HomeMy WebLinkAboutBy-law 1275/81THE CORPORATION OF THE TOWN OF PICKERING
BY-LAW NO. 1275 /81
Being a By-Law to authorize the execution
of a Levy Deferrment Agreement between the
Corporation of the Town of Pickering and
J.D.S. Investments Limited with respect to
those parts of Lots 20 and 21, Concession
1, Pickering included in Draft Plan
18T-79008(R)
WHEREAS, on April 6th, 1981, the Corporation of the Town of
Pickering and J.D.S. Investments Limited entered into a
Subdivision Agreement to provide for the orderly development
of those parts of Lots 20 and 21, Concession 1, Pickering
included in Draft Plan of Subdivision 18T-79008(8); and
WHEREAS, it is deemed desirable to provide for the deferrment
of certain levies required to be paid therein and to provide
for the future provision of parkland to the Town;
NOW THEREFORE, the Council of the Corporation of the Town of
Pickering HEREBY ENACTS AS FOLLOWS:
1. The Mayor and Clerk are hereby authorized to execute
a Levy Deferrment Agreement in the form attached hereto
as Schedule "A", between the Corporation of the Town of
Pickering and J.D.S. Investments Limited respecting those
parts of Lots 20 and 21, Concession 1, Pickering included
in Draft Plan of Subdivision 18T-79008(8).
BY-LAW read a first, second and third time and finally passed
this sixth day of April , 1981.
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SCHEDULE "A" to By-law 1275/81
THIS AGREEMENT made in triplicate this day of , 1981.
B E T W E E N:
THE CORPORATION OF THE TOWN OF PICKERING
hereinafter called the "Town"
OF THE FIRST PART,
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J.D.S. INVESTMENTS LIMITED
hereinafter called "J.D.S."
OF THE SECOND PART.
WHEREAS, on April 6th, 1981, the Town and J.D.S. entered into a
certain Agreement (hereinafter called the "Subdivision Agreement") to
provide for the orderly development of those lands owned by J.D.S. and
more particularly described in Schedule "A" hereto, subject to certain
terms and conditions, including,
(a) the payment of unit levies (section 24); and
(b) the future provision of parkland to the Town
(section 29(2) and Schedule A, sections 4(2)
and 5);
and
WHEREAS, on April 6th, 1981, the Town and J.D.S. entered into a
certain Agreement (hereinafter called the "Land Exchange Agreement") to
provide for the exchange of certain lands in the Town's Main Central
Area, subject to certain terms and conditions, including the establish-
ment of a parkland dedication credit in favour of J.D.S.;
NOW THEREFORE, THIS AGREEMENT WITNESSETH that, in consideration of
the mutual agreements, terms and covenants hereinafter set out, and the
sum of two dollars ($2.00) now paid by each Party to the other, receipt
of which by each is hereby acknowledged, the Parties hereto agree as
follows:
1. The lands more particularly described in Schedule "A" hereto are
those lands affected by the Subdivision Agreement and by this
Agreement.
2. Notwithstanding the provisions of section 24 of the Subdivision
Agreement, J.D.S. may defer the payment of the unit levies re-
quired to be paid thereby until such time as the parkland dedi-
cation credits referred to in subsections (1), (2) and (3) of
section 4, below, have been drawn upon, in full, by J..D.S., to
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satisfy parkland dedication requirements in furtherance of future
residential development in the Town's Main Central Area.
3. (1) Upon tiie expiry of the deferrment period referred to in sec-
tion 2, above, the unit levies that would otherwise have been
required to be paid pursuant to section 24 of the Subdivision
Agreement during that period (hereinafter called the "deferred
levies") shall immediately become due and payable in accord-
ance herewith.
(2) Payment of deferred levies shall be made to the Town, from
time to time, as cash-in-lieu of parkland dedication in
furtherance of future residential development in the Town's
Main Central Area.
(3) The calculation of the amount of each payment of deferred
levies as cash-in-lieu of parkland dedication shall be based
upon the following formula:
Number of units x 0.0049572 x $370,670.16 = amount of payment,
being the Town's parkland dedication formula, on a basis of
$150,000 per acre, metricated.
4. (1) By virtue of the operation of section 29 of the Subdivision
Agreement, and the consequent conveyance of 1.85 hectares
(4.58 acres) of land to the Town, J.D.S. is entitled to a
parkland dedication credit in the amount of 374 residential
units, being the units to be erected in Draft Plan of Sub-
division 18T-79008(R), excepting Blocks 41 and 45.
(2) By virtue of the operation of section 1(3) of the Land
Exchange Agreement, and the related conveyance of net
hectares ( acres) of land to the Town, J.D.S. shall
become entitled to a further parkland dedication credit in
the amount of residential units, so long as such units
comprise future residential development in the Town's Main
Central Area.
(3) By virtue of the operation of section 5 of Schedule "A" of
the Subdivision Agreement, upon the parkland dedication
credits referred to in subsections (1) and (3) being drawn,
in full, by J.D.S., J.D.S. shall convey Block 42 (compris-
ing 1.2 hectares or 2.965 acres) on Draft Plan 18T-79008(R)
to the Town in accordance with the said section 5, and
upon such conveyance occurring, J.D.S. shall become entitled
to a further parkland dedication credit in the amount of
242 residential units, so long as such units comprise fut-
ure residential development in the Town's Main Central Area.
(4) By virtue of the operation of section 3 of this Agreement,
upon the payment of each $1,839.34 of deferred levies,
J.D.S. shall become entitled to a further parkland dedica-
tion credit of 1 residential unit, so long as such unit
comprises future residential development in the Town's Main
Central Area; on the basis of $448,800.00 total deferred
levies, J.D.S. shall become entitled to a maximum of 244
residential units of parkland dedication credit under this
subsection.
5. Notwithstanding the provisions of section 28 of the Subdivision
Agreement, J.D.S. hereby agrees to maintain the letter of credit
required to be provided pursuant to section 25 of the Subdivision
Agreement until such time as all levies, deferred or not, have
been paid and all occupancy permits have been issued, subject to
reduction from time to time, as levies are paid and permits
issued.
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16. This Agreement shall enure to the benefit of and be binding upon
the Parties hereto, their successors and assigns.
IN WITNESS WHEREOF the Parties hereto have hereunto affixed their
respective corporate seals, duly attested by their proper authorized
officers.
SIGNED, SEALED & DELIVERED
THE CORPORATION OF THE TOWN OF PICKERING
< r l 7P L?l/iAl?l
J. D. S. INVESTMENTS LIMITED
President
Vice-President
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