In-camera Council meeting released decisions and reports
May 5, 2011

Sale of 1615 Main Street

A. THAT Council authorize the Director of Real Estate Services to make an application to subdivide the City-owned property at 1615 Main Street (PID 008-758-158, Lot F, Except part in Plan 14963, Block 2, DL 200A & of DL 2037, Plan 12966 [hereinafter referred to as Lot F]) as shown in Appendix A of the Administrative Report dated April 26, 2011, entitled "Sale of 1615 Main Street", to create three legal properties as shown in Appendix B of the same report.

B. THAT Council authorize the Director of Real Estate Services to enter into a Sale Agreement to sell the newly created northern lot from Lot F (the Northern Triangle), approximately 10,388 sq ft in size, to the owner of the adjoining property, Onni Development (Main Street) Corp., for the price of $4,235,707, less an adjustment of $1,069,000 for the estimated costs associated with soils remediation, to be payable as described in the body of the Administrative Report dated April 26, 2011, entitled "Sale of 1615 Main Street". The net proceeds of this sale are to be credited to the Property Endowment Fund.

C. THAT Council authorize the Director of Real Estate Services to enter into a Sale Agreement to sell the newly created southern lot from Lot F (the Southern Triangle), approximately 6,506 sq ft in size, to the owner of the adjoining property to the south, Bosa Properties (Quebec ST) Inc., for the price of $2,652,821.50 less an adjustment of $442,000 for the estimated costs associated with soils remediation, to be payable as described in the Administrative Report dated April 26, 2011, entitled "Sale of 1615 Main Street". The net proceeds of this sale are to be credited to the Property Endowment Fund.

D. THAT no legal rights or obligations will arise or be created between the City and either such purchaser unless and until a legally binding Sale Agreement is successfully negotiated and executed and delivered by such purchaser and the City through, on terms and conditions satisfactory to, its authorized signatories, the Director of Real Estate Services and the Director of Legal Services.

E. THAT a Council decision to enter into a Sale Agreement with each of Onni Development (Main Street) Corp. and Bosa Properties (Quebec ST) Inc. will not in any way limit Council or the City and its officials, including the Approving Officer and Director of Planning, in exercising their discretion with respect to any related rezoning or permits.

F. THAT the Directors of Planning and Real Estate Services be directed to report back on options for recovering the land value associated with the dedication of the street prior to the Property Endowment Fund being reimbursed from future Community Amenity Contributions offered from the development in Area 3C.

The Report dated April 26, 2011 , refers.