Councillor Phil Bannon Updates Residents On Community Park

by · January 20, 2012

On Tuesday Jan 17th, 2012 Town Council agreed to proceed with town staff’s recommendations on both the closing date extension to June 18th, 2012 and the allocation of $250,000 in the 2012 budget for the park.

Town 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 Canadian 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 & Purchase Agreement established a Feb. 24th, 2012 date by which the James Coultice Estate was to advise the Town as to whether their discussions with the CRA had been successful.

Town Staff and representatives of the Estate have been working through the late summer and the Fall of 2011 to finalize the land acquisition. Discussions between Staff and representatives of the James Coultice Estate over the last two week 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 & Purchase Agreement of June 18th, 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 CRA.

On Tuesday Jan 17th, 2012 Town Council agreed to proceed with town staff’s recommendations on both the closing date extension to June 18th, 2012 and the allocation of $250,000 in the 2012 budget for the park.

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