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HomeMy WebLinkAboutCAO 02-17 Report to otif Council P1CKR1NG Report Number: CAO 02-17 Date: June 5, 2017 From: Tony Prevedel Chief Administrative Officer Subject: Land Acquisition and.Disposal Pre-2018 Capital Budget Approval - Pickering Innovation Corridor— Seaton - File: D-1100 Recommendation: 1. That staff be directed to continue to negotiate the terms of: (a) an Agreement of Purchase and Sale of approximately 28 acres of employment lands (as shown on Attachment No. 1) within the Seaton Development Area between Ontario Infrastructure and Land Corporation (the "Province"), as vendor, and the City, as purchaser; and (b) an Agreement of Purchase and Sale of those lands between the City, as vendor, and a major developer, as purchaser; 2. That staff be directed to include an option within its Agreement of Purchase and Sale with the Province to purchase the balance of the Block 6 employment lands (approximately 144 acres); 3. That staff be directed to continue supporting and facilitating the dialogue between the developer and a multinational manufacturing business that has expressed interest in leasing the 28 acre parcel of land, for the purpose of having the manufacturer move its business operation to this location; 4. That staff be directed to continue their ongoing dialogue with two other multinational manufacturing businesses and a group of investors that have expressed interest in purchasing some of the lands for their own business operations, and that the option referred to in Recommendation 2 above be used, subject to further Council approval, to provide lands for those business operations; 5. That the Chief Administrative Officer be authorized to execute the above-noted Agreements of Purchase and Sale, in forms satisfactory to the Director, Corporate Services & City Solicitor, provided that such Agreements are conditional upon the subsequent approval of Council; 6. That Council provide pre-2018 Capital Budget approval for land acquisition costs including associated fees (land transfer tax & HST) as well as front ending and development servicing costs as referenced in Recommendation 1; for a cost not to exceed $6.0 million; 7. That the Director, Finance & Treasurer be authorized to finance the land acquisition cost, associated fees and front ending and development servicing costs in the amount of$6.0 million as follows: CAO 02-17 June 5, 2017 Subject: Pickering Innovation Corridor— Seaton Page 2 a) that the sum of$6.0 million be financed at the discretion of the Treasurer, either through future land sales, an internal loan or by the issue of debentures by the Regional Municipality of Durham, for a period not to exceed 15 years at a rate to be determined; b) that annual repayment charges in the amount of approximately $535,000 be included in the annual Current Budget for the City of Pickering commencing in 2018 if required, and continuing thereafter until the debenture is repaid, and that any financing costs be paid out of the Current Budget; 8. That Council confirm that business attraction is a top priority for Council and that staff be directed to pursue business opportunities that include domestic and multinational organizations and also pursue high-end manufacturers for the purpose of strengthening Pickering's local economy and enhancing Pickering's property tax base; 9. That the appropriate City of Pickering officials be authorized to take the necessary actions as indicated in this Report. Executive Summary: Pickering's Innovation Corridor lies within the Seaton employment lands, which are designated for prestige employment uses under the City's Official Plan. These lands are shown on Attachment 1, and have been set aside for industrial/commercial office uses. As reported in January of this year, City staff are actively pursuing the relocation of a major manufacturing operation to the Innovation Corridor, which could result in the creation of 700 well- paying new jobs in Pickering, with the possibility of future expansion and 800 additional jobs. Since February, two additional multinational manufacturers and a group of investors have approached the City with interest in purchasing land in the Innovation Corridor. In the aggregate, the facilities proposed by all four interested parties could generate up to 3,000 jobs. In an effort to accommodate the various interested parties, the City needs to revise its offer to purchase land from the Province. Adoption of the recommendations in this report will enable staff to proceed with a revised Agreement of Purchase and Sale providing for the acquisition of a 28 acre portion of the employment lands to accommodate one of the interested manufacturers, with an option to purchase the balance of Block 6 for the purpose of making them available on acceptable terms to the other interested investors and manufacturers. Costs associated with the City's purchase and ownership of the required lands will be passed on to the manufacturers, developers and investors who ultimately buy the lands. The manufacturers interested in acquiring land within the Innovation Corridor each plan to set up manufacturing and assembly operations there. One of the interested investors plans to establish a research and development business park. These are exactly the kind of high quality industrial uses contemplated by the City's Official Plan policies. These uses will generate substantial property tax revenues for the City. Staff expect that these uses will also serve as a catalyst for more commercial/industrial development in Pickering. CORP0227-07/01 revised CAO 02-17 June 5, 2017 Subject: Pickering Innovation Corridor— Seaton Page 3 Financial Implications: The financial plan for these transactions is to have the land purchase cost, including associated fees, recovered from future land sales. If there is an unanticipated delay in the sale of City land, the City can finance these transactions either through internal loans or through the issuance of a debenture. If a land sale in the Seaton Employment lands is concluded within one year, an internal loan will be undertaken. Otherwise, long-term debt may be considered. Projects costs of$6.0 million include the following components: purchase price, HST; Land Transfer Tax, Provincial Top-up payment shortfall, and front-ending and development servicing costs. The City may incur front-ending and development servicing costs while it is still the legal owner of these lands. This is similar to the City's position in Duffin Heights, where it is subject to "cash calls" to help pay for its share of the Duffin Heights infrastructure. During the period of the City's ownership of the Seaton employment lands, the City will have the legal responsibility to meet any development-related cash calls, and the project's budget of$6.0 million has been calculated to meet those obligations. All of the City's costs will be passed onto the end buyers/users of the lands initially purchased by the City. With the planned construction of an office and factory facility on the initial 28 acre parcel, the estimated property taxes using 2017 tax rates (City share only) could be in excess of$300,000 per year. The final construction cost of the facility will be a major component in determining the property's assessment value. In addition to the annual property taxes, the project contemplated for the initial 28 acre parcel would also pay estimated building permit fees of $400,000 and development charges (City share only) of$530,000. It must be noted that the building permit and development charge fees are based on preliminary building drawings. This project represents an important opportunity for the City as it relates to economic development and our financial viability. There are always challenges in attracting large businesses and a significant number of jobs to a community. This first manufacturing operation will initially employ over 700 people. Together with the other proposed operations, as many as 3,000 new, well- paying and highly-skilled jobs could result from the acquisition of these lands by the City. Discussion: The Pickering Innovation Corridor lands are designated as prestige employment, and consist of approximately 323 hectares (800 acres) owned by Her Majesty the Queen in Right of Ontario, as Represented by the Minister of Infrastructure (the "Province"). This land is shown on Attachment No. 1. The City's Official Plan designates this land as being suitable for light manufacturing, assembly and processing of goods, research and development facilities, business services, graphics and design, data and communications, offices and ancillary retail uses. In April of 2016, the City's Economic Development Office was approached by a large multinational manufacturing business about the opportunity to consolidate its operations and relocate its facility to the Pickering Innovation Corridor. The proposed facility would initially employ approximately 700 individuals, with room for future expansion and employment of approximately 800 additional individuals. Since then, the City has been approached by two other major manufacturing firms and CORP0227-07/01 revised CAO 02-17 June 5, 2017 Subject: Pickering Innovation Corridor— Seaton Page 4 a group of investors, interested in acquiring some of the employment lands within the Innovation Corridor. The first manufacturer to approach the City wants to locate its facility in Pickering, but its business plan does not allow for it to purchase the necessary lands. It wants to lease 28 acres of lands (shown in red on Attachment 1), and reserve an option to lease an adjoining 50 acre parcel (shown in blue), to accommodate its plans for future expansion. At the same time, a prominent developer has expressed interest in purchasing those lands, and is willing to lease them to the manufacturer. The manufacturer and the developer cannot be identified at this time. The identity and the terms they are negotiating constitute commercial information, and disclosure could significantly prejudice their respective competitive positions, and interfere with the negotiations. Since the City was approached by the first manufacturer, others have expressed interest in locating their business operations within the Innovation Corridor. Two other manufacturers now wish to set up their operations in the Innovation Corridor, and a group of investors wants to establish a research and development business park there. These other interested parties want to purchase separate portions of employment lands within the Innovation Corridor. Discussions are ongoing with them and, at present, their identity and the terms under negotiation must remain confidential, to avoid the disclosure of commercially sensitive information. As set out in report CAO 01-17, the Province is prepared to sell employment lands within the Innovation Corridor to the City, who will in turn sell portions of the lands for business and manufacturing uses. This would be implemented by means of an Agreement of Purchase and Sale ("APS") between the Province, as vendor, and the City, as purchaser. The APS would provide for the purchase of the initial 28 acre site together with an option to purchase the balance of Block 6 within the Innovation Corridor. Additional agreements would be entered into by the City, as vendor, with the interested manufacturer, developer or investor. Each of these agreements would specify a price and terms which would fully cover the costs incurred by the City in acquiring the lands from the Province. Furthermore, the purchasers from the City would assume all servicing cost sharing obligations associated with the lands. Staff seek the approval of Council to negotiate, sign and deliver the APS and the additional • agreements, which will also be subject to a condition requiring further Council approval. If and when the various agreements are signed back, staff will present them to Council in a public meeting, together with a Report setting out the details of the agreements and recommending for or against waiver of the Council approval condition. If Council then deems fit to waive its approval conditions, the agreements would become binding obligations on the City. In the interim, City staff will continue the ongoing negotiations with the interested parties. With respect to the City's purchase of the initial 28 acre parcel, City staff will pursue contract terms which assure the City that the ultimate lease of the lands to a major manufacturer will be in place prior to the City's purchase. In the event that proves impossible, it must be noted that the initial acquisition of 28 acres is justifiable in any event, because the City can hold those lands as an investment or sell them to other employers to encourage economic development. Regarding the option to purchase the balance of Block 6, City staff propose to exercise the option in increments as agreements are finalized with other manufacturers, developers and/or investors. CORP0227-07/01 revised CAO 02-17 June 5, 2017 Subject: Pickering Innovation Corridor— Seaton Page 5 The purchase of the lands by the City and their sale for use as manufacturing facilities represents an extremely valuable economic development opportunity for the City. Major manufacturing facilities in Seaton would provide many highly skilled jobs in Seaton, and would be a significant step towards the job creation vision of the Central Pickering Development Plan. It would also serve as a catalyst for future development of the Pickering Innovation Corridor. This is substantial for the City and for Durham Region as a whole. The City has received several different types of investment enquiries related to the Innovation Corridor, however, staff are determined to focus on sector specific manufacturers that will bring well-paying, high-tech jobs. In April 2017, the Chief Administrative Officer and the Senior Advisor, Investment Attraction, were invited to Nanjing, China by a consortium of companies interested in purchasing a portion of the employment lands in Seaton for a research and development park with a view to attracting Chinese and North American based companies to Pickering. The main purpose of the trip was to meet with company executives, and to tour the existing research and development business parks within the Nanjing, China district. This trip enabled staff to confirm that the Chinese consortium could be a high value employer in Pickering's Innovation Corridor. Staff will continue to participate in sector specific tradeshows and international exhibits to promote the Pickering Innovation Corridor. Many of the large manufacturers who have already approached the City with an interest in relocating and/or expanding their operations to Seaton have connected City staff with their supply chain of businesses, who are also looking into either expanding into the Canadian market, and/or relocating in close proximity to their key customer base. Senior staff have expended a great deal of time and effort in our pursuit of investment attraction. There are many initiatives and opportunities to manage, and in order to achieve success, we will continue to require a substantial investment of senior management time. Recommendation 8 asks Council to support the efforts of staff in the pursuit of domestic, multi-national organizations and high-end manufacturing and the associated costs (including domestic and international travel). The economic benefits will be realized as we enhance the commercial and industrial tax base increasing our financial viability. Attachments: 1. Map of Innovation Corridor 2. Report to Council CAO 01-17 dated February 6, 2017 CORP0227-07/01 revised CAO 02-17 June 5, 2017 Subject: Pickering Innovation Corridor— Seaton Page 6 Pre• - - • By: Prepared By: Paul B'gi•ni Stan Karwowski Directer, Corp rate Services & City Solicitor Director, Finance & Treasurer Prepared By: iaz Jad on, Ec.D, CEcD, MPM Senior Advisor, Investment Attraction PB:ks Recommended for the consideration of Pickering City Council Li Zo(7 Tony Prevedel, P.Eng. Chief Administrative Officer CORP0227-07/01 revised "Fier - rts% IF Allt -11\711111111•11•105\-___\7qp-' -ot i f 0 a. 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J ■Z'i I• 44d; ia ,aw.,-- ili . ___.--- 1 -, 1 * F ` faik.,2 L� c ,' 1)1,1„,......A., 1 ..., ( �w 1k$ 1I II iiiL c3 r / A • j111 m�'p f) .LI � / / 1 j g YX A pilligh it / Ati ,h ... 1I \________/) may,"�\ triii4g jiiri t wirtriffit041,1-4---- _______,---- /..!,-,, , ikli, : 6' i ft lam_ IES_ _wi ! �1Z A=_ , ill, .; v.; - tar luara ,_ll !tketi.' 7jF/� - 3X312 O ATTACHMENT# TO REPORT#C4O O a1 -l1 ce6/1 Report to Council DICKERING Report Number: CAO 01-17 Date: February 6, 2017 From: Tony Prevedel Chief Administrative Officer Subject: Land Acquisition and Disposition • Pickering Innovation Corridor Seaton - File: D-1100-001 . Recommendation: 1. That staff be directed to continue to negotiate the terms of: (a) an Agreement of Purchase and Sale of employment lands within the Seaton Development Area (as shown on Attachment No. 2) between Ontario Infrastructure and Land Corporation, as vendor, and the City, as purchaser; and (b) an Agreement of Purchase and Sale of those lands between the City, as vendor, and a major developer, as purchaser; 2. That staff be directed to continue supporting and facilitating the dialogue between the developer and a multinational manufacturing business that has expressed interest in leasing the said lands, for the purpose of having the manufacturer move its business operation to the lands; 3. That the Chief Administrative Officer be authorized to execute the Agreements of Purchase and Sale referred to in Recommendation 1, in a form satisfactory to the Director, Corporate Services & City Solicitor, provided that such Agreements are conditional upon the subsequent approval of Council; 4. That staff be directed to send a copy of.this Report to the Minister of Infrastructure, the Minister of Economic Development and Growth and the Region of Durham; and 5. That the appropriate City of Pickering officials be authorized to take the necessary actions as indicated in this Report. Executive Summary: Pickering's Innovation Corridor lies within the Seaton employment lands, which are designated as prestige employment, under the City's Offical Plan. These lands have been set aside for industrial/commercial uses. City staff have been actively pursuing the relocation of a major manufacturing operation to the Innovation Corridor. This could result in the creation of 700 well-paying new jobs in Pickering based on the first phase of the project, with the possibility of future expansion and 800 additional jobs. In addition, this project may generate an additional $300,000 (City Share only) of additional taxation revenue per year based on the first phase of the project. 1 Report CAO 01-17 February 6, 2017 Land Acquisition and Disposition - Pickering Innovation Corridor Seaton Page 2 To achieve this, the City must arrange for the purchase of some of the Seaton employment lands from the Province of Ontario. Those lands will be sold in turn to a developer and leased to the manufacturing operation. City staff seek the authority of Council to negotiate Agreements of Purchase and Sale for this purpose, subject to further Council approval. Once the terms of those Agreements have been finalized, they will be presented to Council at a future public meeting for approval. Financial Implications: Direct financial costs for the City in 2017 will be limited to outside legal fees and the opportunity cost of lost investment revenue. The City will have to fund the deposit payments required by the.Agreement of Purchase and Sale with the Province until the sale of the subject lands to a developer is completed. The legal fees are included in the General Government Section of the 2017 budget. Transaction costs associated with this project will be passed on to the developer. With the planned construction of an office and factory facility, the estimated property taxes using 2016 tax rates (City share only) could be in excess of$300,000 per year. The final construction cost of the facility will be a major component in determining the property's assessment value. In addition to the annual property taxes, this project would also pay estimated building permit fees of $400,000 and development charges (City Share only) of$630,000. It must be noted that the building permit and development charge fees are based on preliminary building drawings. Pickering's 2016 assessment base consists of 77.3% residential and 22.7% commercial/industrial. (By contrast, the City of Mississauga assessment base consists of 69.2% residential and 30.8% commercial/industrial). The long term goal of City staff is to increase the size of the commercial/industrial property tax base in relation to the residential share, resulting in a shift of property tax liability to the non-residential group. Staff believes that this project could be the catalyst for a shift of the assessment base from residential to commercial/industrial. This will be of great assistance in reducing the tax burden on residential taxpayers. This project represents an important opportunity for the City as it relates to economic development. There are always challenges in attracting large businesses and a significant number of jobs to a community. This manufacturing operation will initially employ over 700 people. Furthermore, the City's economic development staff have been introduced by this manufacturer to other large suppliers and partners, who have also expressed an interest in investment opportunities in the City's Innovation Corridor. (To encourage more business interest in the Innovation Corridor, the 2017 draft capital budget includes an investment of$175,000, subject to Grant approval for Broadband connectivity for the Innovation Corridor to "jump start"the economic development of these lands.) For many industry-based suppliers and partners, it is important to relocate their facilities in close proximity to their customers' main offices. Because of this, City economic development staff are confident that this project can serve as a catalyst that triggers the development of the Innovation Corridor by attracting other key emerging technology-based companies. CORP0227-07/01 revised 2 • Report CAO 01-17 February 6, 2017 Land Acquisition and Disposition - Pickering Innovation Corridor Seaton Page 3 Discussion: The Seaton employment lands are designated as prestige.employment, and consist of approximately 323 hectares (800 acres) owned by Her Majesty the Queen in Right of Ontario, as Represented by the Minister of Infrastructure (the "Province"). This land is shown on Attachment No. 1. Thisis the City's Innovation Corridor. The City's Official Plan designates this land as being suitable for light manufacturing, assembly and processing of goods, research and development facilities, business services, graphics and design, data and communications, offices and ancillary retail uses. In April of 2016, the City's Economic Development Office was approached by a large multinational manufacturing business about the opportunity to consolidate its operations and relocate its facility to the Pickering Innovation Corridor. The proposed facility would initially employ approximately 700 individuals, with room for future expansion and employment of an additional approximately 800 individuals. While the manufacturer wants to locate its facility in Pickering, its business plan does not allow for it to purchase the necessary lands. It wants to lease the required lands and buildings, and reserve an option to lease adjoining lands to accommodate its plans for future expansion. The portion of the Innovation Corridor that the manufacturer wants to lease (referred to in this Report as the "Lands") consists of approximately 11.3 hectares (28 acres), as shown in Attachment 2. At the same time, a prominent developer has expressed interest in purchasing the Lands, and is willing to lease the Lands to the manufacturer. The developer also wants to obtain an option to purchase additional adjacent lands. The adjacent lands are also shown on Attachment 2. The manufacturer and the developer cannot be identified at this time. The identity and the terms they are negotiating constitute commercial information, the disclosure of which could significantly prejudice their respective competitive positions and interfere with the negotiations. Initially, City staff envisaged a transaction in which the developer would purchase the Lands from the Province directly. Unfortunately, the Province cannot enter into direct sale negotiations with any private corporation. However, the Province can sell the Lands to the City. The City can then sell the Lands to a developer. This would be implemented by means of one Agreement of Purchase and Sale ("APS") between the Province, as vendor, and the City, as purchaser, together with a separate APS between the City, as vendor, and the developer, as purchaser. Both APSs would be scheduled to close on the same date and would stipulate the same purchase price. The purchase price due from the City to the Province would be funded by the City's sale to the developer. The developer would assume all servicing cost sharing obligations associated with the Land. The APS between the City and the developer would be conditional on a Lease of the Lands being signed by the manufacturer. City staff have facilitated discussion and meetings between the manufacturer and the developer in an effort to finalize the terms of a Lease between the developer, as landlord, and the manufacturer, as tenant. The Lease will provide for the construction of a building on the Land to house the manufacturer's business operations. It must be noted that until a Lease is signed between the developer and the manufacturer, the City cannot be • assured that the manufacturer will be able to operate on the Lands. By making the City's sale of the Lands to the developer conditional on the Lease, the City preserves the right to terminate its CORP0227-07/01 revised 3 Report CAO 01-17 February 6, 2017 Land Acquisition and Disposition - Pickering Innovation Corridor Seaton - Page 4 agreement to sell the Lands. In such event, the City would retain ownership of the Lands, and could hold.the Lands as an investment or sell the Lands to other employers to encourage development in Seaton. At present, the APSs exist only in draft form. Staff seek the direction of Council to negotiate, sign and deliver the APSs, subject to a condition requiring further Council approval. If and when the APSs are signed back, staff will present them to Council in a public meeting, together with a • Report setting out the details of the APSs and recommending for or against waiver of the Council approval condition. If Council then deems fit to waive its approval condition, the APSs would become binding obligations on the City, the developer and the manufacturer. In the interim, City staff will continue to facilitate the ongoing negotiations between the developer and the manufacturer regarding the terms of their Lease. The purchase of the Lands by the City, their sale to the developer and their lease to the manufacturer represent an extremely valuable economic development opportunity for the City. A major manufacturing facility would provide many highly skilled jobs in Seaton, and would be a significant step towards the job creation vision of the Central Pickering Development Plan. It would also serve as a catalyst for future development of the City's Innovation Corridor. This is significant for the City and also for all of Durham Region. If the manufacturer does not commence operations on the Lands, the purchase of the Lands is still a wise step by the City. The Lands will. likely appreciate in value over time, and could be leased or sold to another employer. Attachments: 1. Map of Pickering Innovation Corridor- Seaton Employment Lands 2. Map of Subject Lands P ep.red By: Prepared By; Paul 1; •ni Stan Karwowski Dire'ton�C. 'orate Services & City Solicitor Director, Finance & Treasurer • Recommended for the consideration . jof Pickerin City Council i `Fiaz Ja`oon / ij// Z, 20/ Senior Advisor, Investment Attraction To y Prevedel, P.Eng. Chief Administrative Officer PB:ks CORP0227-07/01 revised 4 W , _ • Ncm N ii �� 14. r[_)_:)IW IL�s. N • U . �1 i N .?- o c Al z ike AI w w ,,,,. Williffigtick.H. 'k :---7.--rw--- -1..„'"-- ' i_ T — z .7% us 1 Jr W i! : :4 El_ loW' YJFIITE4, N CON F551• .• • g PP ',Ai w 0 p ° is Z - se N \ E Y 2 J EL: w iiill t FO CONCES.ION RO p T• ad ROAD OLINSW '� • r- ,. ea:. 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