Financial Matters:

As at December 31, 2019, there was a total of $213,284 in expenses, primarily related to prior outstanding property taxes ($200,000), which have been deferred to the vested capital project (7171059).

Any real estate and legal expenses related to the selling of the Subject Parcel, including the independent appraisal, will be charged to the vesting properties project 007-2950-9998-10533-7171059. Sale proceeds will be deposited to 007-6940-9900-10533-7171059.

The sale of the Subject Parcel will include the buyer assuming the lease from the City. If the sale occurs, annual lease revenues, amounting to $4,292 in 2020, will no longer be credited to project 7171059.

Should sale proceeds be sufficient to cover the accumulated expenses, the remaining surplus funds will be retained within the vested capital project. Should sale proceeds be less than accumulated expenses, the resulting net loss will be funded through accumulated gains or from other identified funding sources. The actual results will be reported to City Council in conjunction with the approval of any offers of sale.

Consultations:

Fire Department: John Lee
Windsor Police Services: Barry Horrobin
Public Works: responses consolidated by Juan Paramo
Parks: Mike Clement
Facilities: Tom Graziano
Planning Department: Kevin Alexander
Housing and Children Services: Tina Moore
Janice Guthrie, Deputy Treasurer, Taxation & Financial Projects

Conclusion:

Declaring the Subject Parcel identified in Recommendation I surplus, and authorizing the Manager of Real Estate Services to offer it for sale on the MLS, will allow for the orderly sale of the Subject Parcel as it is not required for any municipal purpose.

Approvals:

Name	Title
Chris Carpenter	Lease Administrator (A)
Frank Scarfone	Manager of Real Estate Services
Shelby Askin Hager	City Solicitor, Corporate Leader, Economic Development and Public Safety
Joe Mancina	Chief Financial Officer/City Treasurer and Corporate Technology Leader Finance and
Onorio Colucci	Chief Administrative Officer