BYLAW - Approve Amendment of Development Agreement - 19920916 - 342392-p ; _..
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BY-LAW NUMBER 3423-92
OF THE CORPORATION OF THE TOWN OF AURORA
BEING A BY-LAW to approve the
amendment of the development
agreement, the transfer of roadway
1 ands and the return of security
· by the Corporation of the Town of
Aurora to Beavertop Investments
Limited.
WHEREAS Beavertop app 1 i ed for consent to severance of Parts 1 through 7,
inclusive, on Plan 65R-13467 (the "Lands") (the "Consent"), by Application
Numbe.r B-03-89, which application was approved by the Aurora Committee of
Adjustment on February 6, 1989 subject to certain conditions;
AND WHEREAS those conditions have been satisfied and the appeal period
expired on March 8, 1989;
AND WHEREAS the Lands are subject to a development agreement between
Beavertop and the Town, registered on November 14, 1989 as Instrument No.
526546 (the "Development Agreement");
AND WHEREAS the Town and Beavertop have agreed to amend the Deve 1 opment
Agreement agreeing, among other things, to return to Beavertop (a) the
Roadway Lands described therein and (b) the letter of credit and the monies
drawn under the 1 etter of credit posted as security for the deve 1 opment of
the Roadway Lands pursuant to the Development Agreement;
AND WHEREAS a copy of the Amending Agreement between the Corporation of
the Town of Aurora and Beavertop is attached hereto as Schedule "A";
NOW THEREFORE the Council of the Corporation of the Town of Aurora enacts
as follows:
1. That the Roadway Lands are no longer required by the Corporation of the
Town of Aurora for municipal purposes.
2. That the Roadway Lands (Parcel 11-1, Section 65M-2718, being Block 11
on Plan 65M-2718, designated as Parts 1 and 5 on Reference Plan
65R-13467 and Part of Lot 84, Concession 1, designated as Parts 2 and 6
on Reference Plan 65R-13467, Town of Aurora, Regional Municipality of
York) be reconveyed to Beavertop Deve 1 opments Limited for the
consideration of Two Dollars ($2.00) and in accordance with the terms
of the aforesaid amendment agreement.
3. The Town Solicitor is hereby authorized to cause a copy of this By-law
to be registered against the Lands in the proper registry office.
4. After the registration on title to the lands of the Amending Agreement
and the reconveyance of the Roadway Lands to Beavertop, the Town Clerk
is hereby authorized to return to Canadian Imperia 1 Bank of Commerce
the sum of $463,172.00, which monies were drawn under letters of credit
posted as security for the deve 1 opment of the Roadway Lands and to
return the said letters of credit to the said Bank.
5. The Town Clerk and the Mayor is hereby authorized to sign and execute
under seal of the Corporation of the Town of Aurora all documentation
necessary to effect the foregoing.
READ A FIRST AND SECOND TIME THIS 16TH DAY OF SEPTEMBER ' 1992.
READ A THIRD TIME AND FINALLY PASSED THIS 16TH DAY OF
SCHEDULE "A" TO TOWN OF AURORA BY-LAW NO. 3423-92
.-,:;tt{ ---._, I
THIS AGREEMENT dated this ,;x7 day ofr-:;~ , 1992
BETWEEN: 0
THE CORPORATION OF THE TOWN OF AURORA
(hereinafter called "AURORA")
OF THE FIRST PART
-and-
BEA VERTOP INVESTMENTS LIMITED
(hereinafter called "BEA VERTOP")
OF THE SECOND PART
WHEREAS, Beavertop was formerly the owner of the lands described in Schedule "A"
(the "Lands");
AND WHEREAS, the Lands are also described as Parts 1 and 7 inclusive, on Plan 65R-
13467;
AND WHEREAS, Beavertop applied for consent to severance of the Lands (the
"Consent"), by Application Number B-03-89, which application was approved by the Aurora
Committee of Adjustment on February 6, 1989 subject to certain conditions;
AND WHEREAS, those conditions have been satisfied and the appeal period expired on
March 8, 1989;
AND WHEREAS, the Lands are subject to a development agreement between Beavertop
and Aurora, registered on November 14, 1989 as Instrument No. 526546 (the "Development
Agreement");
AND WHEREAS, as a condition of such Consent and Development Agreement,
Beavertop granted Parts 1,2,5 and 6 on Plan 65R-13467 to Aurora (the "Roadway Lands");
AND WHEREAS, as a further condition of such Consent and Development Agreement,
· Beavertop granted Parts 4 and 7 on Plan 65R-13467 to Aurora (the "Floodplain Lands");
AND WHEREAS, as a result of the Consent and Development Agreement, Beavertop
retained only Part 3 on Plan 65R-13467 (the "Beavertop Lands");
AND WHEREAS, the Beavertop Lands were sold by Beavertop to Dale Galbraith, in
trust ("Galbraith");
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AND WHEREAS, Galbraith gave a mortgage back to Beavertop, and Galbraith was in
default of his obligations under such mortgage back;
AND WHEREAS, Beavertop has foreclosed the interest of Galbraith so that Beavertop
is again the registered owner of the Beavertop Lands;
AND WHEREAS, Aurora and Beavertop wish to amend the Development Agreement
and enter into this Agreement, which agreement shall, among other matters, provide for the
return of the roadway lands to Beavertop and the security provided therefore as Beavertop does
not wish to proceed with construction at this time.
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NOW TIIEREFORE, in consideration of the premises, Beavertop and Aurora hereby
mutually covenant and agree as follows:
1. The lands subject to this Agreement, hereinafter referred to as "the Lands", are situate
in the Town of Aurora, in The Regional Municipality of York, are described in
Schedule" A" hereto and are designated as Parts 1-7 on Plan 65R-13467, which Lands
include the Beavertop Lands, the Roadway Lands and the Floodplain Lands.
2. Beavertop shall retain the Beavertop Lands.
3. Aurora shall retain the Floodplain Lands.
4. Aurora shall convey the Roadway Lands to Beavertop free and clear of all mortgages,
liens or encumbrances of any kind.
5. The parties continue to acknowledge that the Floodplain Lands are currently part of the
Regional Storm floodline, as determined by the Lake Simcoe Region Conservation
Authority (the "Conservation Authority"). Aurora and Beavertop acknowledge that
Beavertop may choose to negotiate with the Conservation Authority for the realignment
of the Floodplain Lands conditional upon the completion of certain excavation and fill
in the Lands. In the event that the Conservation Authority approves such a realignment
of the Floodplain Lands, the boundary between Part 3 and 4 on Plan 65R-13467 may
require adjustment, in which case Aurora agrees to consent to such realignment and to
cooperate in conducting whatever lands exchange with Beavertop as may be necessary
to realign the Floodplain Lands to facilitate the development of the Lands by Beavertop.
Provided that any land exchange is conditional on the Floodplain Lands as redescribed
not diminishing the area of the lands as is currently defined by Part 4 of Plan 65R-13467.
6. When or if the Beavertop Lands are developed, the proponent will obtain the then
necessary planning, engineering and other required approvals and enter into the then
relevant development agreement required by Aurora including the provision of any
necessary security and payment of required levies and fees. In the interim, Beavertop
acknowledges the configuration of lands incorporating the Beavertop Lands and the
Roadway Lands does not comply with the current provisions of the Town's Zoning By-
law, accordingly, a building permit to construct any structure on these lands is not
available.
7. Aurora acknowledges receipt from Beavertop of the following lot levies and hydro levies
pursuant to the Consent and the Development Agreement and Beavertop will receive
credit without interest for such payments against future levies payable if and when
Aurora grants approval for development of the Beavertop Lands:
(a) General Levies
8.4 acres@ $2,930.00 per acre $24,612.00
(b) Hydro Levy
3.4 hectares@ $1,500.00 per hectare $ 5,100.00
8. Aurora also acknowledges receipt o(the sum of $29,400.00 as payment for cash in lieu
of parkland pursuant to the conditions of the Consent.
9. Aurora agrees to return to Canadian Imperial Bank of Commerce the sum of
$463,172.00, which monies were drawn under a letter of credit posted as security for the
development of the Roadway Lands pursuant to the Prior Development Agreement.
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10. This Agreement, with the Schedules thereto, may be registered upon the title to the
Lands. The covenants, agreements, conditions, and undertakings herein contained on the
part of Beavertop shall run with the Lands and shall be binding upon Beavertop, its
successors or assigns as owners from time to time. Beavertop hereby appoints its
successors or assigns as it's attorney and agent with full authority to enter into any
agreement with Aurora to amend this Agreement in any way that is mutually agreeable.
Beavertop shall pay to Aurora the cost of registration of the Agreement as well as any
further costs incurred by Aurora as a result of the registration of any other documents
pertaining to this Agreement.
11. The provisions of this Agreement shall enure to the benefit of and be binding upon the
parties hereto and their respective successors and assigns.
IN WITNESS WHEREOF the parties hereto have duly executed this Agreement this
day 6: of S<f{ , 1992.
SIGNED, SEALED AND DELIVERED ) THE CORPORATION OF THE TOWN OF AURORA
in the presence of )
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Per:
Per:
Lawren Alli on, A.M.C.T.
MUNICIPAL CLERK
ERNST AND YOUNG INC.
RECEIVER AND MANAGER FOR
BEAVERTOP~T:MENTSL~
-~U-1(-~
@ado R I ~ ) BILL BEAVERS
Per:
l'im:&fDBf ll SENIOR VICE PRESIDENT
c/s
'.
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SCHEDULE "A"
LEGAL DESCRIPTION:
FIRSTLY:
ALL AND SINGULAR that certain parcel or tract of land and premise
situate, lying and being in the Town of Aurora (formerly Township c
Whitchurch), in the Regional Municipality of York, designated as Part
1, 2 and 3, on a Reference Plan deposited in the Land Registry Offic
for the Registry Division of York Region as No. 65R-1525;
SAVE AND EXCEPT Parts 9 and 10 on Expropriation Plan registered as Nc
325784 in the said Land Registry Office;
TOGETHER WITH a right-of-way over Parts 4 and 5 on Plan 65R-1525;
SUBJECT TO an Easement and right-of-way in favour of The Hydrc
Electric Power Commission of Ontario over Part 3 on Plan 65R-1525;
SUBJECT TO an Easement over Part 2 on Reference Plan 65R-4847 as i
Instrument No. 316893, in favour of Her Majesty the Queen, represente
by the Minister of the Environment;
SUBJECT TO an Easement over Parts 2 and 11 on Plan 65R-7940 in favou
of the Town of Aurora as in Instrument No. 458048.
SECONDLY:
ALL AND SINGULAR that certain parcel or tract of land and premise
situate, lying and being in the Town of Aurora, in the Regiona
Municipality York (formerly in the Township of Whitchurch, in th
County of York), and being composed of Part of Lot 86, in the ls
Concession, in the Town of Aurora, designated as Part 4 on Pla
65R-6419.
THIRDLY:
ALL AND SINGULAR that certain parcel or tract of land and premise.
situate, lying and being in the Town of Aurora, in the Regiona
Municipality of York (formerly in the Township of Whitchurch, in th
County of York), and being composed of Part of the road allowanc
between Lots 85 and 86, in the 1st Concession, Town of Aurora
designated as Parts 1 and 2 on Plan 65R-6419.---
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