DOWNTOWN DEVELOPMENT OPPORTUNITY City-Owned … Business/Business-Development... · 2016-09-26 · DOWNTOWN DEVELOPMENT OPPORTUNITY - City-Owned Property for Sale Property Information

DOWNTOWN DEVELOPMENT OPPORTUNITY City-Owned Property for Sale

55-57 McDonald Street/61-67 Owen Street

Property Information Package Date of Issue: Monday, September 26th, 2016

Offers will be accepted until: 4:30 p.m. Friday, November 25th, 2016

DOWNTOWN DEVELOPMENT OPPORTUNITY - City-Owned Property for Sale

Property Information Package

Page 1

Table of Contents

Section Topic Page #

1. Introduction 2

2. Background & Purpose 3

3. Property Profile 4

4. Offer Process 6

5. Additional Resources 8

Appendix ‘A’ – Property Profile Sheet

Appendix ‘B’ – Standard Offer of Purchase



Page 2

Section 1 – Introduction

The City of Barrie invites Offers of Purchase from experienced developers for the redevelopment of a prime parcel of City-owned land situated in the heart of Barrie’s Downtown.

Parcel: 55-57 McDonald Street/61-67 Owen Street

Asking Price: $1,125,000

This document contains general information with respect to the City’s purpose and expectations from issuing this property for sale, the planning context in which new development is desired, site specific information and directions on how to submit an offer of purchase.

Specific inquiries regarding the parcel and offer submission process should be directed to:

Business Development Office, City of Barrie

Peter Dyck, Business Development Officer, City of Barrie

Phone: (705) 739-4220, ext. 5228

Email: [email protected]



Page 3

Section 2 – Background & Purpose As part of its ongoing efforts to bring new investment to the downtown, and foster a vibrant City Centre through the development of residential and employment density, the City is making some City-owned downtown parking lots available for sale and redevelopment. On June 29th, 2015 Council approved Motion 15-G-160, which in summary comprised the strategy to rationalize several City-owned parking lots in the downtown. The strategy envisioned that each lot was suitable for specific types of development that would help realize one or more strategic criteria outlined in the report.

The strategic report also considered the order of disposition along with the disposition method. For the property under consideration (55-57 McDonald Street/61-67 Owen Street), the method of disposition is summarized as follows:

Direct sale by City. Properties will not be listed by brokers but they may act as buyer’s agents for which a flat commission of 2.5% will apply.

Offers on the property will only be accepted during the offer period, to be determined by

the Executive Director of Invest Barrie. The purpose of the exposure period is to allow investors, including those outside of the region, to become aware of the opportunity, and to create sufficient demand so as to maximize proposals and opportunity for catalytic investment in the downtown.

The offer period will be determined by the Executive Director of Invest Barrie and will be

initiated by the marketing of each parcel through various mediums, including online, print and other promotional vehicles to be determined by the Executive Director of Invest Barrie.

Given that the referenced parcels (subject to the environmental site assessment) are

identified as having Critical Mass, the City of Barrie will entertain offers that would most effectively increase the residential and/or employment density in the downtown. Development proposals that focus on increasing the residential and/or employment density in the downtown will allow the City to continue to fulfil its vision for the downtown.

Should any of the properties not sell during the offer period, the Executive Director of

Invest Barrie has been delegated the authority to determine whether to repeat the process again with increased promotional activity during the exposure period, remove the property from the market, or to develop a different disposition method.

In issuing this property to market for a 60-day period, the City has the following expectations:

To provide a coordinated forum in which to respond to private sector interests for downtown development opportunities.

To achieve a development that maximizes employment and/or residential density for its real estate assets.

To identify a range of potential development opportunities that will advance the vision of the downtown core, while contributing to growth targets through employment and/or residential density.



Page 4

Section 3 – Property Profile 55 – 57 McDonald & 61-67 Owen Street. Current Use: Parking Lot Area: Comprised of 4 parcels on the corner of McDonald & Owen Street. Size: 0.52 acres Current Zoning: C2, Transition Centre Commercial (Residential uses are permitted subject to Section 6.3.4 of the Zoning By-Law 2009-141) Gross Floor Area (Max % of Lot area): 400% Height: Maximum 15 meters (roughly 4 storeys). Setback requirements: Yes Parking: Residential – 1.5 space/unit for 3 or more units on a property, 1 space/unit for less than 3 units on a property, Commercial –retail/office requires 1 space per 30 m2, Institutional – 1/50m2

The City of Barrie is accepting offers for the Sale of its lands located at 55-57 McDonald Street and 61-67 Owen Streets, in Downtown Barrie. Located 2-blocks north of the City’s busy professional/financial district on Collier Street as set out in the Downtown Commercial Master Plan and in close proximity to the Barrie Public Library, this parcel poses an exciting development opportunity for the area. This property is currently used as a municipal parking lot and is approximately 0.52 acres in size. The City is seeking offers for development that focus on the City’s priority uses, specifically maximizing residential and/or employment density within the downtown core. Located on the corner of McDonald & Owen Streets, the parcel is just opposite the Barrie Public Library. The immediate neighbourhood has a mix of uses focusing on residential and office. Zoning in the adjacent blocks ranges from RM2, C2, C2-1. Additional adjacent properties may also be considered as part of the overall planned development, but are not a requirement. Development Considerations:

McDonald Street will require a 2.0 metre road widening by 2051, and a 3.0m x 3.0m daylighting

triangle at the intersection.

In general, staff would recommend that before any transaction is completed, the City have the

right to remove any form of vegetation or asset for relocation. (e.g. mature trees, light standards,

etc). This request will be integrated into the requirements of the Agreement of Purchase Sale

when appropriate.

An Environmental Site Assessment (Phase I ESA) is to be completed on the site.

A recent appraisal of the property indicates a current market value of $1,125,000 assuming

highest and best use under current zoning requirements and free and clear of any

encumbrances.



Page 5

The City‘s proposed financial commitments to redevelopment will be identified under a proposed Built Boundary CIP to be contemplated in October, 2016.

The City otherwise anticipates that all financing for the projects will be provided 100% by the Purchaser or for its portion of the cost as the proposal may identify.

Under no circumstances will the City lend its name as security for raising the Purchasers financing requirements; however, it recognizes that financing may be partly underwritten by an agreement with the City and/or other entity should it enter into any joint development proposal or incentives as provided under the CIP.

The City does not anticipate any need for its ownership interest in the land/facility to be subordinated to any lender’s interest in the project.



Page 6

Section 4 – Offer Process

The City of Barrie is accepting offers for the Sale of its lands located at 55-57 McDonald Street and 61-67 Owen Streets, in Downtown Barrie. Located 2-blocks north of the City’s busy professional/financial district on Collier Street as set out in the Downtown Commercial Master Plan and in close proximity to the Barrie Public Library. This parcel poses an exciting development opportunity for the area. Offers will be accepted for a period of 60 days following the property formerly being placed on the market. As such, Offers will be accepted until end of business day 4:30 p.m. on Friday, November 25th, 2016 Offers will be accepted in hard copy only. The City’s Standard Offer of Purchase and associated conditions of the offer are attached in Schedule ‘B’ for your reference and completion. Please submit one copy of the Agreement of Purchase and Sale with original signatures to the Business Development Department, 9th Floor, 70 Collier Street, Barrie, Ont. L4M 4T5. **Please note alterations to the standard Agreement of Purchase and Sale by either bolding or black lining any changes. A Phase 1 ESA will be completed for the property and will be made available, where appropriate. Please ensure that both the Agreement of Purchase and Sale and attached Schedules have been signed. Please ensure that a cheque for the deposit ($50,000) is included with the signed copy of the Agreement of Purchase and Sale when submitted to the Business Development Office. Cheques should be made out to “The Corporation of the City of Barrie” and will be held in our Treasury until an offer has been accepted. At such time, any unsuccessful offers will have their cheques returned. All offers must provide the following information to accompany an Agreement of Purchase and Sale in a letter of introduction (please note: concept drawings are not required):

1) Who is the developer (company name, contact person and phone number) 2) Size and type of development being proposed:

i) Residential/Commercial/Institutional (percentage of each type of use, where applicable) ii) Number of units (for residential/commercial) and approximate square footage per unit iii) Intended occupancy/targeted users (ie. family, single, low-income, etc.) iv) Proposed height

3) Any proposed variances from the current zoning standards of the property 4) Name and contact details of real estate representative if applicable.

The City of Barrie agrees to pay a commission based on 2.5% on the sale price of the property. **** Please read the Agreement of Purchase and Sale and attached Schedules carefully Upon the closing of the 60-day Offer Period, the following principles will guide the selection of recommended purchasers of the property:

Given that these parcels are identified within the Critical Mass classification, the City of Barrie will entertain offers that would most effectively increase the residential and/or employment density in the downtown. Development proposals that focus on increasing density in the downtown will allow the City to continue to fulfil the vision for the downtown by eliminating a need or gap.



Page 7

The development must incorporate the visions of the The Downtown Commercial Master Plan (December 2005).

Be developed in a timely manner.

Any employment density shall be considered based upon non-residential, non-retail uses.

Fair market value.

Pending a review of all offers, a Staff Report will be prepared for General Committee presenting the offers received and making a recommendation for the acceptance of an offer, should it meet the objectives of the disposition strategy. Invest Barrie retains the option to recommend that no offers be accepted, should they deem the offers do not meet the objectives and vision for the redevelopment of the City’s parking lot.



Page 8

Section 5 – Reference Documents

The following list includes documents related to Downtown, the waterfront, planning documents and other informational material produced by the City of Barrie that may be of interest.

All documents can be found on the City of Barrie website and are specifically listed with the posting of this opportunity at investbarrie.com

Council Strategic Priorities

o www.barrie.ca/City%20Hall/MayorCouncil/Pages/Strategic-Plan.aspx

Downtown Commercial Master Plan

o www.barrie.ca/Doing%20Business/Business-Development/Pages/City-Centre-Revitalization.aspx

Intensification Area Urban Design Guidelines

o http://www.barrie.ca/Doing%20Business/PlanningandDevelopment/Policies-Strategies/Documents/Intensification-Area-Urban-Design-Guidelines.pdf

Proposed Community Improvement Plan

o www.barrie.ca/Doing%20Business/PlanningandDevelopment/Pages/incentives.aspx

Waterfront Master Plan

o www.barrie.ca/Living/ParksTrails/Pages/WaterfrontParksInitiative.aspx

o http://barrie.maps.arcgis.com/apps/MapJournal/index.html?appid=3dd29121ca5b494fafe0d7bc1deb81bc

Growth Management Plan

o www.barrie.ca/City%20Hall/growth/Pages/default.aspx



Page 9

APPENDIX ‘A’

Property Profile Sheet

Development Opportunity | Land for Sale

Size Approximately 0.52 acres (0.21 Ha)

Frontage approximate

32m fronting McDonald Street (105 ft)43m fronting Owen Street (141 ft)

Zoning C2

OP City Centre

Services Available in ROW

Terms For sale at $1,125,000Offers will be accepted until 4:30 pm, Friday November 25th, 2016

Documents

• PINS 588170026, 588170027, 588170174, 588170024, 588170025.

• Offers are to be presented on the Seller’s standard form, which is available through the City’s representative noted below.

• See property information package online at Investbarrie.com for additional details.

This property offers the development potential for up to 4x coverage of commercial and residential uses .

The City of Barrie is accepting offers for the Sale of its lands located at 55-57 McDonald Street and 61-67 Owen Streets, in Downtown Barrie. Located 2-blocks north of the City’s busy professional/financial district on Collier Street as set out in the Downtown Commercial Master Plan and in close proximity to the Barrie Public Library, this parcel poses an exciting development opportunity for the area.

This property is currently used as a municipal parking lot and is approximately 0.52 acres in size. The City is seeking offers for development that focus on the City’s priority uses, specifically maximizing residential and/or employment density within the downtown core.

PTLT124S/SMACDONALDSTPL2BARRIEASINRO1420694;S/T&

T/WRO1420694;S/TINTERESTINRO1287454;BARRIE,PTLT124S/S

MACDONALDSTPL2BARRIEASINRO1327580;T/WRO1327580;

BARRIE,PTLT124S/SMACDONALDSTPL2BARRIEASINRO653238;

BARRIE,PTLT124S/SMACDONALDSTPL2BARRIEASINRO1287119;

BARRIE

55-57McDonaldStreet&61-67OwenStreet0.52 acres in Downtown Barrie

Contact information and property map on reverse

City of Barrie | Business Development Office

Overview

Development Opportunity | Land for SaleCity of Barrie | Business Development Office

55-57McDonaldStreet&61-67 Owen Street

Peter DyckBusiness Development OfficerCity of Barrie

70 Collier Street705.739.4220 [email protected]



Page 10

APPENDIX ‘B’

Standard Agreement of Purchase and Sale

INITIALS OF BUYER(S): INITIALS OF SELLER(S): Page 1 of 6

AGREEMENT OF PURCHASE AND SALE

(FOR USE IN THE PROVINCE OF ONTARIO)

BUYER: agrees to purchase from (Full legal names of all Buyers)

SELLER: The Corporation of the City of Barrie the following (Full legal names of all Sellers)

REAL PROPERTY:

Address: fronting on the side of _

in the _ City of Barrie _

and having a frontage of more or less by a depth of more or less, legally described as

___ (“the Property”). (Legal description of land including easements not described elsewhere)

PURCHASE PRICE: Dollars (CDN$) _ _

DEPOSIT: Buyer submits (Herewith) --------------------Fifty Thousand----------------------- Dollars (CDN$ 50,000.00 ) (Herewith/Upon acceptance)

By negotiable cheque payable to the Seller to be held in trust without interest pending completion or other termination of this Agreement and to be credited toward the Purchase Price on completion. Buyer agrees to pay the balance as follows:

On closing, the balance of the purchase price, subject to the adjustments described herein, by cash or certified cheque to the Seller or as the Seller may direct.

SCHEDULE(S) attached hereto form(s) part of this Agreement.

1. CHATTELS INCLUDED: NONE 2. FIXTURES EXCLUDED: NONE 3. RENTAL ITEMS: The following equipment is rented and not included in the Purchase Price. The Buyer agrees to assume the rental contract(s), if assumable: N/A

4. IRREVOCABILITY: This Offer shall be irrevocable by _______ until ______ p.m. on the day of , 2016

(Seller/Buyer) after which time, if not accepted, the Offer shall be null and void and the deposit shall be returned to the Buyer in full without interest.

5. COMPLETION DATE: This Agreement shall be completed by no later than 4:00 pm. on the day of See Schedule “A” .

Upon completion, vacant possession of the Property shall be given to the Buyer unless otherwise provided for in this Agreement.

6. FAX No. (705) 739-4243 (For delivery of notices to Seller) FAX No. (For delivery of notices to Buyer)

7. HST: If this transaction is subject to Harmonized Sales Tax (H.S.T.), then such tax shall be In Addition To the Purchase Price.

If this transaction is not subject to H.S.T., Seller agrees to certify, on or before closing that the transaction is not subject to H.S.T.

8. TITLE SEARCH: Buyer shall be allowed until 6:00 p.m. on the day of Completion of Transaction .

(Requisition Date) to examine the title to the Property at his own expense and until the earlier of: (i) thirty days from the later of the Requisition Date or the date on which the conditions in this Agreement are fulfilled or otherwise waived or, (ii) five days prior to completion, to satisfy himself that there are no outstanding work orders or deficiency notices affecting the Property, that its proposed use ( ) may be lawfully permitted, and that the principal building may be insured against risk of fire. Seller hereby consents to the municipality other governmental agencies releasing to Buyer details of all outstanding work orders affecting the Property, and Seller agrees to execute and deliver such further authorizations in this regard as Buyer may reasonably require.

9. FUTURE USE: Seller and Buyer agree that there is no representation or warranty of any kind that the future intended use of the Property by Buyer is or will be lawful except as may be specifically provided for in this Agreement.

10. TITLE: Provided that the title to the Property is good and free from all registered restrictions, charges, liens, and encumbrances except as otherwise specifically provided in this Agreement and save and except for (a) any registered restrictions or covenants that run with the land providing that such are complied with; (b) any registered municipal agreements and registered agreements with publicly regulated utilities providing such have been compiled with, or security has been posted to ensure compliance and completion, as evidenced by a letter from the relevant municipality or regulated utility; (c) any minor easements for the supply of domestic utility or telephone services to the Property or adjacent properties; and (d) any easement for drainage, storm or sanitary sewers, public utility lines, telephone lines, cable television lines or other services which do not materially affect the present use of the Property. If within the specified times referred to in paragraph 8 any valid objection to title or to any outstanding work order or deficiency notice, or to the fact that said present use may not lawfully be continued, or that the principal building may not be insured against risk of fire is made in writing to Seller and which Seller is unable or unwilling to remove, remedy or satisfy or obtain insurance and except against risk of fire in favour of the Buyer and any mortgagee, (with all related costs at the expense of the Seller), and which Buyer will not waive, this Agreement notwithstanding any intermediate acts or negotiations in respect of such objections, shall be at an end and all monies paid shall be returned without interest or deduction and Seller, Listing Broker and Co-operating Broker shall not be liable for any costs or damages. Save as to any valid objection so made by such day and except for any objection going to the root of the title, Buyer shall be conclusively deemed to have accepted Seller’s title to the Property.

11. CLOSING ARRANGEMENTS: Where each of the Seller and Buyer retain a lawyer to complete the Agreement of Purchase and Sale of the Property, and where the transaction will be completed by electronic registration pursuant to Part 111 of the Land Registration Reform Act, R.S.O. 1990, Chapter L4 and the Electric Registration Act, S.O. 1991, Chapter 44, and any amendments thereto the Seller and Buyer acknowledge and agree that the exchange of closing funds, non-registrable documents and other items (the “Requisite Deliveries”) and the release thereof to the Seller and Buyer will (a) not occur at the same time as the registration of the transfer/deed (and other documents intended to be registered in connection with the completion of this transaction) and (b) be subject to conditions whereby the lawyer(s) receiving any of the Requisite Deliveries will required to hold same in trust and not release same except in accordance with the terms of a document registration agreement between the said lawyers, the form of which is as recommended from time to time by the Law Society of Upper Canada. Unless otherwise agreed to by the lawyers, such exchange of the Requisite Deliveries will occur in the applicable Land Titles Office or such other location agreeable to both lawyers.

12. DOCUMENTS AND DISCHARGE: Buyer shall not call for the production of any title deed, abstract, survey or other evidence of title to the Property except such as are in the possession or control of Seller. If required by Buyer, Seller will deliver any sketch or survey of the Property within Seller’s control to Buyer as soon as possible and prior to the Requisition Date. If a discharge of any Charge/Mortgage held by a corporation incorporated pursuant to the Trust and Loan Companies Act (Canada), Chartered Bank, Trust Company, Credit Union, Caisse Populaire or Insurance Company and which is not to be assumed by Buyer on completion, is not available in registrable form on completion, Buyer agrees to accept Seller’s lawyer’s personal undertaking to obtain, out of the closing funds, prepared by the mortgagee setting out the balance required to obtain the discharge, together with a direction executed by Seller directing payment to the mortgagee of the amount required to obtain the discharge out of the balance due on completion.

13. INSPECTION: Buyer acknowledges having had the opportunity to inspect the Property and understands that upon acceptance of this Offer there shall be a binding agreement of purchase and sale between Buyer and Seller.

14. INSURANCE: All buildings on the Property and all other things being purchased shall be and remain until completion at the risk of Seller. Pending completion, Seller shall hold all insurance policies, if any, and the proceeds thereof in trust for the parties as their interests may appear and in the event of substantial damage, Buyer may either terminate this Agreement and have all monies paid returned without interest or deduction or else take the proceeds of any insurance and complete the purchase. No insurance shall be transferred on completion. If


Seller is taking back a Charge/Mortgage, or Buyer is assuming a Charge/Mortgage, Buyer shall supply Seller with reasonable evidence of adequate insurance to protect Seller’s or other mortgagee’s interest on completion.

15. DOCUMENT PREPARATION: The Transfer/Deed shall, save for the Land Transfer Tax Affidavit, be prepared in registrable form at the expense of Seller, and any Charge/Mortgage to be given back by the Buyer to Seller at the expense of the Buyer. If requested by Buyer, Seller covenants that the Transfer/Deed to be delivered on completion shall contain the statements contemplated by Section 50 (22) of the Planning Act, R.S.O. 1990.

16. RESIDENCY: Buyer shall be credited towards the Purchase Price with the amount, if any, necessary for Buyer to pay to the Minister of National Revenue to satisfy Buyer’s liability in respect of tax payable by Seller under the non-residency provisions of the Income Tax Act by reason of this sale. Buyer shall not claim such credit if Seller delivers on completion the prescribed certificate or a statutory declaration that Seller is not then a non-resident of Canada.

17. ADJUSTMENTS: Any rents, mortgage interest, realty taxes including local improvement rates and unmetered public or private utility charges and unmetered cost of fuel, as applicable, shall be apportioned and allowed to the day of completion, the day of completion itself be apportioned to Buyer.

18. TIME LIMITS: Time shall in all respects be of the essence hereof provided that the time for doing and completing of any matter provided for herein may be extended or abridged by an agreement in writing signed by Seller and Buyer or by their respective lawyers who may be specifically authorized in that regard.

19. TENDER: Any tender of documents or money hereunder may be made upon Seller or Buyer or their respective lawyers on the day set for completion. Money may be tendered by bank draft or cheque certified by a Chartered Bank, Trust Company, Province of Ontario Savings Office, Credit Union or Caisse Populaire.

20. FAMILY LAW ACT: Seller warrants that spousal consent is not necessary to this transaction under provisions of the Family Law Act, R.S.O. 1990 unless Seller’s spouse has executed the consent, hereinafter provided.

21. UFFI: Seller represents and warrants to Buyer that during the time Seller has owned the Property, Seller has not caused any building on the Property to be insulated with insulation containing urea formaldehyde, and that to the best of Seller’s knowledge no building on the Property contains or has ever contained insulation that contains urea formaldehyde. This warranty shall survive and not merge on the completion of this transaction, and if the building is part of a multiple unit building, this warranty shall only apply to that part of the building which is subject of this transaction.\

22. CONSUMER REPORTS: The Buyer is hereby notified that a consumer report containing credit and/or personal information may be referred to in connection with this transaction.

23. AGREEMENT IN WRITING: If there is conflict or discrepancy between any provision written or typed in this Agreement (including any Schedule attached hereto) and any provision in the standard pre-set portion hereof, the added provision shall supersede the standard pre-set provision to the extent of such conflict or discrepancy. This Agreement, including any Schedule attached hereto shall constitute the entire Agreement between Buyer and Seller. There is no representation, warranty, collateral agreement or condition which affects this Agreement other than as expressed herein. This Agreement shall be read with all changes of gender or number required by the context.

24. SUCCESSORS AND ASSIGNS: The heirs, executors, administrators, successors and assigns of the undersigned are bound by the terms herein. SIGNED, SEALED AND DELIVERED in the presence of: IN WITNESS whereof I have hereunto set my hand and seal:

_________________________________________________

_________________________________________________

DATE:______________________________

(Witness) (Buyer) Name: Title: I have authority to bind the corporation

(Seal)

_________________________________________________

_________________________________________________

DATE:______________________________

(Witness) (Buyer) (Seal) SIGNED, SEALED AND DELIVERED in the presence of: IN WITNESS whereof I have hereunto set my hand and seal:

_________________________________________________

_________________________________________________

DATE:______________________________

(Witness) (Seller) Name: Jeff Lehman Title: Mayor I have authority to bind the corporation .

(Seal)

_________________________________________________

_________________________________________________

DATE:______________________________

(Witness) (Seller) Name: Dawn McAlpine Title: City Clerk I have authority to bind the corporation .

(Seal)

SPOUSAL CONSENT: The Undersigned Spouse of the Seller hereby consents to the disposition evidenced herein pursuant to the provisions of the Family Law Act, R.S.O. 1990, and hereby agrees with the Buyer that he/she will execute all necessary or incidental documents to give full force and effect to the sale evidence herein.

_________________________________________________

_________________________________________________

DATE:______________________________

(Witness) (Spouse)

(Seal)

CONFIRMATION OF ACCEPTANCE: Notwithstanding anything contained herein to the contrary, I confirm this Agreement with all changes both typed and written was finally executed by all parties at: _____________________________ this _____________________ day of ___________________________________, 2016 _____________________________________________ (Time) (Signature of Seller/Buyer)

ACKNOWLEDGEMENT

I acknowledge receipt of my signed copy of this accepted Agreement of Purchase and Sale and authorize the Agent to forward a copy to my lawyer.

________________________________________________________ DATE ___________ (Seller) ________________________________________________________ DATE ___________ (Seller) Address for Service _ Tel. No. _ Seller’s Lawyer _ Address _ _ _ Tel. No. Fax No.

I acknowledge receipt of my signed copy of this accepted Agreement of Purchase and Sale and authorize the Agent to forward a copy to my lawyer.

________________________________________________________ DATE ___________ (Buyer) ________________________________________________________ DATE ___________ (Buyer) Address for Service _ Tel. No. _ Buyer’s Lawyer _ Address _ _ _ Tel. No. Fax No.


SCHEDULE “A” TO THE AGREEMENT OF PURCHASE AND SALE

(FOR USE IN THE PROVINCE OF ONTARIO)

This Schedule is attached to and forms part of the Agreement of Purchase and Sale between:

BUYER,_ _, and

SELLER, The Corporation of the City of Barrie _ For the purchase and sale of .

25. This offer is conditional upon the following:

a) Approval by the Council of The Corporation of The City of Barrie. Unless the Seller gives notice in writing delivered to the Buyer by December 31st 2016, that this condition has been fulfilled, this agreement shall become null and void and the deposit shall be returned to the Buyer without deduction;

b) The Buyer satisfying itself, in its sole and absolute discretion of the availability and potential

cost of all services required for the development of a _____________________ building; including but not limited to storm water drains, sanitary drains, both domestic and fire protection water mains, electrical, natural gas, telephone and internet services. Unless the Buyer gives notice in writing delivered to the Seller within sixty (60) days following the removal of the condition pertaining to Council approval, that this condition has been fulfilled, this agreement shall become null and void and the deposit shall be returned to the Buyer without deduction;

c) The Buyer conducting any investigations it deems necessary and satisfying itself of the

condition of the Property and its suitability for development of the _________________ building. Unless the Buyer gives notice in writing delivered to the Seller within sixty (60) days following the removal of the condition pertaining to Council approval, that this condition has been fulfilled, this agreement shall become null and void and the deposit shall be returned to the Buyer without deduction;

d) Execution by the Buyer and Seller of a Development Agreement, including without limitation

a Site Plan Agreement for development of the Property, as provided in the Seller’s development proposal. Unless the Seller gives notice in writing delivered to the Buyer within eighteen (18) months following the removal of the condition pertaining to Council approval, that this condition has been fulfilled, this agreement shall become null and void and the deposit shall be returned to the Buyer without deduction;.

26. The Buyer acknowledges and agrees that the Development Agreement referred to in clause 25 (d) shall be registered on title to the Property immediately following closing of the within transaction. The Buyer shall provide any postponements reasonably required by the Seller to ensure the priority of the development agreement over any other encumbrances registered on title to the Property.

27. The Completion Date shall be no later than 30 days following execution of the Development Agreement during which time the following shall have been submitted to the Satisfaction of the Seller: a) All financial requirements identified by the Seller; b) Confirmation of Insurance as required by the Seller; c) Final plans and sign offs as required by the Seller. Failing which the Seller may terminate this Agreement and the deposit shall be returned to the Buyer without deduction.

28. The Buyer covenants and agrees to: a) Start construction of a _________________ building within twelve (12)months following the

date of registration of the transfer of the Property. Construction shall be considered to have commenced upon the issuance of a building permit for foundation work;


b) Complete construction of a __________________ building within eighteen (18) months of the start of construction provided that appropriate allowances shall be made for delays caused by strikes, acts of God and other events beyond the control of the Buyer. The Buyer covenants to deliver to the Seller, in writing, of any changes in the schedule and of any delay in construction times which occurs or might occur. Completion of construction shall be deemed to have occurred upon the issuance of substantial completion by the Buyer’s architect.

29. The Buyer covenants and agrees that it will complete the construction of a building in

accordance with the City’s zoning by-law. Unless this covenant has been satisfied, the Buyer covenants that it will not sell the Property, or any part thereof, to any person, firm or corporation, without first offering the Seller, in writing, delivered to the City Clerk's office, City Hall, 70 Collier Street, Barrie, Ontario, the opportunity to repurchase the Property at a price equal to ninety (90%) percent of the original purchase price paid by the Buyer to the Seller and free from any and all encumbrances. For the purpose of this paragraph, if the Buyer is a corporation, the word "sell", in addition to its ordinary meaning, shall be deemed to mean and include a sale or disposition of the corporate shareholding of the Buyer by the person or persons who, at the date of the transfer of the Property by the Seller to the Buyer, holds or hold a majority of the corporate shares. The Seller shall have ninety (90) days from the receipt of an offer made by the Buyer, under the provisions of this paragraph, to accept such offer. Such acceptance shall be in writing and mailed to the address for service of the Buyer as shown on the Transfer. If the Seller does not accept an offer to sell, made by the Buyer under the provision of this paragraph, the Seller's right, provided in this paragraph to repurchase the Property so offered, shall terminate. Provided however, that the Buyer may sell or otherwise transfer the Property to a subsidiary or affiliate corporation as defined in the Business Corporations Act, R.S.O. 1990, without first so offering to sell the Property back to the Seller provided such subsidiary confirms the acceptance of the within building covenants and the offer of re-sale in this paragraph and expressly undertakes in writing to comply therewith, by execution of such documents, in confirmation thereof, as the Seller may require.

30. The Buyer acknowledges and agrees that it is purchasing the Property in its present condition, “as is”. The Seller makes no representation or warranty concerning the soil and/or environmental condition of the Property.

31. The Seller hereby grants the Buyer and its agents access to the Property for the purpose of completing all soil and environmental tests and investigations the Buyer deems necessary. The Buyer agrees to provide the Seller with a copy of the results should it deem the results to be unacceptable, in its sole and unfettered discretion.

32. The Seller shall obtain a reference plan that describes the precise acreage and dimensions of the Property, prior to closing whereupon the purchase price to be paid shall be adjusted accordingly.

33. The Seller agrees to pay the Buyer's brokerage, _____________________________, a commission of 2.5% + HST based on the total sale price of the Property on closing.

34. The Buyer undertakes that the only assignment of this agreement will be by way of direction that title be drawn in the name of another corporation which has the same shareholders (owner). This will be confirmed by the Buyer’s solicitor prior to closing along with confirmation that the Buyer’s solicitor has no knowledge of any intention on the shareholders’ part to sell the shares to another party. Notwithstanding such assignment the Buyer named herein shall not be relieved of their obligations under the agreement and shall remain responsible hereunder in the event that the assignee defaults in its obligations under the Agreement of Purchase and Sale.

35. The Buyer acknowledges and agrees that it will be responsible for any fees to connect laterals to sanitary sewers, water and hydro at the standard charges imposed by Barrie Engineering Department and any third party service providers, as well as any costs associated with the installation of laterals to connect to services within the municipal road allowance.


SCHEDULE “B” TO THE

AGREEMENT OF PURCHASE AND SALE (FOR USE IN THE PROVINCE OF ONTARIO)

This Schedule is attached to and forms part of the Agreement of Purchase and Sale between:

BUYER,_ _, and

SELLER, The Corporation of the City of Barrie _ For the purchase and sale of .