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Home My WebLink AboutBy-law No. 2006-069 THE CORPORATION OF THE MUNICIPALITY OF BAYHAM BY-LAW NO.2006-069 A BY-LAW TO AUTHORIZE THE EXECUTION OF AN AGREEMENT BETWEEN THE MUNICIPALITY OF BAYHAM AND 2079071 ONTARIO 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 2079071 Ontario Inc.. has applied to the Municipality for a façade improvement loan to renovate and improve parts of the building known municipally as 41 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 Facade Improvement Loan Agreement attached hereto as Schedule"A" and forming part of this by-law between the Municipality of Bayham and 2079071 Ontario 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 13th DAY OF JULY 2006. _ CY'''RI( Province Ch of Document General Do Process Software Ltd. • (416)322-6111 D Ontario Form 4—Land Registration Reform Act I (1)Registry El Land Titles 0 (2) Page 1 of 5 pages (3)Property Block Property Identifier(s) Additional: See Schedule 7"--, C, (4)Nature of Document . J AGREEMENT c ,---t (5)Consideration Z -- 0 " D Dollars$ w U) - - . , ;) (6)Description 0 , •i cP w ... Part of Lot 22, o , : ii on the West Side of Robinson Street, L.L. . : .....: Plan 12, 0 formerly Village of Port Burwell, o --- , Municipality of Bayham,County of Elgin; t.E.. more particularly described on page 2 attached herewith. New Property Identifiers Additional: Sect Schedule Executions (7) This (a)Redescription (b)Schedule for: Additional: Document New Easementr__, Li= Additional r___, See Contains: Plan/Sketch Description 122C Parties Other N Schedule El 1_1 (8)This Document provides as follows: FACADE IMPROVEMENT LOAN AGREEMENT between 2079071 ONTARIO INC.and THE CORPORATION OF THE MUNICIPALITY OF BAYHAM. Continued on Schedule (9)This Document relates to instrument number(s) (10)Party(ies) (Set out Status or Interest) Name(s) Signature - Date of Signature Y M D THE CORPORATION OF THE MUNICIPALITY OF BAYHAM i 19 BY ITS SOLICITORS,GIBSON,LINTON,TOTH, per: 2007 04 10 CAMPBELL&BENNETT SCOTT K. CAMPBELL 01) Address for Service P.0.Box 160,Straffordville,Ontario,NOJ 1Y0 (12)Party(ies) (Set out Status or Interest) Name(s) Signature(s) Date of Signature Y M D (13) Address for Service Li (14)Municipal Address of Property (15)Document Prepared by: >- Fees and Tax _i z 0 Registration Fee LU 41 Robinson Street Gibson,Linton,Toth, Campbell& cn 0 Port Burwell,Ontario Bennett w NOJ 1TO 36 Broadway,Box 5 LI u_ 0 Tillsonburg,Ontario rt N4G 4113 0 AL Total -- Document prepared using FormlWare LandForms 3 THIS AGREEMENT made this/ day of 9..ara ,2006. BETWEEN: 2079071 ONTARIO 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 41 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,Ae4e-atteshed 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. WITNES SETH 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$1,750.00 (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 of ten (10) years, annually, beginning 2007, 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. 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. 1 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/,3 day of 9.4„it, ,2006. 2079071 ONTARIO INC.(OWNER) Per: fes I have authority to bind the Corporation C. Valerie Donnell THE CORPORATION OF THE MUNICIPALITY OF BAYHAM Mar nn Acre Clerk ynda h.i lar Province Schedule Do Process Software Ltd. • (416)322-6111 + + Ontario Form 5--Land Registration Reform Act Addi conal Property Went-MOW and/or Other Information Legal Description: Part of Lot 22,on the West Side of Robinson Street,Plan 12, formerly Village of Port Burwell, Municipality of Bayham, County of Elgin; more particularly described as follows: COMMENCING at the South-east angle of said Lot 22; THNCE Northerly along the easterly boundary of said Lot 22, 24'6" to a point; THENCE Westerly parallel to the southerly boundary of said Lot 22, 100' to The Canadian Pacific Railway right of way; as described in Instrument No. 14104 and 14507; THENCE in a Southerly direction along the said right of way, 24'6" more or less to the southerly limit of said Lot 22; THENCE in a Easterly direction along the southern boundary of said Lot 22, 100'more or less to the place of beginning. AS IN Instrument No. 0449976. w i - , itz 0 0 ow ern On OT 1 l J Document prepared using Form'L'Ware LandForms S. SCHEDULE "A" TOWNSHIP OF BAYHAM DEBENTURE SCHEDULE Valerie Donnell Debenture Amount $ 1,750.00 Interest Rate 2.00% Term in Years 10 Payment Amount $ 500.00 Total Payout $ 5,000.00 BEGIN ENDING YEAR BALANCE PRINCIPAL INTEREST PAYMENT BALANCE 2007 1,750.00 500.00 500.00 1,250.00 2008 1,250.00 475.00 25.00 500.00 775.00 2009 775.00 484.50 15.50 500.00 290.50 2010 290.50 290.50 5.81 296.31 2011 - 2012 - 2013 - 2014 2015 - 2016 - 1,750.00 46.31 1,796.31 - excelldrainslharbour shoppe loan 2006.xls •