As you may recall in October 2010 the City of Guelph and Guelph Land Holdings Inc. (GLHI) entered into a Cost Sharing and Land Sale Agreement for the Hanlon Creek Business Park Phase 2. This agreement addressed the sharing of planning and development costs between the City and GLHI, the purchase of fill material by the City for its Phase 1 lands, as well as the sale of City owned land to GLHI. The parcels sold to GLHI includes a mixture of blocks designated in the draft plan of subdivision for employment land development and storm water management purposes as well as remnant parcels that had no development utility for the City. The total acreage sold to GLHI is approximately 64 acres. The City has retained approximately 3 acres which is to be developed as part of HCBP Phase 3.
I am pleased to inform Council and the members of the Executive Team that the sale of City owned land to GLHI closed yesterday and the City received an adjusted payment of $5,259,205.61. This amount represents the negotiated purchase price of the land less the cost to purchase fill material from Cooper for HCBP Phase 1. This transaction and its valuation has been accounted for in the 2011 HCBP Budget and Proforma.Staff