HomeMy WebLinkAboutLEG 06-18--C4Jo/--p](KER1NG From: Paul Bigioni Director, Corporate Services & City Solicitor Report to Executive Committee Report Number: LEG 06-18 Date: September 11, 2018 Subject: City of Pickering proposed sale to 2198136 Ontario Ltd. -875 Kingston Road, Pickering -File: D-1000-006-12 Recommendation: 1. That the land described as Part 3, Plan 40R-25703, Pickering be sold to 2198136 Ontario Ltd. (or as it may further direct) for a price of $120,000; 2. That the Director, Corporate Services & City Solicitor be authorized to execute a Transfer of the said lands, as well as any other documents, instruments and agreements as may be necessary to give effect to the above-noted transfer; and 3. That the appropriate City of Pickering officials be authorized to take the necessary actions as indicated in this report. Executive Summary: Part 3, Plan 40R-25703 (the "Property") was originally a part of Fairport Road. It lies south of Kingston Road and dead ends at the north boundary of Highway 401. The Property is shown on the attached map (Attachment No. 1 to this Report). The Property is adjacent to a development site owned by 2198136 Ontario Ltd., a subsidiary of King Square Ltd.). _2198136 Ontario Ltd. wants to purchase the Property from the City, add it to its existing lands and proceed with development of a residential condominium development on the site. 2198136 Ontario Ltd. has already purchased lands from the Region of Durham immediately adjacent to the City's Property at a price of $500,000 per acre. Staff recommend that the City sell the Property to 2198136 Ontario Ltd. for $120,000. This is the same price per acre that was paid to the Region of Durham for its adjacent lands. Financial Implications: The proposed sale of the Property will generate revenues for the City in the amount of $120,000. Discussion: Part 3, Plan 40R-25703 (the "Property") was originally a part of Fairport Road. It lies south of Kingston Road and dead ends at the north boundary of Highway 401. The Property is shown on the attached map (Attachment No. 1 to this Report). The Property has an area of 0.24 acres. The property is adjacent to a development site owned by 2198136 Ontario Ltd., a subsidiary of King Square Ltd.). 2198136 Ontario Ltd. wants to purchase the Property from the City, add it to its
LEG 06-18 Subject: 875 Kingston Road, Pickering September 11, 2018 Page 2 existing la,nds and proceed with development of a residential condominium development on the site. 2198136 Ontario Ltd. has already purchased lands from the Region of Durham immediately adjacent to the City's Property at a price of $500,000 per acre. The Property was stopped up and closed and declared surplus to the needs of the City by By-law 6928/09 dated January 19, 2009. The property is subject to easements in favour of Bell Canada, the Region of Durham and MTO. The Property serves no municipal purpose. If added to the adjacent lands of 2198136 Ontario Ltd., the Property will enable the development of those lands in accordance with the City's Zoning By-law and Official Plan policies. Staff normally obtain a certified property appraisal prior to entering into any agreement to sell . surplus City lands. In this case, however, the Region of Durham has already agreed to sell to 2198136 Ontario Ltd. Regional lands immediately adjacent to the City's Property. The Region agreed to sell its lands at a price of $500,000 per acre. This price was determined to be fair market value by the Region of Durham's in-house property appraiser. Given that, it is recommended that the City sell its Property to 2198136 Ontario Ltd. for the same price per acre. This would result in a sale price of $120,000. Attachments: 1. Location Map ndorsed By: PB:ks Recommended for the consideration • of Pickering City Council #J Tony Prevedel, P.Eng. Chief Administrative Officer ½· 28,2.018
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