Title
SALE OF SURPLUSED DOWNTOWN PARKING LOT 55 - 57 MCDONALD STREET/61 - 67 OWEN STREET (WARD 2)
1. That the City Clerk be authorized to execute the Agreement of Purchase and Sale between the City and Forrest Group Acquisitions Ltd. (the Purchaser) for the 0.52 acre parcel of City-owned land described as PIN'S 588170026, 588170027, 588170174, 588170024, 588170025, City of Barrie, County of Simcoe, (the Property) on the south-east corner of McDonald Street and Owen Street, also known municipally as 55-57 McDonald Street and 61-67 Owen Street, for the purchase price of $1,000,000, subject to the following general terms and conditions:
a) The Purchaser acknowledges that acceptance of this offer, including all amendments, is conditional upon the approval of the Council of The Corporation of the City of Barrie;
b) The Purchaser agrees that it is purchasing the property in its present condition "as is" and further acknowledges and agrees that it will conduct such tests as it deems necessary to determine to its satisfaction that the Lands are suitable for the Purchaser's intended use;
c) The Purchaser acknowledges that any municipal approvals, including re-zoning of the City lands, will be done in accordance with the City's standard process and procedures, and where relevant, at the Purchasers own risk;
d) The Purchaser agrees within four hundred and eighty (480) days following the approval by Council of the Agreement of Purchase and Sale to:
i) Obtain all municipal and other governmental approvals necessary in connection with the Purchaser's intended development of the Property; and
ii) Execute a Development Agreement, including without limitation a Site Plan Agreement for development of the Property;
e) The Purchaser agrees that unless it gives notice in writing delivered to the Seller within the four hundred and eighty (480) days that the condition has been fulfilled or an extension to the condition has been granted, this Agreement shall become null and...
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