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The City will charge interest annually on the outstanding DCs which is calculated based upon the greater of:
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Statistics Canada Building Construction Price Index Non-Residential (annual change as at 2nd Quarter ) + 1% premium or
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Bank of Canada Rate as at June 30th of each year plus one percent (1%);
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In the event that a Letter of Credit is not provided, the interest rate on the outstanding DCs will be the greater of:
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Statistics Canada Building Construction Price Index Non-Residential (annual change as at 2nd Quarter ) + 5% premium or
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Bank of Canada Rate as at June 30th of each year plus five percent (5%);
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In the event of default in payment of the DCs, the outstanding amount can be added to the property taxes and collected in the same manner as property taxes;
and,
That City Council AUTHORIZE the Chief Administrative Officer and City Clerk to execute said agreement, acceptable in form to the City Solicitor, in technical content to the Chief Building Official, and in financial content to the Chief Financial Officer and City Treasurer.
Carried.
Report Number: C 165/2020
Clerk’s File: AF/13915
8.5. Proposed Disposition of Real Estate Property by the Greater Essex County District School Board - City Wide
Moved by: Councillor Holt
Seconded by: Councillor Kaschak
Decision Number: CR491/2020
That City Council AUTHORIZE the Executive Director of Housing and Children’s Services to decline the offer to purchase the former Harrow District High School as communicated by the Greater Essex County District School Board; and further,
That the Commissioner of Community Development and Health Services BE AUTHORIZED to decline any offers of real estate property in Essex County made by any school board as required under Regulation 444/98 of the Education Act; and further,
That City Council AUTHORIZE that any offers of real estate property within City of Windsor boundaries BE DIRECTED to the Real Estate Division for disposition according to the established process; and further,
That, should the Commissioner of Community Development and Health Services wish to consider the offer of any properties offered by any school boards in accordance with the Education Act, that such offers BE BROUGHT TO COUNCIL for consideration and direction.
Carried.
Report Number: C 185/2020
Clerk’s File: ME2020