Report to: Council Report
Date: February
13, 2007
SUBJECT: Times
Investments Limited – (H) Hold Removal Conditions
PREPARED BY: Richard
Kendall, Manager of Development,
Central District,
Extension 6588
RECOMMENDATION:
That condition (4) contained in the staff report of October 17, 2006
recommending conditional site plan approval for the Times Investments’
application at South Town Centre Boulevard and Clegg Road, as amended by the
November 28, 2006 resolution of Council, be replaced as follows:
“4.) That, the Hold provision (H) on the Times
Group Corporation Site (the “Times Site”) be lifted upon the Town receiving a
certificate from the Trustee confirming that either:
(i)
all amounts to be paid by 1619175
Ontario Inc. (“Times”), prior to the execution of the Site Plan Agreement,
under the Cost Sharing Agreement, have been paid; or
(ii)
the Trustee has received a Letter of
Credit from Times securing an amount equal to all amounts to be paid by Times
prior to the execution of the Site Plan Agreement, under the Cost Sharing
Agreement.
And that the final site plan approval also be
conditional upon receipt of a certificate from the Trustee of the Developers
Group indicating that Times is in good standing under the Cost Sharing
Agreement.
And that Staff be authorized and
directed to take the actions set out in this report.
EXECUTIVE SUMMARY:
Not applicable
FINANCIAL CONSIDERATIONS:
Not applicable
This report
recommends amendment to the wording of
conditions of approval in respect of the Times development proposal to
facilitate Times proceeding to H (Hold) removal. This is on the basis that Times has withdrawn
its appeal against the Ruland (Remington Group) plan of subdivision in Markham
Centre, has signed the Markham Centre
Developers Group Agreement, and will pay all moneys owing under the Cost
Sharing Agreement to the Trustee prior to H removal and issuance of a conditional
building permit by the Town.
The Ruland
(Remington) Subdivision approval in Markham Centre
was appealed by three developers, including Times Investments Limited. As part of a series of discussions before the
Ontario Municipal Board, Times Investments Limited, withdrew its appeal of the
Ruland plan of subdivision and obtained conditional site plan approval for its
development.
An initial
condition (4) of Time’s site plan approval stated: “The terms of settlement for the withdrawal of the appeals to the
Remington Group draft plan of subdivision accepted by Markham Council, and the appeals withdrawn, to the
satisfaction of the Town.”
On November 28, 2006, Council considered a report from the Town Solicitor
which provided an up-date on the status of the Ruland appeals and the
negotiations between the parties, including a recommendation that the above
condition of Times’ site plan approval be deleted and replaced with the
following condition (4):
“That
the Trustee of the Developers Group confirm in writing that all of the
signatories to the Developers Group Cost Sharing Agreement have satisfied all
of their financial obligations in that agreement by the payment in full of all
monies owing under the Agreement, and that those signatories have executed an
Acknowledgment that they will not contest the terms of the Agreement and the
payments made thereunder.”
Times
Investments Limited objects to the wording of the November 28 Council
resolution that would tie the final release of Times to other parties to the
Group Agreement, given the divergent construction schedules and the outstanding
approvals of the other signatories, and its willingness to meet all its
obligations to the Trustee.
Staff have reviewed this matter and have had discussions with
representatives from Times and Ruland.
It is recommended that Condition (4) of Times’ site plan approval be
amended to delete condition (4) as set out in the November
28, 2006
resolution of Council and be replaced as follows:
“4.) That, the Hold provision (H) on the Times
Group Corporation Site (the “Times Site”) be lifted upon the Town receiving a
certificate from the Trustee confirming that either:
(iii)
all amounts to be paid by 1619175
Ontario Inc. ((“Times”), prior to the execution of the Site Plan Agreement,
under the Cost Sharing Agreement, have been paid; or
(iv)
the Trustee has received a letter of
Credit from Times securing an amount equal to all amounts to be paid by Times
prior to the execution of the Site Plan Agreement, under the Cost Sharing
Agreement.
This will enable Times to
proceed on the basis that they will be in good standing with the Markham
Centre Developers Group and have paid all moneys owing or to
be paid pursuant to the Group Agreement.
The Trustee and Ruland have reviewed this revised condition and have
agreed.
BUSINESS UNITS CONSULTED AND AFFECTED:
The Legal Department has reviewed
this report and is a signatory to it.
RECOMMENDED BY:
________________________ ________________________
Catherine M. Conrad Jim Baird,
M.C.I.P., R.P.P.
Town Solicitor Commissioner
of Development Services
Q:\Development\Planning\Times
Investments Up-date Report13.doc