Title
OFFER TO PURCHASE - AMX STEEL INC.
1. That Council accept and the City Clerk and Mayor be authorized to execute the Agreement of Purchase and Sale from AMX Steel Inc. for a 8.88 acre parcel of City-owned industrial land described as lots 55, 56, 57, 58, 59, 60, 61 and 62, Plan 51M-379, fronting onto the east side of Rawson Avenue in the South Barrie Industrial Park for the purchase price of $50,000 per acre, subject to the following exceptions and additions to the Standard Offer:
a) The Purchaser agrees that it will be responsible for any fees to connect laterals to sanitary sewers, water and hydro.
b) The Purchaser agrees that it is purchasing the property in its present condition “as is”. The Purchaser further acknowledges and agrees that it shall conduct, by the conditional date indicated in Paragraph 6 (c) of the offer, such tests as it deems necessary to determine to its satisfaction, that the soil conditions for the property are satisfactory to support the development and construction of the building and other structures contemplated for its proposed use of the property and that it may develop the lands and construct the required building in accordance with its development plans.
c) The Purchaser acknowledges that acceptance of this offer, including all amendments, is conditional upon the approval of City Council and that the execution of this offer by the Director of Economic Development in no way binds the Corporation.
d) The Purchaser acknowledges that this transaction is subject to GST and such tax shall be paid in addition to the purchase price. Notwithstanding this, no goods and services tax will be paid by the Purchaser on closing provided that the Purchaser is a GST registrant and provides its registration number prior to closing. The parties will instruct their respective solicitors to enter into a document registration agreement in the form approved by the Law Society of Upper Canada on closing.
d) The Purchaser acknowledges that the Vendor will be passing a by-law which will deem the lots described herein not to be lots on a plan of subdivision. The Purchaser agrees that it will not object to this by-law. Approval under the Planning Act will be necessary to subdivide the property into 2 or more separate parcels.
e) The Purchaser agrees that it will, within one and a half (1.5) years from the date of registration of the transfer of land, start construction therein of an industrial building or buildings.
f) The Vendor agrees to a reduction in the minimum coverage from 20% to 3%.
g) This Agreement of Purchase and Sale shall be conditional until October 31st, 2005, upon the Purchaser satisfying itself in its sole discretion that the Purchaser has received acceptable financing to complete the transaction.
2. That a Deeming By-law be approved per Section 50(4) of the Planning Act over Lots 55 to 62, inclusive, Registered Plan 51M-379, which would serve to create a single property. (EDO033-05) (File: L15)