HomeMy WebLinkAboutBy-law No. 2005-086 THE CORPORATION OF THE
MUNICIPALITY OF BAYHAM
BY-LAW NO. 2005-086
A BY-LAW TO AUTHORIZE THE EXECUTION
OF AN AGREEMENT BETWEEN
THE MUNICIPALITY OF BAYHAM AND
ALMOND INVESTMENTS INC.
FOR A FACADE IMPROVEMENT LOAN
WHEREAS Subsection 28(7) of the Planning Act, R.S.O. 1990, chapter P.13 authorizes
municipalities to make loans to owners of lands and buildings within a Community Improvement
Project Area to pay for the whole or any part of the cost of rehabilitating such lands and
buildings in conformity with a Community Improvement Plan,
AND WHEREAS the Municipality has approved a Facade Improvement Loan Program as part
of a Community Improvement Plan,
AND WHEREAS Almond Investments Inc. has applied to the Municipality for a facade
improvement loan to renovate and improve parts of the building known municipally as 39
Robinson Street, and the subject lands are within the area defined in the said Community
Improvement Plan,
AND WHEREAS the Council of the Corporation of the Municipality of Bayham is desirous of
entering into an agreement with Almond Investments Inc. to advance a loan to carry out
improvements in accordance with the plans submitted in their application,
THEREFORE THE COUNCIL OF THE CORPORATION OF THE MUNICIPALITY
OF BAYHAM ENACTS AS FOLLOWS:
1. THAT the Mayor and Clerk be and they are hereby authorized to execute the Façade
Improvement Loan Agreement attached hereto as Schedule"A" and forming part of this
by-law between the Municipality of Bayham and Almond Investments Inc.
2. THAT this by-law shall come into full force and effect upon final passing.
READ A FIRST, SECOND AND THIRD TIME AND FINALLY PASSED THIS 6th DAY
OF OCTOBER 2005.
IR C ERK
Facade Improvement Loan Agreement -1—
Schedule"A"to By-law No.2005-036
THIS AGREEMENT made this 6th day of October,2005.
BETWEEN:
ALMOND INVESTMENTS INC.
hereinafter called the"Owner"
OF THE FIRST PART
and
THE CORPORATION OF THE MUNICIPALITY OF BAYHAM
hereinafter called the"Municipality"
OF THE SECOND PART
WHEREAS the Owner is the owner in fee simple of the lands municipally known as 39
Robinson Street, in the Municipality of Bayham,in the County of EIgin (hereinafter called "the
said lands"), more particularly described in Box (6) of the Document General to be attached
hereto prior to registration of this Agreement.
AND WHEREAS Section 28(7) of the PIanning Act, R.S.O. 1990, Chapter P.13 authorizes
municipalities to make Ioans to owners of lands and buildings with a Community Improvement
Project Area to pay for the whole or any part of the cost of rehabilitating such lands and
buildings in conformity with a Community Improvement Plan.
AND WHEREAS the Municipality has approved a Facade Improvement Loan as part of a
Community Improvement PIan within an area of Bayham which includes the said lands.
AND WHEREAS the Owner has applied to the Municipality for a facade improvement loan to
renovate and improve certain parts of the building on the said lands in accordance with plans
submitted to the Municipality in support of such application, which plans are hereinafter called
"the said plans".
AND WHEREAS the Municipality has agreed to advance a loan to the Owner to carry out such
improvements on certain terms and conditions.
WITNESSETH that,in consideration for the advance of the said loan and as a condition of such
loan,the parties hereto covenant and agree one with the other as follows:
1. The Municipality shall advance to the Owner on the date of registration of this Agreement
(hereinafter called"the commencement of the term") and after completion of construction,
the sum of$3,523.00(hereinafter called"the principal amount")as a facade improvement
loan for the said lands.
2. So long as the Owner is not in default hereunder,such principal amount shall be repayable
plus interest, in accordance with the repayment schedule affixed hereto as Schedule "A",
by additions to the tax roll, for a term not exceeding ten (10) years, annually, beginning
2006,and repayable in full at anytime without notice or bonus or penalty of any kind.
3. Notwithstanding the provisions of paragraph 2 above, the principal amount,or the balance
thereof remaining outstanding, shall, at the option of the Municipality, immediately
become due for payment in frill on the happening of any one of the following:
(a) the Owner shall be more than 3 months in arrears with respect to any payment of
realty taxes,business taxes,or Business Improvement Area levy for all or any part
of the said lands,
(b) the Owner shall,at any time,discontinue,remove or fail to maintain any part of
the improvements shown on the said plans,
(c) the Owner shall default in payment of any of the installments required under
paragraph 2 above,or,
(d) the Owner shall sell or transfer the said lands,or any part thereof,to a new owner.
Facade tmpravement Loan Agreement -2—
Schedule"A"to By-raw No.2005-086
4. The Owner hereby agrees to complete and maintain the said facade improvements in
accordance with the said plans,which obligation shall continue until the principal amount
and any interest owing thereon is paid in full.
5. The Owner hereby charges the said lands with the obligation of repayment of the said loan
in accordance with the terms and conditions herein.
6. This Agreement shall, on the date of the commencement of the term,be registered on title
to the said lands as provided for by Sections 28(8) and 32(3)of the Planning Act as a first
encumbrance prior to any mortgage or lien.
7. The execution of this Agreement by the Municipality shall constitute the certificate
provided for in Section 32(3)of the Planning Act with respect to the advance and terms and
conditions of such loan.
8. The Document General and Agreement shall be prepared and registered by the
Municipality and the Owner shall be responsible for the costs thereof,payable at the date of
the commencement of the term.
9. This Agreement shall enure to and be binding on the successors, assigns and legal
representatives of the Owner and of the Town.
IN WITNESS WHEREOF the respective parties have executed this Agreement as of the date
first above written.
Dated at Bayham this 6th day of October,2005.
ALMOND INVESTMENTS INC.(OWNER)
Per:
I have authority to bind the Corporation
THE CORPORATION OF THE MUNICIPALITY
OF BAYHAM
Mayor
Clefk
SCHEDULE A
MUNICIPALITY OF BAYHAM
DEBENTURE SCHEDULE
Almond Investments Inc.
Debenture Amount $ 3,523.00
Interest Rate 2.00%
0%interest first year,2%thereafter
Term in Years 10
Payment Amount $ 500.00
Maximum Payout $ 5,000.00
BEGIN ENDING
YEAR BALANCE PRINCIPAL INTEREST PAYMENT BALANCE
31/10/2006 3,523.00 500.00 500.00 3,023.00
31/10/2007 3,023.00 439.54 60.46 500.00 2,583.46
31/10/2008 2,583.46 448.33 51.67 500.00 2,135.13
31/10/2009 2,135.13 457.30 42.70 500.00 1,677.83
31/10/2010 1,677.83 466.44 33.56 500.00 1,211.39
31/10/2011 1,211.39 475.77 24.23 500.00 735.62
31/10/2012 735.62 485.29 14.71 500.00 250.33
31/10/2013 250.33 250.33 5.01 255.34 (0.00)
31/10/2014 (0.00) 0.00 (0.00)
31/10/2015 - -
3,523.01 232.33 3,755.34
+__ ' Province Document General Do Process Software Ltd. • (416)322-6111 D
Ontario
Form 4—Land Re istration Reform Act
(1)Registry ❑X Land Titles ❑ (2) Page 1 of 4 pages
(3)Property
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(4)Nature of Document
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(6)Description
w �� C ; Part of Wellington Street as closed by By-Law 333 and
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u. North on Wellington Street,Plan 12;
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o *— Municipality of Ba ham County of Elgin;
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New Property Identifiers
Additional:
Schedule ❑
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(7) This (a)Redescription (b)Schedule for:
Additional: Document New Easement Additional
See Contains: X
Schedule ❑ PlantSketch ❑ Description ❑ Parties Other ❑
(8)This Document provides as follows:
FACADE IMPROVEMENT LOAN AGREEMENT between ALMOND INVESTMENTS INC. and THE CORPORATION
OF THE MUNICIPALITY OF BAYHAM.
ed on Schedule U
((9)This Document relates to instrument number(s)
(10)Party(ies) (Set out Status or Interest)
Continued
Name(s) Signature( Date of Signature
Y M D
THE CORPORATION OF THE MUNICIPALITY OF BAYHAM
BY ITS SOLICITORS, GIBSON,LINTON, TOTH, per: 2007 04 1 '
CAMPBELL & BENNETT SCOTT K. CAMPBELL
{ii} Address
for Service P. O. Box 160, Straffordville,Ontario,NOJ 1Y0
(12)Party(les) (Set out Status or Interest)
Name(s) Signature(s) Date of Signature
V M D
(13) Address
for Service
(14)Municipal Address of Property (15)Document Prepared by: >- Fees and Tax
Z Registration stration Fee
to
39 Robinson Street Gibson,Linton,Toth,Campbell& a
Port Burwell, Ontario Bennett u,
NOJ 1TO 36 Broadway,Box 5u.
Tillsonburg, Ontario rx
N4G 4H3 0Total
Document prepared using Form L'Were LandForms
Facade Improvement Loan Agreement -I-
Schedule"A"to By-law No.2005-086
THIS AGREEMENT made this 61h day of October, 2005.
BETWEEN:
ALMOND INVESTMENTS INC.
hereinafter called the"Owner"
OF THE FIRST PART
and
THE CORPORATION OF THE MUNICIPALITY OF BAYHAM
hereinafter called the "Municipality"
OF THE SECOND PART
WHEREAS the Owner is the owner in fee simple of the lands municipally known as 39
Robinson Street, in the Municipality of Bayham, in the County of Elgin (hereinafter called "the
said lands"), more particularly described in Box (6) of the Document General,to be-attached-
AND WHEREAS Section 28(7) of the Planning Act, R.S.O. 1990, Chapter P.13 authorizes
municipalities to make loans to owners of lands and buildings with a Community Improvement
Project Area to pay for the whole or any part of the cost of rehabilitating such lands and
buildings in conformity with a Community Improvement Plan.
AND WHEREAS the Municipality has approved a Facade Improvement Loan as part of a
Community Improvement Plan within an area of Bayham which includes the said lands.
AND WHEREAS the Owner has applied to the Municipality for a facade improvement loan to
renovate and improve certain parts of the building on the said lands in accordance with plans
submitted to the Municipality in support of such application, which plans are hereinafter called
"the said plans".
AND WHEREAS the Municipality has agreed to advance a loan to the Owner to carry out such
improvements on certain terms and conditions.
WITNESSETH that, in consideration for the advance of the said loan and as a condition of such
loan, the parties hereto covenant and agree one with the other as follows:
1. The Municipality shall advance to the Owner on the date of registration of this Agreement
(hereinafter called"the commencement of the term") and after completion of construction,
the sum of$3,523.00 (hereinafter called "the principal amount") as a facade improvement
loan for the said lands.
2. So long as the Owner is not in default hereunder, such principal amount shall be repayable
plus interest, in accordance with the repayment schedule affixed hereto as Schedule "A",
by additions to the tax roll, for a term not exceeding ten (10) years, annually, beginning
2006, and repayable in full at anytime without notice or bonus or penalty of any kind.
3. Notwithstanding the provisions of paragraph 2 above, the principal amount, or the balance
thereof remaining outstanding, shall, at the option of the Municipality, immediately
become due for payment in full on the happening of any one of the following:
(a) the Owner shall be more than 3 months in arrears with respect to any payment of
realty taxes, business taxes, or Business Improvement Area levy for all or any part
of the said lands,
(b) the Owner shall, at any time, discontinue,remove or fail to maintain any part of
the improvements shown on the said plans,
(c) the Owner shall default in payment of any of the installments required under
paragraph 2 above, or,
(d) the Owner shall sell or transfer the said lands,or any part thereof,to a new owner.
3
Facade Improvement Loan Agreement -2—
Schedule"A"to By-law No.2005-086
4. The Owner hereby agrees to complete and maintain the said facade improvements in
accordance with the said plans, which obligation shall continue until the principal amount
and any interest owing thereon is paid in full.
5. The Owner hereby charges the said lands with the obligation of repayment of the said loan
in accordance with the terms and conditions herein.
6. This Agreement shall, on the date of the commencement of the term, be registered on title
to the said lands as provided for by Sections 28(8) and 32(3) of the Planning Act as a first
encumbrance prior to any mortgage or lien.
7. The execution of this Agreement by the Municipality shall constitute the certificate
provided for in Section 32(3) of the Planning Act with respect to the advance and terms and
conditions of such loan.
8. The Document General and Agreement shall be prepared and registered by the
Municipality and the Owner shall be responsible for the costs thereof, payable at the date of
the commencement of the term.
9. This Agreement shall enure to and be binding on the successors, assigns and legal
representatives of the Owner and of the Town.
IN WITNESS WHEREOF the respective parties have executed this Agreement as of the date
first above written.
Dated at Bayham this 6th day of October, 2005.
ALMOND INVESTMENTS INC. (OWNER)
Per:
I have authority-TO bind the Corporation
Ian Almond
THE CORPORATION OF THE MUNICIPALITY
OF BAYHAM
at
Mayor I in Acre
, /
�� i1_
Clerk Lynda Millard
1
SCHEDULE A
MUNICIPALITY OF BAYHAM
DEBENTURE SCHEDULE
Almond Investments Inc.
Debenture Amount $ 3,523.00
Interest Rate 2.00%
0%interest first year,2%thereafter
Term in Years 10
Payment Amount $ 500.00
Maximum Payout $ 5,000.00
BEGIN ENDING
YEAR BALANCE PRINCIPAL INTEREST PAYMENT BALANCE
31/10/2006 3,523.00 500.00 500.00 3,023.00
31/10/2007 3,023.00 439.54 60.46 500.00 2,583.46
31/10/2008 2,583.46 448.33 51.67 500.00 2,135.13
31/10/2009 2,135.13 457.30 42.70 500.00 1,677.83
31/10/2010 1,677.83 466.44 33.56 500.00 1,211.39
31/10/2011 1,211.39 475.77 24.23 500.00 735.62
31/10/2012 735.62 485.29 14.71 500.00 250.33
31/10/2013 250.33 250.33 5.01 255.34 (0.00)
3I/10/2014 (0.00) 0.00 (0.00)
31/10/2015 - -
3,523.01 232.33 3,755.34