPOSIT: Buyer submits Upon acceptance (Herewith /Upon Acceptance /as otherwise described in this Agreement) One Thousand Dollars (CDN$) 1,000.00 by negotiable cheque payable to REMAX LAND EXCHANGE LTD. "Deposit Holder" to be held in trust pending completion or other termination of this Agreement and to be credited toward the Purchase Price on completion. For the purposes of this Agreement "Upon Acceptance" shall mean that the Buyer is required to deliver the deposit to the Deposit Holder within 24 hours of the acceptance of this Agreement. The parties to this Agreement hereby acknowledge that, unless otherwise provided for in this Agreement, the Deposit Holder shall place the deposit in trust in the Deposit Holder's non - interest bearing Real Estate Trust Account and no interest shall be earned, received or paid on the deposit. Buyer agrees to pay the balance as more particularly set out in Schedule A attached. SCHEDULE(S) A , B, C attached hereto form(s) part of this Agreement. 1. IRREVOCABILITY: This Offer shall be irrevocable by Seller until 6:00 p,m. on (Seller /Buyer) the 5th day of October 20 11 , after which time, if not accepted, this Offer shall be null and void and the deposit shall be returned to the Buyer in full without interest. 2. COMPLETION DATE: This Agreement shall be completed by no later than 6:00 p.m. on the 1st day of November 20 11 Upon completion, vacant possession of the property shall be given to the Buyer unless otherwise provided for in this Agreement. 3. NOTICES: The Seller hereby apooints the Listing Brokerage as agent for the Seller for the purpose of giving and receiving notices pursuant to this Agreement. Where a Brokerage (Buyer's Brokerage) has entered into a representation agreement with the Buyer, the Buyer hereby appoints the Buyer's Brokerage as agent for the purpose of giving and receivin notices pursuant to this Agreement. Where a Brokerag sents both the Seller and the Buyer (multiple representation), the Brokerage shall not be entitled ized or author to be agent for either the Buyer or the Seller for the purpose of giving and receiving notices. Any notice relating hereto or provided for herein shall be in writing. In addition to any provision contained herein and in any Schedule hereto, this offer any counter-offer, notice of acceptance thereof or any notice to be given or received pursuant to this Agreement or any Schedule hereto shall be deemed given and received when delivered personally or hand delivered to the Address for Service provided in the Acknowledgement below, or where a facsimile number is provided herein, when transmitted electronically to that facsimile number. FAX No. (519)396 -9070 (For delivery of notices to Seller) F X No. (519)396 -9070 (For delivery of notices to Buyer) INITIALS OF BUYER(S): INITIALS OF SELLER(S): (- 61, A. _ MI © 2011, Ontario Real Estate Associafion ("OREA"). All rights reserved. This form was developed by OREA for the use and reproduction of its members and licensees ,,,,o, only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard preset portion. Form 100 Revised 2011 Page 1 of 5 WEBFormsTM Dec /2010 4. CHATTELS INCLUDED: NIL. Unless otherwise stated in this Agreement or any Schedule hereto, Seller agrees to convey all fixtures and chattels included in the Purchase Price free from all liens, encumbrances or claims affecting the said fixtures and chattels. 5. FIXTURES EXCLUDED: NIL. 6. RENTAL ITEMS: The following equipment is rented and not included in the Purchase Price. The Buyer agrees to assume the rental contract(s), if assumable: NIL. 7. HST: If the sale of thQ property (Real Property as described above) is subject to Harmonized Sales Tax (HST), then such tax shall be in addition to the Purchase Price. If the sale of the property is not subject to HST, (included in /in addition to) Seller agrees to certify on or before closing, that the sale of the property is not subject to HST. Any HST on chattels, if applicable, is not included in the purchase price. 8. TITLE SEARCH: Buyer shall be allowed until 6:00 p.m. on the 20th day of October 20 11 (Requisition Date) to examine the title to the property at Buyer's own expense and until the earlier of: (i) thirty days from the later of the Requisition Date or the date on which the conditions in this Agreement are fulfilled or otherwise waived or; (ii) five days prior to completion, to satisfy Buyer that there are no outstanding work orders or deficiency notices affecting the property, and that its present use (C2 & PD ) may be lawfully continued and that the principal building may be insured against risk of fire. Seller hereby consents to the municipality or other governmental agencies releasing to Buyer details of all outstanding work orders and deficiency notices affecting the property, and Seller agrees to execute and deliver such further authorizations in this regard as Buyer may reasonably require. 9. FUTURE USE: Seller and Buyer agree that there is no representation or warranty of any kind that the future intended use of the property by Buyer is or will be lawful except as may be specifically provided for in this Agreement. 10. TITLE: Provided that the title to the property is good and free from all registered restrictions, charges, liens, and encumbrances except as otherwise specifically rovided in this Agreement and save and except for (a) any registered restrictions or covenants that run with the land that such are complied with; (b) any registered municipal agreements and registered agreements with publicly regulated utilities providing such have been complied with, or security has been posted to ensure compliance and completion, as evidenced by a letter from the relevant municipality or regulated utility; (c) any minor easements for the supply of domestic utility or telephone services to the property or adjacent properties; and (d) any easements for drainage, storm or sanitary sewers, public utility lines, telephone lines, cable television lines or other services which do not materially affect the use of the property. If within the specified times referred to in paragraph 8 any valid objection to title or to any outstanding work order or deficiency notice, or to the fact the said present use may not lawfully be continued, or that the principal building may not be insured against risk of fire is made in writing to Seller and which Seller is unable or unwilling to remove, remedy or satisfy or obtain insurance save and except against risk of fire (Title Insurance) in favour of the Buyer and any mortgagee, (with all related costs at the expense of the Seller), and which Buyer will not waive, this Agreement notwithstanding any intermediate acts or negotiations in respect of such objections, shall be at an end and all monies paid shall be returned without interest or deduction and Seller, Listing Brokerage and Co-operating Brokerage shall not be liable for any costs or damages. Save as to any valid objection so made by such day and except for any objection going to the root of the title, Buyer shall be conclusively deemed to have accepted Seller's title to the property. 11. CLOSING ARRANGEMENTS: Where each of the Seller and Buyer retain a lawyer to complete the Agreement of Purchase and Sale of the property, and where the transaction will be completed by electronic registration pursuant to Part III of the Land Registration Reform Act, R.S.O. 1990, Chapter L4 and the Electronic Registration Act, S.O. 1991, Chapter 44, and any amendments thereto, the Seller and Buyer acknowledge and agree that the exchange of closing funds, non - registrable documents and other items (the "Requisite Deliveries ") and the release thereof to the Seller and Buyer will (a) not occur at the same time as the registration of the transfer /deed (and any other documents intended to be registered in connection with the completion of this transaction) and (b) be subject to conditions whereby the lawyer(s) receiving any of the Requisite Deliveries will be required to hold same in trust and not release same except in accordance with the terms of a document registration agreement between the said lawyers. The Seller and Buyer irrevocably instruct the said lawyers to be bound by the document registration agreement which is recommended from time to time by the Law Society of Upper Canada. Unless otherwise agreed to by the lawyers, such exchange of the Requisite Deliveries will occur in the applicable Land Titles Office or such other location agreeable to both lawyers. 12. DOCUMENTS AND DISCHARGE: Buyer shall not call for the production of any title deed, abstract, survey or other evidence of title to the property except such as are in the possession or control of Seller. If requested by Buyer, Seller will deliver any sketch or survey of the property within Seller's control to Buyer as soon possible and prior to the Requisition Date. If a discharge of INITIALS OF BUYER(S): INITIALS OF SELLER(S): (111K) ® © 2011, Ontario Real Estate Association ("OREA"). All rights reserved. This form was developed by OREA for the use and reproduction of its members and licensees ,, ,, .: only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not aker when printing or reproducing the standard pre -set portion. Form 100 Revised 201 1 Page 2 of 5 WEBForms rm Dec /2010 any Charge /Mortgage held by a corporation incorporated pursuant to the Trust And Loan Companies Act (Canada), Chartered Bank, Trust Company, Credit Union, Caisse Populaire or Insurance Company and which is not to be assumed by Buyer on completion, is not available in registrable form on completion, Buyer agrees to accept Seller's lawyer's personal undertaking to obtain, out of the closing funds, a discharge in registrable form and to register same, or cause same to be registered, on title within a reasonable period of time after completion, provided that on or before completion Seller shall provide to Buyer a mortgage statement prepared by the mortgagee setting out the balance required to obtain the discharge, and, where a real -time electronic cleared funds transfer system is not being used, a direction executed by Seller directing payment to the mortgagee of the amount required to obtain the discharge out of the balance due on completion. 13. INSPECTION: Buyer acknowledges having had the opportunity to inspect the property and understands that upon acceptance of this Offer there shall be a binding agreement of purchase and sale between Buyer and Seller. The Buyer acknowledges having the opportunity to include a requirement for a property inspection report in this Agreement and agrees that except as may be specifically provided for in this Agreement, the Buyer will not be obtaining a property inspection or property inspection report regarding the property. 14. INSURANCE: All buildings on the property and all other things being purchased shall be and remain until completion at the risk of Seller. Pending completion, Seller shall hold all insurance policies, if any, and the proceeds thereof in trust for the parties as their interests may appear and in the event of substantial damage, Buyer may either terminate this Agreement and have all monies paid returned without interest or deduction or else take the proceeds of any insurance and complete the purchase. No insurance shall be transferred on completion. If Seller is taking back a Charge /Mortgage, or Buyer is assuming a Charge /Mortgage, Buyer shall supply Seller with reasonable evidence of adequate insurance to protect Seller's or other mortgagee's interest on completion. 15. PLANNING ACT: This Agreement shall be effective to create an interest in the property only if Seller complies with the subdivision control provisions of the Planning Act by completion and Seller covenants to proceed diligently at his expense to obtain any necessary consent by completion. 16. DOCUMENT PREPARATION: The Transfer /Deed shall, save for the Land Transfer Tax Affidavit, be prepared in registrable form at the expense of Seller, and any Charge /Mortgage to be given back by the Buyer to Seller at the expense of the Buyer. If requested by Buyer, Seller covenants that the Transfer /Deed to be delivered on completion shall contain the statements contemplated by Section 50(22) of the Planning Act, R.S.O.1990. 17. RESIDENCY: Buyer shall be credited towards the Purchase Price with the amount, if any, necessary for Buyer to pay to the Minister of National Revenue to satisfy Buyer's liability in respect of tax payable by Seller under the non - residency provisions of the Income Tax Act by reason of this sale. Buyer shall not claim such credit if Seller delivers on completion the prescribed certificate or a statutory declaration that Seller is not then a non - resident of Canada. 18. ADJUSTMENTS: Any rents, mortgage interest, realty taxes including local improvement rates and unmetered public or private utility charges and unmetered cost of fuel, as applicable, shall be apportioned and allowed to the day of completion, the day of completion itself to be apportioned to Buyer. 19. PROPERTY ASSESSMENT: The Buyer and Seller hereby acknowledge that the Province of Ontario has implemented current value assessment and properties may be re- assessed on an annual basis. The Buyer and Seller agree that no claim will be made against the Buyer or Seller, or any Brokerage, Broker or Salesperson, for any changes in property tax as a result of a re- assessment of the property, save and except any property taxes that accrued prior to the completion of this transaction. 20. TIME LIMITS: Time shall in all respects be of the essence hereof provided that the time for doing or completing of any matter provided for herein may be extended or abridged by an agreement in writing signed by Seller and Buyer or by their respective lawyers who may be specifically authorized in that regard. 21. TENDER: Any tender of documents or money hereunder may be made upon Seller or Buyer or their respective lawyers on the day set for completion. Money may be tendered by bank draft or cheque certified by a Chartered Bank, Trust Company, Province of Ontario Savings Office, Credit Union or Caisse Populaire. 22. FAMILY LAW ACT: Seller warrants that spousal consent is not necessary to this transaction under the provisions of the Family Law Act, R.S.O.1990 unless Seller's spouse has executed the consent hereinafter provided. 23. UFFI: Seller represents and warrants to Buyer that during the time Seller has owned the property, Seller has not caused any building on the property to be insulated with insulation containing ureaformaldehyde, and that to the best of Seller's knowledge no building on the property contains or has ever contained insulation that contains ureaformaldehyde. This warranty shall survive and not merge on the completion of this transaction, and if the building is part of a multiple unit building, this warranty shall only apply to that part of the building which is the subject of this transaction. 24. LEGAL, ACCOUNTING AND ENVIRONMENTAL ADVICE: The parties acknowledge that any information provided by the brokerage is not legal, tax or environmental advice. 25. CONSUMER REPORTS: The Buyer is hereby notified that a consumer report containing credit and /or personal information may be referred to in connection with this transaction. 26. AGREEMENT IN WRITING: If there is conflict or discrepancy between any provision added to this Agreement (including any Schedule attached hereto) and any provision in the standard pre -set portion hereof, the added provision shall supersede the standard pre -set provision to the extent of such conflict or discrepancy. This Agreement including any Schedule attached hereto, shall constitute the entire Agreement between Buyer and Seller. There is no representation, warranty, collateral agreement or condition, which affects this Agreement other than as expressed herein. For the purposes of this Agreement, Seller means vendor and Buyer means purchaser. This Agreement shall be read with all changes of gender or number required by the context. 27. TIME AND DATE: Any reference to a time and date in this Agreeme t shall mean the time and date where the property is located. INITIALS OF BUYER(S): OBIO INITIALS OF SELLER(S): © 2011, Ontario Real Estate Association ( "OREA" ). All rights reserved. This form was developed by OREA for the use and reproduction of its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. Form 100 Revised 201 1 Page 3 of 5 WEBForms ' Dec /2010 28. SUCCES 7 ' RS AND ASSIGNS: The heirs, executors, a in trators, uc essors and assigns of the undersigned are bound by t e terms he ein. SIGNED, SEALE& A 1 D LI i R A D in the r ence of: IN WITNESS wher f I ha e hereu set my hand and seal: • DATE f (Witness) (Buyer) 773472 Ontario td. (Seal) i • DATE (Witness) (Buyer) (Seal) I, the Undersigned Seller, agree to the above Offer. I hereby irrevocably instruct my lawyer to pay directly to the brokerage(s) with whom I have agreed to pay commission, the unpaid balance of the commission together with applicable Harmonized Sales Tax (and any other taxes as may hereafter be applicable), from the proceeds of the sale prior to any payment to the undersigned on completion, as advised by the brokerage(s) to my lawyer. SIGNED, SEALED AND DELIVERED in the presence of: IN WITNESS whereof I have hereunto set my hand and seal: (Witness) 4:::)-- ilsnA4atexte„, 1Y, ... # C orporation of the M t icipality • DATE 0 ____ i c i i (seller) C (Seal) ti-- . .. I.1 of Kincardine • DATE (Witness) (Seller) (Seal) SPOUSAL CONSENT: The Undersigned Spouse of the Seller hereby consents to the disposition evidenced herein pursuant to the provisions of the Family Law Act, R.S.0.1990, and hereby agrees with the Buyer that he/she will execute all necessary or incidental documents to give full force and effect to the sale evidenced herein. 1 • DATE (Witness) (Spouse) (Seal) CONFIRMATION OF ACCEPTANCE: Notwithstanding anything contained herein to the 1 on a , I conf m th's Agreement with all changes both typed and written was finally accepted by all parties at 3: DO a m. (... day of Ce- 14 &lA) ,20 11 (• ignature of eller or Buyer) INFORMATION ON BROKERAGE(S) Listing Brokerage RE/MAX LAND EXCHANGE LTD Brokerage (KIN) TeI.No. (519)396-8444 BOX 521, 768 QUEEN STREET KINCARDINE Co Brokerage RE/MAX LAND EXCHANGE LTD Brokera MI ge (KI ) TeI.No. (519)396-8444 BOX 521, 768 QUEEN STREET KINCARDINE ACKNOWLEDGEMENT I acknowledge receipt of my signed copy of this accepted Agreement of I acknowled.: recei.t of my srLed copy of this accepted Agreement of Purchase and Sale and I authorize the Brokerage to forward a copy to my Purchase an. Sale a d I aut rize the Brokerage to forward a y m A A t lair vo ( lawyer. , .i 1 DATECkti 1.1.(.1 i ' DATE C- d01.■ (seller, Corporation of the 451 nicipality of Kincardine (Buyer) 7714 2 0 ta io Ltd. DATE DATE (Seller) (Buyer) Address for Service Address for Service Tel.No. TeI.No. Seller's Lawyer Buyer's Lawyer Address Address Tel.No. FAX No. Tel.No. FAX No. FOR OFFICE USE ONLY COMMISSION TRUST AGREEMENT To: Co-operating Brokerage shown on the foregoing Agreement of Purchase and Sale: RE/MAX LAND EXCHANGE LTD Brokerage (KIN) In consideration for the Co-operating Brokerage procuring the foregoing Agreement of Purchase e nd Sale, I hereby declare that all moneys received or receivable by me in connection with the Transaction as contemplated in the MIS® Rules and Regulations of my Real Estate Board shall be receivable and held in trust. This agreement shall constitute a Commission Trust Agreement as defined in the MLS® Rules and shall be subject to and governed by the MLS® Rules pertaining to Commission Trust. DATED as of the date and time of the acceptance of the foregoing Agreement of Purchase and Sale. Acknowledged by: (Authorized to bind the listing Brokerage) (Authorized to bind the Co-operating Brokerage) CR © 2011, Ontario Real Estate Association ("OREA"). All rights reserved. This form was devebped by OREA for the use and reproduction of its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. Form 100 Revised 2011 Page 4 of 5 WE BFormsTm Dec/2010 f i awl. Ontario Schedule A Form lOO `./ Association for use in the Province of Ontario A g reement of Purchase and Sale This Schedule is attached to and forms part of the Agreement of Purchase and Sale between: BUYER, 773472 Ontario Ltd. , and SELLER, Corporation of the Municipality of Kincardine for the purchase and sale of Part Lot 4 & 5 Princes Street South Kincardine , dated the 15th day of ,September 20 11 Buyer agrees to pay the balance as follows: The Buyer agrees to pay the balance of the purchase price, subject to adjustments, by bank draft or by certified cheque, to the Seller on the completion of this transaction. This Offer is conditional until the 12th day of October, 2011, upon the Municipal Town Council's approval, by By -Law, failing which this offer shall be null and void and the deposit shall be returned to the Buyer in full. The Buyer and Seller understand and agree that there is an easement across part of the subject property for municipal water services. The Buyer agrees to allow this easement to remain on and across the subject property. This form must be initialed by all parties to the Agreement of Purch,se and Sale.. INITIALS OF BUYER(S): INITIALS OF SELLER(S): 02011, Ontario Real Estate Association ("OREA"). Al rights reserved. This form was developed by OREA for the use and reproduction of its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when prinfing or reproducing the standard preset portion. Form 100 Revised 201 1 Page 5 of 5 WEBFormsTM Dec /2010 SEP-21-2011 14:29 FROM-MUNICIPALITY OF KINCARDINE +619-396-6266 T-466 P.008/008 F-727 . .. 9P. 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'.;•.1 11,J! .1. •:,„ I.;• 1- .1.: 01' ..I. , '... .. $ ...• • , ., •• . - , , 1 I "�tlryprflllna"" BY-LAW NO. 2011 -129 BEING A BY -LAW TO AUTHORIZE THE SALE OF PROPERTY TO 773472 Ontario Ltd. (Part Elgin Market Square, Kincardine and Part 4 & 5 3R6613) WHEREAS Section 270 (1) of the Municipal Act, 2001, S.O. 2001, c. 25, as amended, provides that a municipality shall adopt and maintain policies with respect to the sale and other disposition of land; AND WHEREAS pursuant to the said Municipal Act, Section 8 (1) and 9 provide that the powers of a municipality under this or any other Act shall be interpreted broadly so as to confer broad authority on the municipality to enable the municipality to govern its affairs as it considers appropriate and to enhance the municipality's ability to respond to municipal issues and a municipality has the capacity, rights, powers and privileges of a natural person for the purpose of exercising its authority under this or any other Act; AND WHEREAS the Municipality of Kincardine, on August 10, 2011 has declared surplus to its needs that property described as Part Elgin Market Square Plan, Kincardine and Part 4 & 5 Plan 3R6613; AND WHEREAS an appraisal was completed by the Municipality of Kincardine on May 2, 2011; AND WHEREAS the Council of the Municipality of Kincardine deems it advisable to dispose of the aforementioned property; AND WHEREAS 773472 Ontario Ltd. has submitted an offer to purchase the aforementioned property in the amount of $55,000.00; NOW THEREFORE the Council of The Corporation of the Municipality of Kincardine ENACTS as follows: 1. That the Mayor and Chief Administrative Officer be authorized and directed to sign and execute such documents, on behalf of The Corporation of the Municipality of Kincardine as they may deem advisable, to convey that property described as Part Elgin Market Square Plan, Kincardine and Part 4 & 5 Plan 3R6613, and to affix the corporate seal of the Municipality of Kincardine. 2. The sale price for the said property be fifty five thousand ($55,000.00). .12 1 ( Purchase and Sale attached hereto as Schedule `A' and forming part of the By -law and that net proceeds be set aside for a future affordable housing project. 4. This by -law shall come into full force and effect upon its final passage. 5. This by -law may be cited as the "Part Elgin Market Square Plan, Kincardine and Part 4 & 5 Plan 3R6613 Property Sale By- law ". READ a FIRST, and SECOND time this 12 day of October, 2011. yor �7epu Clerk READ a THIRD time and FINALLY PASSED this 12 day of October 2011. • mnu (7 ,UJUO . yor Op -