PARTNERING AGREEMENT This partnering agreement, dated for reference the ____ day of December, 2017. BETWEEN: CITY OF PRINCE GEORGE (the “City”) AND: A & T PROJECT DEVELOPMENTS INC. (the “Developer”) Witnesses that whereas:

A. The City desires, as part of its downtown revitalization objectives to create market housing

within the downtown core and to promote the City Centre as an affordable and desirable residential locale;

B. The Developer is proposing a four phase development which will consist of market housing

including condominiums built for sale and apartments built for rental purpose. C. The City and the Developer are agreed that the location of the proposed development should

be situated on one or more parcels of land owned by the City in a central downtown location; D. The City owns several parcels of land in the downtown core, to be consolidated and/or

subdivided as necessary to create Lots 1, 2, 3 and 4 as shown on the sketch plan attached as Schedule “A”.

E. The City has determined that the provision of affordable and/or market housing in the

downtown is a service of benefit to the City and its residents and meets City Council Strategic Priority; and

F. Pursuant to Section 21 of the Community Charter, the City may enter into a partnering

agreement with a person to provide services to, for and on behalf of the City.

Now therefore, in consideration of the promises and covenants contained herein and the payment of Ten ($10.00) Dollars from each party to the other, the receipt and sufficiency of which the parties hereby acknowledge, the parties agree as follows: Service

1. The Developer will provide, on terms to be specified within a market development agreement and during the first phase of the overall development, a project composed of:

(a) Lot 1 consisting of approximately 32 - 46 residential strata lots built as condominiums for

sale or rental purposes.

(b) Lot 2 consisting of approximately 32 – 46 residential strata lots built as condominiums for sale or rental purposes.

(c) Lot 3 consisting of approximately 32 – 46 residential strata lots built as condominiums for sale or rental purposes.

 

 

(d) Lot 4 consisting of approximately 32 – 46 residential strata lots built as condominiums

for sale or rental purposes.

(e) Lots 1 – 4 will be self contained with pathways and common amenities on the common property; and

(f) Parking spaces for the development will be provided primarily with an underground

parkade (the “Parkade”), with minimal surface parking.

The Developer will enter into a housing agreement with the City for this purpose to be registered on title concurrently with the transfer of fee simple title in air space of Lot 1 from the City to the Developer. There will be similar housing agreements registered against each title to each lot in the development which will provide that the building on the lot must be commenced within 18 months of the transfer to the Developer or the property will be resold to the City at cost.

2. The Developer will build at cost, as defined in Schedule “B” and as verified by the City’s

chosen quantity surveyor, approximately 288 underground parking stalls to be owned by the City in a Parkade along with approximately 64 surface spaces. The Parkade shall be designed to support the foundations of the buildings constructed on the Lots.

Assistance

3. The City will be renting parking stalls to the Developer, Owner of Building or Strata Corporation at $75.43 per month. The current rate for parking for a comparable parking facility for 2018 is $134.90. Once the project is complete the Developer, Owner of Building or Strata Corporation will be receiving a financial benefit of approximately:

133 stalls x $59.47 x 12 = $94,914 per year for 50 years

4. Upon completion of the Parkade and each phase of the development as set out in paragraph 1 above, the City shall enter into a 50 year term lease with the Developer, Owner of Building or Strata Corporation for the proportionate parking stalls per residential strata lots built, providing for a lease in the Parkade at a rate (the “Parking Rate”) of $75.43 per month.

(a) The Parking Rate is calculated on an estimated cost of construction per stall of

$44,000.00. Should the cost of construction for each stall be more or less than $44,000.00, the Parking Rate shall be adjusted as follows:

(actual cost of stall)/ $44,000.00 x 75.43 = Parking Rate

(b) The Parking Rate will be increased by 10% at the end of each 10 year period of the term of the lease referred to in section 11.

5. The Developer, Owner of Building or Strata Corporation will receive 1.5 parking spaces per strata unit built on Lot 1 and Lot 2 (if Lots 1 and 2 are built as market condominiums), 1 parking space per strata unit built on Lot 3, and 1 parking space per strata unit built on Lot 4. The 1 parking space per strata unit built on Lot 4 will consist of .5 underground and .5 above ground. If the Developer decides to build buildings on Lots 3 and 4 as market condominiums, the City will consider allowing the Developer to lease a further .5 parking space per unit on the same terms and conditions of paragraph 4 hereof.

 

 

6. The total parking stalls provided in all phases will not exceed 175.

7. The Building to be constructed in each Lot will be entitled to the exclusive use of storage lockers, bicycle lockers, car wash area (shared between all four Buildings) and storage space to be constructed by the Developer in the Parkade. Each Strata Lot is to get one storage locker and there will be one area of 850 – 900 square feet of general storage (shared between all four Buildings). The exclusive use may be by way of lease or license granted at no cost to each Building’s owner or strata corporation.

8. The City will consolidate/subdivide various City owned lands into one parcel of land and upon completion of the parkade the one lot will be subdivided into four air space parcels whose boundaries from the above will be substantially in the configuration as shown on Schedule “A” or as modified depending upon the results of independent design recommendations and the results of environmental testing. The remainder will be owned by the City and contain the Parkade. Each air space parel will include the stairway and elevators in the parkade and above the surface will extend upwards to a height sufficient to extend beyond the height of the intended buildings.

Statutory Conditions

9. The Developer acknowledges and agrees that this partnering agreement is subject to prior public notice being provided in accordance with the requirements of the Community Charter and Local Government Act, with respect to the provision of assistance and disposition of lands owned by the City, and that this agreement will be of no force and effect until such statutory requirements have been met.

No Partnership or Agency

10. Nothing in this agreement creates or will deemed to create a partnership or agency relationship between the City and the Developer.

Termination

11. This Agreement may be terminated at any time as may be mutually agreed upon in writing by the parties.

Notice

12. Any notice, request, demand and other communication required or permitted to be give under this Agreement shall be in writing and will be sufficiently given it if is delivered by hand, facsimile transmission, e-mail or prepaid registered mail (return receipt requested) as follows: (a) If to the City:

City of Prince George 1100 Patricia Boulevard Prince George, BC V2L 3V9 Attention: Ian Wells General Manager, Planning and Development

 

 

(b) If to the Developer: A & T Project Developments Inc. 1339 McGill Road Kamloops, BC V2C 6K7 Attention: Frank Quinn

or at such other address as the party to whom the notice is sent may specify by notice. No Assignment

13. This Agreement shall not be assignable by a party hereto in whole or in part without the mutual written consent of the other party. Despite the foregoing, the Developer will have the right to have each Lot transferred to a sole purpose corporation that is controlled by the Developer.

Amendment

14. This Agreement may not be amended except by a written instrument signed by the City and the Developer.

Entire Agreement

15. This Agreement and all documents contemplated by or delivered under or in connection with this Agreement constitute the entire agreement between the parties on the subject matter of this agreement, and supersede all prior agreements, negotiations, discussions, undertakings, representations, warranties and understandings whether written or oral, express or implied, or otherwise.

No Derogation

16. The parties acknowledge and agree that nothing contained or implied in this Agreement will be construed as limiting or prejudicing the rights and powers of the City in the exercise of its functions pursuant to the Local Government Act and the Community Charter, or any other right or power under any public or private statutes, bylaws, orders or regulations, all of which may be fully exercised as if this Agreement had not been entered into.

17. The parties shall act in good faith and in a commercially reasonable manner in fulfilling their obligations under this Agreement and will make best efforts to assure that their obligations herein under are fulfilled.

IN WITNESS WHEREOF this Agreement has been executed and delivered by the parties as of the day and year first above written. CITY OF PRINCE GEORGE by its authorized signatory: ____________________________________ Ian Wells General Manager, Planning and Development

 

 

A & T PROJECT DEVELOPMENTS INC. by its authorized signatory: _____________________________________

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#1 POT: 20CM

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NOTES: ' PLANT SIZES IN THIS LIST ARES ECIFIEDACCORDING TO THE CANAOtAN LANDSCAPE STANDARD. LATEST EDITION. CONTAI NER SIZES SPECIFIED AS PER CNLASTANDAROS. BOTH PLANT ZEAND CONTAINER SIZE ARE THE MINIMUM ACCEPTABLE SIZES. 'REFER TO SPECIFlCATIONS FOR DEFINED

CONTAINER MEASUREMENTS ANO OTHER ",!ll~":,fl~"'"'!l"!f~'!!':,~f'!:CH ANO REVIEW: MAKE PLANT t.lATERIAL AVAILABLE FOR OPTIONAL REVIEW BY LANDSCAPE ARCHITECT AT SOURCE OF SUPPLY. ' SUBSTITUTIONS: OBTAIN WRITTEN APPROVAL FROM TI-IE LANDSCAPE ARCHITECT PRIOR TO MAKING ANY SUBSTmmot~S TO THE SPECIFIED l,1ATERIAL UNAPPROVED SUBSTITUTIONS Wn.L BE REJECTED. ALLOW Al.1!NIII\UM OF FIVE DAYS PRIOR TO DELIVERY FOR REQUEST TO SUBSTITUTE. SUBSTITUTIONS ME SUBJECT TO CANAOIAU LANDSCAPE STANDARD. DEFINrnON OF COtlD1nm1s OF AVAILABILITY. ALL LANDSCAPE MATER!AL AND WORK/,1ANSHlP MUST ,.,EET OR EXCEED CANAOTAN LANDSCAPE STANDARD"S LATEST EOJTJON.

c·t1 Residences Prince George, BC November 22, 2017

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