HomeMy WebLinkAbout12 117 Kincardine Yacht Club Agreement Amendment (1) By-law THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
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BY-LAW
NO. 2012 -117
BEING A BY -LAW TO AMEND BY -LAW NO. 2010-033; BEING A BY -LAW TO
AUTHORIZE THE SIGNING OF AN AGREEMENT WITH THE KINCARDINE
YACHT CLUB INC. TO MANAGE AND OPERATE THE KINCARDINE
HARBOUR
• WHEREAS Section 8 (1) of the Municipal Act, 2001, S.O. 2001, c. 25, as
amended, provides 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 WHEREAS pursuant to the said Municipal Act, Section 9 provides that 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 with the passage of By -law No.
2010 -033 entered into an agreement with the Kincardine Yacht Club Inc. for the
management and operation of the Kincardine Harbour.
AND WHEREAS The Corporation of the Municipality of Kincardine deems it
advisable to amend said agreement with the Kincardine Yacht Club Inc.;
• NOW THEREFORE the Council of The Corporation of the Municipality of
Kincardine ENACTS as follows:
1. That Schedule "A" of By -law No. 2010 -033 be hereby be amended as
follows:
i) Schedule A, Section 1 the following Section be added:
SCHDULE "F": Tangible Capital Assets
2. That Schedule "C" of By -law No. 2010 -033 be hereby be repealed and
replaced with the attached Schedule "C".
3. That the attached Schedule "F ", Tangible Capital Assets, be added to
By -law No. 2010 -033.
4. That this by -law shall come into full force and effect upon its final
passage.
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Kincardine Yacht Club Agreement Amendment (1) By -law"
By -law No. 2012 - 117
5. That this by -law may be cited as the "Kincardine Yacht Club
• Agreement Amendment (1) By -law ".
READ a FIRST and SECOND TIME this 3rd day of October, 2012.
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—S ae.Q
ayor Clerk VI
READ a THIRD TIME and FINALLY PASSED this 3 day of October, 2012.
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THIS AGREEMENT made as of the 3` day of October, 2012:
BETWEEN:
THE CORPORATION OF THE MUNICIPALITY OF KINCARDINE
(hereinafter called the "Municipality")
OF THE FIRST PART
AND
THE KINCARDINE YACHT CLUB
(hereinafter called the "K.Y.C. ")
OF THE SECOND PART
WHEREAS the Municipality of Kincardine with the passage of By -law No. 2010 -033
entered into an agreement with the Kincardine Yacht Club Inc. for the management and
operation of the Kincardine Harbour.
AND WHEREAS The Corporation of the Municipality of Kincardine deems it advisable
to amend said agreement with the Kincardine Yacht Club Inc.;
NOW THEREFORE THIS AGREEMENT WITNESSES THAT:
1. That Schedule "A" of By -law No. 2010 -033 be hereby be amended as follows:
i) Schedule A, Section 1 the following Section be added:
SCHEDULE "F: Tangible Capital Assets
2. That Schedule "C" of By -law No. 2010 -033 be hereby repealed and replaced with
the attached Schedule "C".
3. That the attached Schedule "F ", Tangible Capital Assets, be added to By -law No.
2010 -033.
IN WITNESS WHEREOF the parties hereto have executed this Agreement forming part
of By -Law No. 2012 - 117.
The Corporation of the Municipality of
Kin i• ine
I _
Mayor - A Krae ?.
CAO - Murray Clarke
We have the authority to bind the
Corporation
KI ARDIN ACHT CLUB INC.
. omm ore
K.Y.C. Secretary/Tr surer
_ ;;_- We have the authority to bind the Corporation
Page 1 of 1
This is Schedule ".C_" to By_Law
No. ZG2 -I Il passed the day
of -! 2012.
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The K.Y.C. Agreement
SCHEDULE "C"
PROFIT SHARING SCHEDULE
1. For year 1 and year 2 of the agreement the cost sharing will be:
-50% of the net profit after operating expenditures to the K.Y.C.
-50% of the net profit after operating expenditures to the Municipality
In the event of a net loss:
• - The Municipality will absorb the financial loss and the contractor will not receive a payment.
- The net loss will be subsequently funded from the Marina Reserve Fund.
2. In accordance with PSAB, amortization expense will be calculated on all tangible capital assets that
are within the area managed by the Kincardine Yacht Club (see Schedule "F "). Changes to the tangible
capital assets will be presented to the Kincardine Yacht Club Executive for review. All capital asset
additions /disposals and maintenance of capital assets are subject to the provisions under the
Municipality's Tangible Capital Assets Policy GG.2.1.
For purposes of the profit sharing calculation, amortization expense will be excluded.
For years 3 —10 of the agreement, the cost sharing will be:
- 50% of the net profit after operating expenditures (excluding amortization expense and net gain
or loss on sale, disposal or impairment of assets), to the K.Y.C.
- 50% of the net profit after operating expenditures (excluding amortization expense and net gain
• or loss on sale, disposal or impairment of assets), to the Municipality. The 50% share of
Municipal profit will be transferred to the Marina Reserve Fund for the future replacement of
the assets (see Schedule "F").
In the event of a net loss resulting from the profit sharing calculation:
- The Municipality will absorb the financial loss and the K.Y.C. will not receive a payment.
- The net loss will be funded from the Marina Reserve Fund
With the exception of the above mentioned net loss scenario, no funds can be dispersed from the
Marina Reserve Fund without the authority of the Executive Committee of the Kincardine Yacht Club.
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This is Schedule "E" " to By - Law
No.2012 - 117 passed the day
of2012
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SCHEDULE "F"
TANGIBLE CAPITAL ASSETS
1. All tangible capital assets are as noted in the municipality's tangible capital asset software
program, as being in the area managed by the Kincardine Yacht Club.
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