region of peel...2011/05/26 · 2008 with a total value of $2,176,082.85 plus gst and the remaining...
TRANSCRIPT
MA- AS--\
4
Wonkiq Fol you REPORT
Meeting Date: May 26, 201 1 Regional Council
DATE: May 26,201 1
REPORT TITLE: BRAM EAST PHASE 1 DEVELOPMENT CHARGE REIMBURSEMENT OF ALL FRONT END FINANCING AGREEMENTS - CITY OF BRAMPTON, WARD 10, WRAP-UP REPORT
FROM: Norma Trim, Chief Financial Officer and Commissioner of Corporate Services Dan Labrecque, Commissioner of Public Works
RECOMMENDATION
That the capital works constructed by 1261082 Ontario Inc. (the "Owners' Trustee") for the BoltonlBrampton Sanitary Trunk Sewer which was deemed necessary to facilitate adequate servicing within the Bram East Phase 1 Benefitting Area be set up under Capital Project 11-2299 in the amount of $301,806 plus GST;
And further, that the necessary funds for Capital Project 11-2299 in the amount of $301,806 be financed from the DC South Peel Wastewater Reserve R3515 ($181,084) and the Wastewater Capital Finance Stabilization Reserve R0242 ($120,722);
And further, that the projects constructed by the Owners' Trustee and outlined in Appendix 1 of the subject report be adjusted to reflect the reallocation of funding sources between the Water and Wastewater Development Charge Reserves and the Wastewater Capital Finance Stabilization Reserve;
And further, that the Regional signing officers be authorized to execute a final agreement for the costs of infrastructure within the Bram East Phase 1 Secondary Plan substantially in the form contained in Appendix 2 of the report from the Chief Financial Officer and Commissioner of Corporate Services and the Commissioner of Public Works dated May 26, 201 I, and titled "Bram East Phase I Development Charge Reimbursement of All Front End Financing Agreements, City of Brampton, Ward 10, Wrap-up Report" which represents the final outstanding liability payable to the Owners' Trustee.
fl A- f%S-2 - May 26, 201 1 BRAM EAST PHASE 1 DEVELOPMENT CHARGE REIMBURSEMENT OF ALL FRONT END FINANCING AGREEMENTS - CITY OF BRAMPTON, WARD 10, WRAP-UP REPORT
provided a framework for the provision of Regional water, wastewater and roads infrastructure required for the development of lands within the Bram East Secondary Plan
* Additional water, wastewater and road infrastructure was identified and captured under subsequent agreements implemented from January 2001 through August 2004. The Bram East Phase 1 Service in Lieu Agreement authorized the Commissioner of Public Works to request the construction of additional infrastructure as deemed necessary to provide for adequate servicing of the Bram East Phase I Development Area. In total, reimbursable costs for water and wastewater infrastructure were valued at $8,239,387.57 plus GST payable to the Owners' Trustee. The Region has received eleven invoices from the Owners' Trustee; five dated April 7, 2008 with a total value of $2,176,082.85 plus GST and the remaining six dated June 30, 2010 with a total value of $6,063,304.72 plus GST.
* As per the Bram East Service in Lieu Agreement and subsequent lmplementation Agreements the Region has paid three annual installments of $1.0 million (GST inclusive) each, commencing in the year 2008. Council approval is required to finance Capital Project 11-2299 for the BoltonIBrampton Sanitary Trunk Sewer in the amount of $301,806. Payment terms would be consistent with the Bram East Phase 1 Service in Lieu Agreement to which this capital spending was subsequently added.
* Staff is also seeking Council approval to reallocate approved funding between water and wastewater reserves in order to reflect adjustments to the reimbursable costs of the Bram East projects that are payable to the Owners' Trustee with an overall savings of $278,363 as outlined in Appendix 1 prior to implementation of the final agreement.
* Council approval is required to enter into a final agreement with the Owners' Trustee (Appendix 2) for a one-time cash payment which would include the 201 1 annual payment of $1 .O million (GST inclusive) in addition to discounting the remaining reimbursable costs of infrastructure constructed in accordance with the Bram East Phase 1 Service in Lieu Agreement, subsequent Agreements, and executed Subdivision Agreements, as well as infrastructure constructed as required by the Commissioner of Public Works as necessary
DISCUSSION
1. Background
a) Bram East Agreements
The general purpose of the Bram East Front End Financing Agreements was to allow development of lands within the Bram East Phase 1 Development Area ahead of the Region's proposed schedule with minimal financial risk to the Region. The Bram East Phase 1 Service in Lieu Agreement between 1261082 Ontario Inc. (the "Owners' Trustee") and the Region of Peel was executed on January 27, 1998. As development within the area progressed in stages over time, additional water and wastewater infrastructure were identified and constructed to accommodate growth in accordance with Regional standards. Some of this additional infrastructure was captured under the First and Second lmplementation Agreements which were executed on January 29, 2001, as well as the Fourth lmplementation Agreement which was executed on August
H A - h 3 - 3 - May 26, 201 1 BRAM EAST PHASE 1 DEVELOPMENT CHARGE REIMBURSEMENT OF ALL FRONT END FINANCING AGREEMENTS - CITY OF BRAMPPON, WARD 10, WRAP-UP REPORT
12, 2004. Some of this infrastructure was constructed in accordance with 7. (3), of the Bram East Phase I Service in Lieu Agreement as works required by the Commissioner of Public Works to ensure adequate servicing ("Additional Services") or identified within Executed Subdivision Agreements.
Reimbursement terms of the Bram East Phase 1 Service in Lieu Agreement and subsequent Agreements stated that after the final Acceptance Certificate had been issued by the Region for the works, the Owners' Trustee could request payment twice a year (April and October) with the total amount payable capped at $1.0 million per year interest free.
b) Conditions Within Bram East Agreements
A number of conditions were established for the protection of the Region. These conditions included a $1.0 million annual reimbursement cap and a requirement that a pre-determined number of building permits had to be issued per Registered Plan prior to reimbursement becoming payable by the Region to ensure that the Region would not be subject to financial risk in conjunction with the Bram East front-ending arrangements. Although building permits issued to date do not equate to complete build-out of the area, it is the opinion of staff that repayment of the constructed infrastructure should not be delayed on the basis of this condition as it is apparent that Bram East Phase 1 is being built as planned. Staff sees a benefit in bringing closure to this arrangement as the original agreement was executed over ten years ago and the community is now almost fully built-out.
c) Additional Services
The alignment of the BoltonIBrampton Trunk Sanitary Sewer twinning, within the Clarkway Tributary Valley, was originally identified in the 1999 Development Charges Background Study. In 2002, approximately 280m of the trunk sewer was constructed as "Additional Services". As development in the area progressed, the original alignment of the BramptonIBolton Trunk Sewer was re-evaluated due to the revised, much stricter Toronto Region Conservation requirements making the construction of the trunk sewer prohibitive in this location. A new route for the required trunk sewer was established via Gore Road and Highway 50 and consequently construction proceeded in that direction. It should be noted that the Service In Lieu Agreement authorized the Commissioner of Public Works to request the construction of additional infrastructure as deemed necessary to provide for adequate servicing of the Bram East Phase 1 Development Area. The initial section of the trunk sewer constructed within the Clarkway Tributary Valley is still in service today.
Peel staff are of the opinion that the Owner's Trustee should be reimbursed for the construction of this infrastructure at the total reimbursable cost of $301,806 (plus GST), which is well below the original budgeted amount in the 1999 Development Charges Background Study.
M A - A S - 4 - May 26,201 1 BRAM EAST PHASE 1 DEVELOPMENT CHARGE REIMBURSEMENT OF ALL FRONT END FINANCING AGREEMENTS - CITY OF BRAMPTBN, WARD 10, WRAP-UP REPORT
2. Findings
The reimbursable cost payable to the Owners' Trustee for the water and wastewater works constructed under the Bram East Front End Financing Agreements amounts to $8,239,387.57 plus GST compared to an overall approved budget of $8,517,756 plus GST. There is a need to reallocate funding sources between the Water and Wastewater Development Charges Reserves and the Wastewater Capital Finance Stabilization Reserve in order to reflect the actual cost of the infrastructure constructed for each capital project constituting the Bram East related infrastructure. The reallocation of funding and the overall savings of $278,363 is presented in Appendix 1 of this report.
To date eleven invoices have been issued from the Owners' Trustee including five invoices dated April 7, 2008 in the amount of $2,176,082.85 plus GST and a further six invoices dated June 30, 2010 in the amount of $6,063,304.72 plus GST. Commencing in 2008, three annual payments capped at $1.0 million each (GST inclusive) as per the Agreement have been made to the Owners' Trustee.
Through its legal counsel, the Owners' Trustee has requested to enter into a final agreement which would include the 201 1 annual payment of $1.0 million (GST inclusive) in addition to an accelerated one-time cash settlement of the remaining reimbursable costs, rather than continuing with annual payments capped at $1.0 million per year.
3. Proposed Direction
It is the opinion of Regional staff that the original objectives of the Bram East Agreement have been fulfilled. The entire identified infrastructure has been installed at the developers' expense and all applicable development charges were paid at the time of building permit issuance. As the area is nearing build-out, the financial risk to the Region is no longer an issue. Staff also note that managing this complex agreement has required considerable staff resources which have impacted Corporate Finance, Legal Services, and Engineering and Construction within Public Works. It would be to the mutual benefit of the Region and the landowners to enter into a final agreement for an accelerated one-time cash settlement for the remaining balance owed to the Owners' Trustee under this arrangement.
After deducting the 201 1 annual payment from the reimbursable costs owing, it is proposed that a discounted cash flow approach be used to calculate the remaining balance owed to the Owners' Trustee. The proposed one-time payment of $4,815,529.26 plus GST represents the present value of all future annual payments combined. A copy of the Final Agreement is presented in Appendix 2 of this report.
FINANCIAL IMPLICATIONS
The remaining reimbursable cost owing to the Owners' Trustee is $5,382,244.72 plus GST. If Council approves the one-time cash payment of $4,815,529.26 plus GST, the Region of Peel would reimburse the Owners' Trustee on June 30, 201 1. The one-time payment would be funded from Regional Water, Regional Wastewater, South Peel Wastewater Development Charges Reserves and the Wastewater Capital Finance Stabilization Reserve. Given that the capital works identified in Appendix 1 of the subject report were completed prior to July 1, 2010, there are no Harmonized Sales Tax implications affecting this agreement.
MA-m-5- May 26, 201 1 BRAM EAST PHASE 1 DEVELOPMENT CHARGE REIMBURSEMENT OF ALL FRONT END FINANCING AGREEMENTS - CITY OF BRAMPTON, WARD i0, WRAP-UP REPORT
CONCLUSION
With Council approval, the Region would enter into a final agreement with the Owners' Trustee to make a one-time cash payment in the amount of $4,815,529.26 plus GSP f ~ r the reimbursable costs of the infrastructure constructed by the Owners' Trustee within Bram East. This one-time payment w ~ u l d include the 201 1 annual payment of $1.0 million (GSP inclusive) and the remaining reimbursable costs would be discounted to today's value.
Chief Financial Officer Csmmissione~ of Public Works and Commissioner of Corporate Services
Approved for Swbmlssion:
B. Szwarc, Chief Administrative Officer
For further information regarding this report, please contact David Bingham, Treasurer and Director of Corporate Finance at extension 4292 or via email at binghamd@peelregion. ca
Authored By: Brenda Campbell
e, Legislative Services
U U U - o o m m m - ? P I D P
APPENDIX I I - 1 - May 26,201 1 BRAM-EAST PHASE '1 DEVELOPMENT CHARGE REIMBURSEMENT OF ALL FRONT END FINANCING AGREEMENTS - CITY OF BRAMPTON, WARD '10, WRAP- UP REPORT
FINALIZATION OF SERVICE IN LIEU AGREEMENTS - BRAM EAST
This Agreement made as of , 2011.
B E T W E E N :
1261 082 ONTARIO INC.
(the "Owners' Trustee")
-and-
THE REGIONAL MUNICIPALITY OF PEEL
(the "Region")
WHEREAS the Owners' Trustee and the Region (the "Parties") wish to enter into this Finalization of Service in Lieu Agreements (the "Agreement") to resolve all outstanding matters as set out below;
AND WHEREAS:
(a) The Owners' Trustee represents as trustee, a group of owners known as the Bram East Phase 1 Developers Group ("Front Ending Owners") and has entered into a Service in Lieu Agreement with the Region dated December 18, 1997, followed by four Memorandum of Agreements relating to:
(i) First lmplementation Agreement: Bram East Phase 1 Front Ending (Water Services), dated January 29, 2001,
(ii) Second lmplementation Agreement: Bram East Phase 1 Front Ending (Sanitary Sewer Services), dated January, 2001,
(iii) Third lmplementation Agreement: Bram East Phase 1 Front Ending (Traffic Impact Study and Road Infrastructure Improvements), dated April 23, 2002,
(iv) Fourth lmplementation Agreement: Bram East Phase 1 Front Ending (Watermain), dated August 13, 2004,
(the "Service Agreements") resulting in the Owners' Trustee, with the approval of the Region, constructing at the cost of the Front Ending Owners
APPENDIX II - 2 - May 26,201 1 BRAM-EAST PHASE 1 DEVELOPMENT CHARGE REIMBURSEMENT OF ALL FRONT END FINANCING AGREEMENTS - CITY OF BRAMPTON, WARD 10, WRAP- UP REPORT
certain sanitary sewer and watermains (the works) described in Schedule " A to this Agreement (the "Regional Services");
(b) Schedule " A constitutes the works constructed under the Service in Lieu Agreement, the First, Second, and Fourth lmplementation agreements, (the "Regional Services") where payment is to be made to the Owners1 Trustee;
(c) Schedule "B" constitutes the works constructed as part of subdivision servicing - included in subdivision agreements that refers back to the Bram East Phase 1 Service in Lieu Agreement, however; is not specifically referenced in the Service in Lieu Agreement or the lmplementation Agreements, (the "Regional Services") where payment is to be made to the Owners' Trustee;
(d) Schedule "C" constitutes the works constructed as part of subdivision servicing - included in subdivision agreements and not referenced in the Service in Lieu Agreement or the lmplementation Agreements, (the "Regional Services") where payment is to be made to the developer directly;
(e) The Third lmplementation Agreement: Bram East Phase 1 Front Ending (Traffic Impact Study and Road Infrastructure Improvements) dated April 23, 2002, are works that are not covered by this Agreement and are not for the purposes of this Agreement Regional Services;
(f) The Front Ending Owners are as described in Schedule "Dl' and were at the time of execution of the Service Agreements, or thereafter became, the registered and beneficial owners of the lands shown on Schedule "En to this Agreement and hereinafter referred to as the "Benefiting Area";
(g) Each of the Front Ending Owners has executed an agreement with the Region which, in part, provides:
(i) that the Region shall be entitled to deal with the Owners' Trustee in the place and stead of each owner and to accept a receipt for the payment of monies from the Owners' Trustee as if it were a receipt from the Front Ending Owner without enquiring further, and
(ii) nothing contained in the Service Agreements shall be deemed to obligate the Region to ensure, see to or enquire into the distribution to any Front Ending Owner of any funds paid by the Region to the Owners' Trustee;
(h) the development of the lands in the Benefitting Area and the acquisition by the Region of the Regional Services is an ongoing process which commenced in 2004;
APPENDIX I1 - 3 - May 26, 201 1 BRAM-EAST PHASE I DEVELOPMENT CHARGE REIMBURSEMENT OF ALL FRONT END FINANCING AGREEMENTS - CITY OF BRAMPTON, WARD 10, WRAP- UP REPORT
(i) the Region has agreed in the Service Agreements to reimburse the Owners' Trustee for the reasonable costs of the Regional Services in accordance with the Service Agreements, having regard to the extent and timing of the development which has occurred in the Benefitting Area and the amount to be reimbursed is not to exceed one million dollars per year; three (3) such payments in the amount of one million dollars each (including GST) have been made by the Region to the Owners' Trustee in 2008,2009 and 2010;
(j) the Owners' Trustee has agreed to accept a one time discounted payment from the Region for the balance of the reimbursable costs of the Regional Services as full compensation for its cost of construction and installation of the Regional Services and will release and indemnify the Region upon and subject to the terms of this Agreement.
NOW THEREFORE in consideration of the payments of reimbursable costs contemplated herein and mutual covenants herein contained, the Parties hereto covenant and agree as follows:
1. The Region has reviewed the actual cost of construction and installation of the Regional Services as defined in Schedules " A and "B" and has approved the sum of $8,239,387.57 plus GST as that part of such costs incurred by the Front Ending Owners which is reimbursable to the Owners' Trustee pursuant to and subject to the terms of the Service Agreements as final acceptance of each part of the Regional Services is issued. (Hereinafter referred to as the "Total Reimbursable CostJ').
2. The Regional Services referred to in paragraph one are comprised of the following projects:
Works Constructed Under Implementation Agreements
Works Constructed as Part of Subdivision Servicing (Not Referenced in Agreements)
Project No. 01 -1 130F & 02-1 130F & 04-1 I 1 5F 03-291 OF 1 1-2299 (05-2930) 03-2920F 04-1 183 Total
ID No. & Schedule
1 A, Schedule A 2A, Schedule A 2A, Schedule A 3A, Schedule A 4A, Schedule A
Amount
$ 1,518,144.44 + GST 3,573,338.23 + GST
301,806.00 + GST 1,551,714.33 + GST
357,794.39 + GST 7,302,797.39 + GST
APPENDIX I1 - 4 - May 26,201 1 BRAM-EAST PHASE 1 DEVELOPMENT CHARGE REIMBURSEMENT OF ALL FRONT END FINANCING AGREEMENTS - CITY OF BRAMPTON, WARD 'lo, WRAP- UP REPORT
3. (a) The Parties hereto further acknowledge that, in addition to the reimbursable costs set out in paragraph two above, the following payments have been, or will be, made to the developers directly, and not to the Owners' Trustee pursuant to the subdivision agreements as defined in Schedule "C":
Project No. 03-2 1 96 04-2 1 59 03-2 120 03-2 120 03-2 120 03-1 190 03-1 190 Total
Works Constructed as Part of Subdivision Servicing Included in Subdivision Agreements
ID No. & Schedule 1 B, Schedule B 2B, Schedule B 3B, Schedule B 4B, Schedule B 5B, Schedule B 6B, Schedule B 7B & 8B, Schedule B
(b) The Parties further acknowledge that the following payment will be made to the Castlemore Crossing Landowner Group Inc. for watermain works which are constructed within the Bram East lands and the Benefitting Area.
Amount $ 133,624.83 + GST
66,974.71 + GST 315,986.85 + GST 38,545.13 + GST 38,494.02 + GST
141,352.02 + GST 201,612.62 + GST 936,590.1 8 + GST
Project No. 04-1 1 05 04-2 1 52 04-1 105F 04-1 183 04-2 1 59 05-1 146
4. The Region acknowledges receipt of invoices numbered 1, 2, 3, 4 and 5 from the Owners' Trustee dated April 7, 2008 for part of the Total Reimbursable Cost in the total amount of $2,176,082.85 plus GST and has paid against said invoices, the sum of $2,000,000.00 inclusive of GST. The Region shall pay the applicable GST and any applicable provincial and federal taxes as at the date of invoice.
ID No. & Schedule 2E, Schedule C 5E1 Schedule C 1 El Schedule C 3E, Schedule C 4E, Schedule C 2C, Schedule C
Project No. 03-1 190
Amount $ 532,499.64 + GST
59,065.42 + GST 779,522.43 + GST 321,178.10 + GST
17,830.48 + GST 586,063.90 + GST
ID No. & Schedule 6E. Schedule C
Amount $ 313.435.60 + GST
APPENDIX I1 - 5 - May 26,201 1 BRAM-EAST PHASE 1 DEVELOPMENT CHARGE REIMBURSEMENT OF ALL FRONT END FINANCING AGREEMENTS - CITY OF BRAMPTON, WARD 10, WRAP- UP REPORT
(a) The payments made towards the projects and related reimbursable costs referred to in paragraph two are as follows:
Works Constructed Under Implementation Agreements
Project No. 01-1 130F & 02-1 130F & 04-1 I 1 5F Total
ID No. & Schedule
IA , Schedule A
Amount Paid
$ 1,380,448.32 + GST 1,380,448.32 + GST
APPENDIX II - 6 - May 26,201 1 BRAM-EAST PHASE I DEVELOPMENT CHARGE REIMBURSEMENT OF ALL FRONT END FINANCING AGREEMENTS - CITY OF BRAMPTON, WARD 10, WRAP- UP REPORT
Works Constructed as Part of Subdivision Servicing (Not Referred to in Agreements)
The Owners' Trustee acknowledges receipt of such payments.
Project No. 04-2 1 59 03-21 20 03-1 190 Total
(b) The Owners' Trustee further acknowledges and represents that the total of the payments set out above have been paid out by the Owners' Trustee to the Front Ending Owners on a proportionate share basis and the Front Ending Owners have agreed to accept such payments.
5. The Region acknowledges receipt of invoices numbered 6, 7, 8, 9, 10 and 1 I from the Owners' Trustee dated June 30, 2010 for the remaining Total Reimbursable Costs in the total amount of $6,063,304.72 plus GST and has paid against said invoices, the sum of $1,000,000.00 inclusive of GST. The Region shall pay the applicable GST and any applicable provincial and federal taxes as at the date of invoice.
ID No. & Schedule 2B, Schedule B 3B, Schedule B 6B, Schedule B
(a) The payment made towards the project and related reimbursable costs referred to in paragraph two are as follows:
Amount Paid $ 66,974.71 + GST 315,986.85 + GST 141,352.02 + GST 524,313.58 + GST
Works Constructed Under Implementation Agreements
The Owners' Trustee acknowledges receipt of such payment.
Project No. 03-291 OF Total
(b) The Owners1 Trustee further acknowledges and represents that the total of the payment set out above has been paid out by the Owners' Trustee to the Front Ending Owners on a proportionate share basis and the Front Ending Owners have agreed to accept such payments.
The Region covenants and agrees to make the following payments to the Owners' Trustee upon approval by Regional Council:
ID No. & Schedule 2A, Schedule A
Amount Paid 952,380.95 + GST 952,380.95 + GST
APPENDIX II - 7 - May 26, 201 1 BRAM-EAST PHASE 1 DEVELOPMENT CHARGE REIMBURSEMENT OF ALL FRONT END FINANCING AGREEMENTS - CITY OF BRAMPTON, WARD 10, WRAP- UP REPORT
(a) The 201 1 annual payment of $952,380.95 plus GST which will not be discounted and will be paid on June 30, 201 1;
(b) A one time discounted sum based on the remaining Total Reimbursable Costs, being $4,429,863.77 plus GST; which amount discounted to present value is the sum of $3,863,148.31 plus GST, calculated in accordance with Schedule "F" attached to this Agreement and will be paid on June 30,201 1;
(c) The Owners' Trustee further acknowledges and represents that the total of the payment set out above will be paid by the Owners' Trustee to the Front Ending Owners on a proportionate share basis and the Front Ending Owners have agreed to accept such payments.
7. The Owners' Trustee hereby indemnifies and holds the Region harmless against any and all claims, actions or causes of action of any nature or kind whatsoever arising out of or in connection with the acts or omissions of the Owners' Trustee, and the Front Ending Owners, their agents, employees or contractors including contractual claims, debt claims, quantum merit claims, injurious affection claims, or claims in tort in connection with this Agreement, or in connection with any agreement entered into in relation to this Agreement.
8. The Owners' Trustee, without limiting the generality of paragraph 7 above, hereby indemnifies and holds the Region harmless against any claims made in relation to the Regional Services and the Regional Subdivision Services.
9. The Owners' Trustee releases and forever discharges the Region from all claims, actions or causes of action arising under the service agreements which the Owners' Trustee can, shall or may have against the Region of Peel.
10. The Owners' Trustee shall execute such further assurances as may be required from time to time by the Region to give effect to this Agreement.
11. This Agreement shall bind and benefit the parties hereto and their respective successors and assigns.
12. The failure of any party to this Agreement to enforce at any time any of the provisions of this Agreement or any of its rights in respect thereto, or to insist upon strict adherence to any term of this Agreement, shall not be considered to be a waiver of such provision, right, or term, or in any way to affect the validity of this Agreement, or deprive the applicable party of the
APPENDIX I1 - 8 - May 26, 201 1 BRAM-EAST PHASE 1 DEVELOPMENT CHARGE REIMBURSEMENT OF ALL FRONT END FINANCING AGREEMENTS - CITY OF BRAMPTON, WARD 10, WRAP- UP REPORT
right thereafter to insist upon strict adherence to the term or any other term of this Agreement. The exercise of any right under this Agreement shall not preclude or prejudice such party from exercising any other right it may have under this Agreement, irrespective of any previous action or proceeding take by it hereunder. Any waiver by any party hereto of the performance of any of the provisions of this Agreement shall be effective only if it is in writing and signed by a duly authorized representative of such patty.
13. Any notice given pursuant to or in connection with this Agreement shall be in writing and shall be conclusively deemed to be given and received on the third business day next following the day upon which it is mailed in Canada by prepaid registered post addressed to the person to be notified at the address of such person set forth below or such other address as may be specified by such person from time to time by notice to all other patties hereto:
The Chief Financial Officer and Commissioner of Corporate Services The Regional Municipality of Peel 10 Peel Centre Drive Suite A Brampton, ON L6T 4B9
1261 082 Ontario Limited C/O Michael N. Durisin Bratty & Partners LLP Suite 200, 7501 Keele Street Vaughan, ON L4K 1Y2
IN WITNESS WHEREOF, the OwnersJ Trustee has executed this Agreement on the day and year above written.
1261 082 ONTARIO LIMITED
Per: Name: Michael N. Durisin Title: President
I have authority to bind the Corporation.
THE REGIONAL MUNICIPALITY OF PEEL
APPENDIX II - 9 - May 26, 201 1 BRAM-EAST PHASE 1 DEVELOPMENT CHARGE REIMBURSEMENT OF ALL FRONT END FINANCING AGREEMENTS - CITY OF BRAMPTON, WARD 10, WRAP- UP REPORT
Per: Name: Title:
I have authority to bind the Corporation.
SCHEDULE A WORKS CONSTRUCTED UNDER IMPLEMENTATION AGREEMENTS
1 FINAL VERSION I APRIL 18th 201 1
SCHEDULE B WORKS CONSTRUCTED AS PART OF SUBDIVISION SERVICING-
NOT REFERENCED IN AGREEMENTS
2B [NODE G TO HI FILE NO. 217-980426 ,, [NODE NTO O] FILE No. 21T-980196 0, , , , ,, , , SUBTRUNK SANITARY SEWER CONSTRUCTED 04-2159 0, ,, , , , , -4Wrnm0 WATERMAIN CONSTRUCTED 03-1190 BY BARRISTER BROOK INV. BY 1228018 ONTARIO LTD
I 3B [NODE J TO )(I FILE No. 2lT-99017B ,, [NODE 0 TOP] FILE No. 21T-9BO19B 0, , , , , , , , SUBTRUNK SANITARY SEWER CONSTRUCTED 0, , , , , , , -4WmmP) WATERMAIN CONSTRUCTED BY SOMERS GLEN ESTATES BY 1238018 ONTARIO
I [NODE PT001 FILE NO. PIT-9W13B , , , , , , , -4Wmm0 WATERMAIN WNSTRUCTED
BY YONGESTARCUSTOMS HOMES
MA- A3-1% 3
SCHEDULE C WORKS CONSTRUCTED AS PART OF SUBDIVISION SERVICING-
INCLUDED IN SUBDIVISION AGREEMENTS
I I I
W-1105 @IwDE "' &i%%N%Y"sEWER CONSTRUCTED 049152 BY VOMERO HOLDINGS BY LANARK W E INVESTMENTS
@[NODE U T o v FILENo. 2lT-WQiOB , , -4Wmm0 WATERMAIN CONSTRUCTED
2c INODE ~2 TOT) ~ & ~ ~ ~ ~ ~ ~ N 041183 O - - . - - - - - - - - - - - - ~ ~ m ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ 05-1 146 BY DoLoMrn ESTATES PORT MARK DEVELOPMENTS INC. 818305
SE INODE TOV) 4 ~ r n m ~ WATERMAIN ON COTTRELLE BLVD. O- - - - CONSTRUCTED BY CASTLEMORE 03-1190
CROSSING LANDOWNER GROUP.
Schedule D
SCHEDULE " E MAP ORIGINAL FRONT ENDING NEW FRONT ENDING DRAFT PLAN # S-TATUSOF STATUS OF PLAN NUMBER ,,-..- --..-- .--...a . a*.--.
Number 1
Number 1A
Number 1 B
Number 2
Number 3
Number 4
Number 5
Number 6
Number 7
Number 8
Number 9
Number 10
Number 11
Number 12
Number 13
Number I 4
-.-...--
1127187 Ontario Limited
Yongestar Custom Homes Inc.
Banister Brook lnvestments Inc.
Dolomiti Estates Inc.
Manor Bay Estates Inc.
Gore Rd. Investments Ltd.
Highway and the Gore Road Ltd.
443046 Ontario Limited
Tumbridge Estates Inc.
830460 Ontario Limited
945745 Ontario Limited
939843 Ontario Inc.
1034452 Ontario Limited
Castlegore Development Corporation
0'-.-.-- - - - -1 II - . . . . . . . . . -
: ,,. ,,. 3ntario Li,,,,,=, 1238018 Ont. Ltd.
1238018 Ont. Ltd.
Andrin Ravines Limited
Yongestar Custom Homes Inc.
Barrister Brook lnvestments Inc.
Dolomiti Estates Inc. -Additional land
Manorbay Estates Inc.
Gore Rd. Investments Ltd.
Highway 7 & Gore Rd. Ltd.
Somers Glen Estates Inc.
Tumbridge Estates Inc.
830460 Ontario Limited
Hunt's Point Estates Inc.
939843 Ontario Inc.
Highspring Estates Inc.
Highspring Estates
P
21T-98019B
21T-040108
21T-990138 21T-01 036B
21T-980428
21T-030108
C9E5.11
21T-030118
21T-00013B
21T-99017B
21T-980438
21T-01006B
21T-99019B
21T-9902OB
21T-990218 & 21T-990228
21T-990218
6 - 1 1
Signed
Signed
Signed
Signed
Signed
Signed
Signed
Signed
Signed
Signed
Signed
Signed
Signed
Signed
Signed
B
Not registered
Not registered
Registered as PR60552 on March 29,2001
Registered as PR49379 on Februaty 26.2001
Registered as PR60560 on March 29,2001 and the second
agreement registered as PR815354 on March 9,2005 Registered as PR60557 on
March 29,2001 Registered as PR657137 on
June 16,2004 Registered as PR65905 on
April 10,2001 Registered as PR200332 on
February 5,2002 Registered as PR64152 on
April 5,2001
Not registered
Registered as PR64156 on April 5,2001
Not registered
Registered as PR64151 on April 5.2001
Registered as PR64159 on April 5,2001
-..#*"I- Ulld, -..,I",- I l l " ,
43M-1542,43M-1543, 43M-1580,43M-1581
& 43M-1582 43M-1699 within
43M-1445. Block 294 43M-1549 43M-1603
43M-1442
43M-1677 (both plans)
No plan registered
43M-1709
43M-1564 43M-1579
43M-1516 & PCP 697
43M-1545
43M-1713 43M-1714 43M-1621 43M-1773
43M-1629
Part 43M-1639 & Part 43M-1682 43M-1622 &
Part 43M-1639
Schedule D
"THE BENEFITTING LANDS',' A . - . . . - - UKAt I *LAN I U
Srh~rl l~la C Anrsomonts . . . . . . - - - - - I I
Fonteselva Brampton Inc. and Southeast Comer Signed I Registered as PR70240 on I Number 15 of Ebenezer Rd. &
New Fonsteselva lnvestments The Gore Rd. Signed Keglsrerea as ~KI I Ltd. . April 25.200
Number 16 Argo Developments 21T-020228 Signed Registen (Castlemore) Ltd. iVl.ay LJ, LUU - . . . - - - -
Number 17 Oak Valley Developments Inc. 21T-020138 Sianed I -
I duly I L , LUV'
Number 18 Hamount lnvestments Ltd. & 21T-03002B Signed Register~
Laurelpark Inc. Septerno - .
I Number 19 I I Vomero Holdings Corp. I 21T-04002B I Signed
. . . . . - - - - -
Fonteselva Brampton Inc. and Southeast Comer Signed Registered as PR70240 on
Number 15 of Ebenezer Rd. & April 25,2001 No plan registered New Fonsteselva lnvestments The Gore Rd. Signed Registered as PR70242 on
Ltd. . April 25.2001
Number 16 Argo Developments 21T-020228 Signed Registered as PR643348 on (Castlemore) Ltd. May 25,2004 43M-1633
Number 17 Oak Valley Developments Inc. 21T-020138 Signed Registered as PR 675164 on July 12,2004 43M-1643
Number 18 Hamount lnvestments Ltd. & 21T-03002B Signed Registered as PR719970 on Laurelpark Inc. September 17,2004 43M-1656
Number 19 Vomero Holdings Corp. 21T-04002B Signed Registered as PR824673 on March 30.2005 43M-1678
791 969 Ontario Inc., Laurel Number 20 * Bay Estates Inc. & Tolom 21T-000208 Signed
Registered as PR886790 on No plan registered
lnvestment Limited July 14,2005
Number 21 Lanark Lane Investments Inc. 21T-000098 Signed Registered as PR889179 on July 19, 2005 43M-1685
Number 22 Highspring Estates Inc. 21T-990228 Signed Registered as PR894345 on Part 43M-1682 July 27, 2005
Number 23 155661 3 Ontario Limited 21T-020188 Signed Registered as PR906617 on August 15,2005 43M-1712
Number 24 DDR Holdborn Brampton GP Signed Registered as PR1428176 on
No plan registered Inc. March 12,2008 Number 25 DDR Holdborn Brampton GP
Signed Registered as PR1445109 on No plan registered
, (in addition to Number 20) Inc. April 15,2008
Number 26 Castlepoint 7-50 Inc. Signed Registered as PR1488856 on No plan registered July 2,2008
Number 27 N.H.D. Developments Limited 21T-05038B Signed Registered as PR1482535 & PR1482393 on June 24, 2008 plan registered
I Number 28 Port Mark Investments Ltd. 21T-05039B Signed Not registered 43M-1778
* Note: This property has been purchased by DDR Holdborn Brampton GP Inc. from 791969 Ontario Inc.. Laurel Bay Estates Inc. & Tolom lnvestment Limited
Schedule E
1-1 original ~ m n t Ending ~ m d o k e r s
Additional Front Ending Landowners - Schedule C Agreement
NET PRESENT VALUE
# of - Payment Rate Payments Amount - Net Present Value
1 952,380.95 952,380.95
f OPAL NPV PAYABLE 4,815,529.26 + GST
$hJ' Payment Rate Pavments Amount -
Year I - 201 1 0.0% 1 952,380.95 $952,380.95 Check
Year 2 - 2012 5.0% 1 952,380.95 $907,029.48 Year 6 - 2016 1.27628 486,052.60 0.05 Year 3 - 201 3 5.0% 1 907,029.48 $863,837.60 Year 5 - 201 5 510,355.23 0.05 Year 4 - 2014 5.0% 1 863,839.60 $822,702.47 Year 4 - 2014 535,872.99 0.05 Year 5 - 201 5 5.0% 1 822,702.47 $783,526.1 6 Year 3 - 2013 562,666.64 0.05 Year 6 - 2016 5.0% 1 620,339.97 486,052.60
$4,815,529.26 Year 2 - 2012 Year 1 - 201 1
Assumptions Reimbursable costs sf all the infrastructure is $8,239,387.57 plus GST Yearly payment amount = $952,380.95 ($1,000,000.00 less 5% GST) Three (3) annual payments have been made to date (2008,2009 8 2010) Remaining reimbursable costs of the infrastructure is $5,382,244.72 plus GST 201 1 annual payment of $952,380.95 will not be discounted $ 952,380.95 Equates to four (4) equal payments of $952,380.95 plus GST $ 3,809,523.80 One (I) final payment of $620,339.97 plus GST
Note: 201 1 annual payment of $952,380.95 will not be discounted Rate: 2010 ROP Average External bending Rate (annual rate of discount) October 201 0 Average