The city is getting closer to negotiations with a developer for a waterfront project
Preferred developer for waterfront redevelopment expected to be announced in late summer
The city takes a new step towards the redevelopment of the waterfront.
Tuesday’s special board meeting began with a lengthy closed-door discussion. When the public council meeting resumed, the following motion was adopted: “that the negotiating framework be substantially approved in the form provided for in the report and that the mayor and the city clerk be authorized to sign all required transactional documents. to affect the provisions of the Request for Proposal (RFP).
These are negotiations with the City’s preferred developer for the project. These are either FRAM Building Group or TPI Acquisitions (Tribal Partners). The city has yet to identify which one is the preferred developer.
“Pending a positive outcome in negotiations, we look forward to announcing the successful candidate later this summer,” said Jennifer Ruff, Director of Business Development and Communications.
The bidding process is not yet complete, she noted.
“There are several steps in selling land through a competitive bidding process,” she said. “Some of the imminent next steps are negotiations based on the negotiating framework approved by council, council’s authorization to the mayor and the clerk to execute the transactional documents of the RFP, which include the signing of an agreement of buying and selling for the property. “
Leith Moore, president of Waverley Projects, and George Dark, senior consultant at Urban Strategies, also participated in Tuesday’s closed-door meeting. They are part of the negotiating team.
“Both are seasoned development industry professionals with experience in both Ontario and Canada,” said Ruff. “Each has been instrumental in the strategy and vision behind this site through their previous work on the Downtown Tomorrow Plan and preparations for the sale of the site. “
The discussion took place behind closed doors as it focused on land, legal and negotiation issues.