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HomeMy WebLinkAboutBy-law 3182/89 THE CORPORATION OF THE TOWN OF PICKERING BY-LAW NO. 3182 /89 Being a by-law to authorize the execution of a Development Agreement respecting the severance of that Part of Lot 30, Range 3, Broken Front Concession, Picketing, designated as Part 1. Plan 40R-12080 (LD 68/89~ Sandbury Building (Picker- ing) Corporation). WHEREAS the proposal to sever that portion of Lot 30, Range 3, Broken Front Con- cession, Picketing, designated as Part 1, Plan 40R-12080 has been approved by the Durham Land Division Committee, subject to several conditions, one of which requires the entering into of a satisfactory Development Agreement with The Corporation of the Town of Picketing pursuant to section 50 of the Planning Act 1983, R.S.O. 1983, chapter 13 NOW THEREFORE, the Council of The Corporation of the Town of Picketing HEREBY ENACTS AS FOLLOWS: 1. The Mayor and Clerk are hereby authorized to execute a Development Agreement, in the form attached hereto as Schedule A, respecting .the severance of that part of Lot 30, Range 3, Broken Front Concession, Picketing, designated as Part 1, Plan 40R-12080 (LD 68/89~ Sandbury Building (Picketing) Corporation). BY-LAW read a first, second and third time and finally passed this 19th day of June, 1989. ~ ]~uce Tay~,/.G~erk TOWN OF PICKERING APPROVED LEGAL DEPT.~' THE CORPORATION OF THE TOWN OF PICKERING BY-LAW NO. 3182 /89 Being a by-law to authorize the execution of a Development Agreement respecting the severance of that Part of Lot 30, Range 3, Broken Front Concession, Pickering, designated as Part 1, Plan 40R-12080 (LD 68/89; Sandbury Building (Picker- ing) Corporation). WHEREAS the proposal to sever that portion of Lot 30, Range 3, Broken Front Con- cession, Picketing, designated as Part 1, Plan 40R-12080 has been approved by the Durham Land Division Committee, subject to several conditions, one of which requires the entering into of a satisfactory Development Agreement with The Corporation of the Town of Picketing pursuant to section 50 of the Planning Act 1983, R.S.O. 1983, chapter 1; NOW THEREFORE, the Council of The Corporation of the Town of Picketing HEREBY ENACTS AS FOLLOWS: The Mayor and Clerk are hereby authorized to execute a Development Agreement, in the form attached hereto as Schedule A, respecting the severance o{ that part of Lot 30, Range 3, Broken Front Concession, Picketing, designated as Part 1, Plan 40R-12080 (LD 68/89; Sandbury Building (Picketing) Corporation). BY-LAW read a first, second and third time and finally passed this 19th day of June, 1989. Wayne- Art./~rs, l~a~or~-- TOWN OF PICKERING APPROVED AS TO FOaM LEGAL DEPT.* SCHEDULE A THIS AGREEMENT made this 26th day of June, 1989. BETWEEN: SA. NDBURY BUILDING (PICKERING) CORPORATION hereinafter called the "Owner" OF THE FIRST PART, - and - THE CORPORATION OF THE TOWN OF PICKERING hereinafter called the "Towns OF THE SECOND PART. WHEREAS, on January 30, 1989, the Land Division Committee of the Regional Munic- ipality of Durham approved a severance of part of the Owner's lands in Lot 30, Range 3, Broken Front Concession, Picketing, sub)ect to conditions, one of which requires the Owner to satisfy the Town financially and otherwise (LD 68/89)I NOW THEREFORE, THIS AGREEMENT WITNESSETH, that in consideration of the sum of $2.00 now paid by each Party to the other, receipt of which is acknowledged by each, and the covenants hereinafter expressed, the Parties hereto covenant and agree one with the other aa follows: 1. LAND AFFECTED The lands affected by this Agreement (the "Landsn) that part of Lot 30, Range 3, Broken Front Concession, designated as Part 1, Plan 40R-12080, Plckering. 2. COSTS OF ADJACENT SERVICES Prior to the registration of this Agreement, the Owner shah pay to the Town the sum of $8,100 in satisfaction of the Owner's obligation to instal! or provide a storm sewer, sidewalk, curb, road and boulevard works and street ]ight upgrading, in or on Rosebank Road adjacent to the Lands. 3. POSTPONEMENT OF PAYMENT (1) Notwithstanding the provisions of section 2, the Owner may, prior to the registration of this Agreement, elect to postpone its payment to the Town of the amount required to be paid therein, subject to the terms and conditions of this section. (2) Such election shall be in writing and shall be accompanied by ~n irrevoca- ble letter of credit, issued by a chartered bank in Canada, in the amount of $8,910 and shall be in a form satisfactory to the Town to secure the Owner's obligations under this section. (3) The letter of credit shall be for a term of one year, and shall be renewed no later than thirty days prior to the end of the year for a further term Of one year, and so on, until the Owner complies with a demand of the Town under subsection (4), below, or until the Town draws upon the letter of credit under subsection (5), below{ each time the letter of credit is renewed, the amount thereof shall be increased by the amount equal to the prime rate of interest of the Town's bank, plus three per cent (3%), times the amount of the expirin$ letter of credit. (4) At any time after December S1, 1989, the Town, by written demand to the Owner, may require the Owner to pay to the Town, by cash or certified cheque, a sum equal to the amount of the letter of credit provided pursu- ant to subsection (2), above, as renewed to the date of demand, and the Owner shall comply with such demand within sixty days of the date of demand. (5) In the event that, (a) the Owner fails to renew an expiring letter of credit in accor- dance with the provisions of subsection (3), above~ or (b) the Owner falls to comply with a demand of the Town in accor- dance with the provisions of subsection (4), above, the Town may draw upon the expiring or existing letter of credit, in full, at its sols discretion. (6) In the event that, (a) the Ownsr registers, on or before December 31, 1989, a plan of subdivision of those lands adjacent to the Lands on the north, sast and south in conformity with Draft Plan 18T-88049, as ap- proved by the Regional Municipality of Durham on March 6, 1989 (approval amended May 10, 1989), or (b) the Owner complies with a demand of the Town in accordance with the provisions of subsection (4), above, or (c) the Town draws upon an expiring or existing letter of credit in accordance with the provisions of subsection (5), above, the Owner shall be deemed to have complied, in full, with the provisions of sectim~ 2 of this Agreement and of this section, and the Owner shall be reles-ed of any obligations imposed upon it by section 2 and by this section. 4. NOTICE Any notice required to be given hereunder may be given by registered mail addressed to the other Party at its principal place of business and shall be effective as of the second day immediately following the date of the deposit thereof in the Post Office. 5. INTERPRETATION .' Whenever in this Agreement the word ~Owner", or the pronoun 'it~ is used, it shall be read and construed as "Owner or Owners~, and This", "her" or *them~, respectively, and the number of the verb asrm~in~ therewith shell be construed accordingly, 6. TIME Time shall be of the essence of this Agreement. 7. BINDING PARTIES This Agreement a~d everything herein contained shall enure to the hene"[tt of and be bindtn~ upon the Parties hereto, their successors and assigns. IN WITNESS WHEREOF, the Owner and the Town have hereunto affixed their corpo- rate seals duly attested by their proper authorized officers. SANDBURY BUILDING (PICKERING) CORPORATION THE CORPORATION OF THE TOWN OF PIGKERING Wayne Arthurs, Mayor Bruce Taylor, Clerk ENCUMBRANCER - SIDNEY KLEIN This Agreement shall have priority over and take precedence over all of Sidney Klein's rights or interests, whether or not any such right or interest was established or arose prior to the date hereof and whether or not such right or interest is set out in or arises by virtue of any instrument or document resistered on title to the lands affected hereby, or any part of them, prior to the registration of this Agreement. Dated at this day of , 1989. SIGNED, SEALED & DELIVERED In the presence of Sidney Klein