The Good news, everything is proceeding… just not as quickly as we would like. New date set to finalize the land transfer deal is November 8, 2012.
Please be patient as the deal is still proceeding. Extensions are a common occurrence when you have three parties involved with three lawyers. The update below is from the Council In Committee Report.
EXECUTIVE SUMMARY re Council In Committee Report
Staff are advising Council and members of the Public that the Municipality and the James Coultice Estate require additional time to submit documents and supporting material to the Canada Revenue Agency as the Estate pursues a valuation for a charitable receipt for the dedication of the proposed neighbourhood park and environmentally sensitive lands to the Town of Whitchurch-Stouffville.
The amended Conditional Offer and Purchase Agreement established a June 18, 2012 date by which the James Coultice Estate was to advise the Town as to whether their discussions with Canada Revenue Agency had been successful. Council in Committee Report June 5, 2012. Staff and representatives of the Estate have been working through the winter to finalize the land acquisition. Discussions between Staff and representatives of the James Coultice Estate over the last two-month period have occurred and as such, it is recognized that additional time is required to finalize the transaction. Staff and the Solicitor for the Estate have agreed upon a new clearance date on the Conditions for the Offer and Purchase Agreement of November 8, 2012. This additional time will allow for the finalization of the Reference Plan to create the appropriate property description, and, to complete discussions with the Canada Revenue Agency.