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#1 2010-01-04 10:14:01

Green
Member
Registered: 2008-10-28
Posts: 92

Is this the year!

The City and UofW have signed an agreement posted on the City of Stratford website that they will build a 45,000 square facility to start and then continue building on the Cooper site afterwards.  The Mayor was tabling a timeline of Spring to get going.

Any thoughts?

Any news on the court hearings?

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#2 2010-01-04 10:48:28

Steel
Member
Registered: 2008-02-16
Posts: 2521

Re: Is this the year!

Terrific news and I can't wait to see an end to Loonie Larry and his side show.

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#3 2010-01-07 11:29:20

Green
Member
Registered: 2008-10-28
Posts: 92

Re: Is this the year!

This was in the Beacon today.  I think it's good news if this deal indeed firms up and things get truly get going.  Stratford and downtown need the economic shot in the arm.


Ryan says he has offer he can’t refuse


Lawrence Ryan, former owner of the Cooper site, which was expropriated by the city, says he has accepted an “interim” offer of $4.5 million from the municipality for the property.

In a phone call to The Beacon Herald Wednesday, Mr. Ryan claimed the city made the offer before Christmas and he accepted it Monday.

“We’ve locked that down. And then the rest will just flow,” he said from his home in Alvinston.

In an interview yesterday, Mayor Dan Mathieson neither confirmed nor denied Mr. Ryan’s assertions about a deal.

“ The city has had discussions with Mr. Ryan and his solicitor through the city’s solicitor on a without-prejudice basis on how to deal with the issues of possession and compensation as well as moving Mr. Ryan’s possessions from the property,” he said in a carefully worded response.

“ To date there are no final minutes of settlement and no signed agreement,” the mayor added.

The mayor also said the city respects the confidentiality of the discussions also agreed to by Mr. Ryan and his solicitor.

The discussions have been ongoing for some time and are separate from court proceedings regarding possession of the property before the Superior Court, the mayor added.

If there is indeed an offer of $4.5 million, it is nine times the $ 500,000 the city originally offered Mr. Ryan in September for the downtown industrial property, site of the former CNR steam locomotive repair shops.

Included in the supposed agreement, according to Mr. Ryan, are an additional $150,000 in costs, six per cent interest since the city took title of the property June 15 and a commitment to move his “goods” to Alvinston or elsewhere.

Both parties were in Superior Court in Stratford Monday when a judge set Jan. 11 and 12 to hear arguments.

done before Monday,” he said.

Mr. Ryan took the city to court to extend the transfer date for the property because the original offer of $ 500,000 didn’t reflect the “ true value” of the property.

The city made the new offer, Mr. Ryan claims, after his legal team cross-examined city CAO Ron Shaw and “experts” cited documents supporting the city’s case.

One potential outcome of the expropriation process is having the Ontario Municipal Board decide the final price for the land if the city and Mr. Ryan can’t agree on a final price.

Mr. Ryan said after the initial offer that he would take the city to the OMB but as he indicated yesterday he was also open to a negotiated price.

“I think the citizens would like that as well ... obviously, why spend millions of dollars arguing at the OMB like they’ve done with Wal-Mart?” he said.

The municipality and Mr. Ryan have been involved in a series of disputes, several of which have ended up in court, relating to the former CNR property.

“This is just a pleasant start to the new year.... I think everybody will be pleased that this part of it is resolved,” Mr. Ryan added.

The city’s intent is to use the downtown property as the site of what is expected to be an expanding University of Waterloo campus. The initial university facility, however, is slated for construction on what is now the St. Patrick Street parking lot.

The city’s promise to UW was to supply the land for a Stratford satellite campus in addition to $10 million.

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#4 2010-01-07 11:57:03

Steel
Member
Registered: 2008-02-16
Posts: 2521

Re: Is this the year!

As usual Loonie Larry opens his mouth when an agreement for confidentiality is in place between his lawyer and the city.

the $4.5 reflects pretty closely the amount of the mortgage on the property so in the end Larry will get zip out of this..... if indeed there is a deal.

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#5 2010-01-07 14:15:01

Green
Member
Registered: 2008-10-28
Posts: 92

Re: Is this the year!

If he was able to get that much of a mortgage on it, he still will get a few million out of, considering the mortgage money was'nt needed to buy the property nor was it used to enhance it.  Were you able to verify that their is indeed that level of debt registrated against the site?

it is a weird approach to call up a newspaper and tell them this, why not just wait until it's a firm deal......they maybe negotiating back and forth and this is where larry is at now and hoping by making it public the city agrees to this amount.

From the City's point of view, going through a lengthly OMB process and delaying the project will probably be more costly then this figure.

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#6 2010-01-07 14:27:24

rankinfile
Moderator
Registered: 2007-12-28
Posts: 843

Re: Is this the year!

Green wrote:

The City and UofW have signed an agreement posted on the City of Stratford website that they will build a 45,000 square facility to start and then continue building on the Cooper site afterwards.  The Mayor was tabling a timeline of Spring to get going.

Any thoughts?

Any news on the court hearings?

I thought the City was just going to supply the land.  God, why would the City be "building" a university structure for UofW??  Let the University determine their needs--let them do the architecture work---let them contract the builders---(can you see the screw ups by having the City do this???)

Hopefully the University will be intelligent enough to incorporate LEED technology in the siting, design and construction of the buildings and make the complex energy efficient.  The City apparently does not support LEED concepts (sure they talk platitudes about "energy efficiency") but will not go the next step and adopt LEED criteria on municipal infrastructure--or consider tax relief for new projects that support this standard of energy efficiency.

Let's have some out of the box thinking here guys!!!!

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#7 2010-01-07 15:21:15

Green
Member
Registered: 2008-10-28
Posts: 92

Re: Is this the year!

Rain - my post may have been misunderstood.  The City and the Uni have an agreement to do this, but based on the agreement, the Uni is in control of the building process not the city.

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#8 2010-01-07 16:39:53

Steel
Member
Registered: 2008-02-16
Posts: 2521

Re: Is this the year!

Green wrote:

If he was able to get that much of a mortgage on it, he still will get a few million out of, considering the mortgage money was'nt needed to buy the property nor was it used to enhance it.  Were you able to verify that their is indeed that level of debt registrated against the site?

it is a weird approach to call up a newspaper and tell them this, why not just wait until it's a firm deal......they maybe negotiating back and forth and this is where larry is at now and hoping by making it public the city agrees to this amount.

From the City's point of view, going through a lengthly OMB process and delaying the project will probably be more costly then this figure.

Green....$4.5 million is about the amount outstanding and already advanced on the property. Larry is on the hook for it...so he will get zip

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#9 2010-01-07 16:52:08

Steel
Member
Registered: 2008-02-16
Posts: 2521

Re: Is this the year!

rankinfile wrote:

Green wrote:

The City and UofW have signed an agreement posted on the City of Stratford website that they will build a 45,000 square facility to start and then continue building on the Cooper site afterwards.  The Mayor was tabling a timeline of Spring to get going.

Any thoughts?

Any news on the court hearings?

I thought the City was just going to supply the land.  God, why would the City be "building" a university structure for UofW??  Let the University determine their needs--let them do the architecture work---let them contract the builders---(can you see the screw ups by having the City do this???)

Hopefully the University will be intelligent enough to incorporate LEED technology in the siting, design and construction of the buildings and make the complex energy efficient.  The City apparently does not support LEED concepts (sure they talk platitudes about "energy efficiency") but will not go the next step and adopt LEED criteria on municipal infrastructure--or consider tax relief for new projects that support this standard of energy efficiency.

Let's have some out of the box thinking here guys!!!!

City agreed to the land and $10 million....obviously the city continues to control the land and whatever is built on it. Province tossed in $10 million, Open Text $10 million, another tech firm (can't recall the name) a couple of Mill and the fed's through the accelerator centre I think it was another $10 million.....

The land will not all be used for the school and parts of it will be sold and developed as they were in and around the UW campus. Primary uses as homes for ech firms looking to locate close to the university hub.

As for Green LEED buildings. I have been involved in one sizable LEED project and certainly it turned out well and is a nice project. However, it is just not what it is cracked up to be. Energy efficency is but a small part of LEED and indeed much of the energy efficency that is gained is already part of the building code in ontario and certainly available through technology now being installed by several firms in town.

Where in my mind LEED gets carried away is other areas. Many of which sound great but on further analysis comsumed more energy and resources to produce tha typical building products. Thus it isn't a winning situation, but rather a feel good situation.

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#10 2010-01-08 14:02:10

Green
Member
Registered: 2008-10-28
Posts: 92

Re: Is this the year!

Steel wrote:

Green wrote:

If he was able to get that much of a mortgage on it, he still will get a few million out of, considering the mortgage money was'nt needed to buy the property nor was it used to enhance it.  Were you able to verify that their is indeed that level of debt registrated against the site?

it is a weird approach to call up a newspaper and tell them this, why not just wait until it's a firm deal......they maybe negotiating back and forth and this is where larry is at now and hoping by making it public the city agrees to this amount.

From the City's point of view, going through a lengthly OMB process and delaying the project will probably be more costly then this figure.

Green....$4.5 million is about the amount outstanding and already advanced on the property. Larry is on the hook for it...so he will get zip

The $4.5 will be used to pay off this debt, but what I was trying to say is that at somepoint the $4.5 was disbursed to him and presumbably he could have put it in the bank, used for other investment etc, because it was not needed to purchase the property which was sold to him for a $1M and he did'nt use that money to maintain the property etc.

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#11 2010-01-08 15:59:12

Steel
Member
Registered: 2008-02-16
Posts: 2521

Re: Is this the year!

Green wrote:

Steel wrote:

Green wrote:

If he was able to get that much of a mortgage on it, he still will get a few million out of, considering the mortgage money was'nt needed to buy the property nor was it used to enhance it.  Were you able to verify that their is indeed that level of debt registrated against the site?

it is a weird approach to call up a newspaper and tell them this, why not just wait until it's a firm deal......they maybe negotiating back and forth and this is where larry is at now and hoping by making it public the city agrees to this amount.

From the City's point of view, going through a lengthly OMB process and delaying the project will probably be more costly then this figure.

Green....$4.5 million is about the amount outstanding and already advanced on the property. Larry is on the hook for it...so he will get zip

The $4.5 will be used to pay off this debt, but what I was trying to say is that at somepoint the $4.5 was disbursed to him and presumbably he could have put it in the bank, used for other investment etc, because it was not needed to purchase the property which was sold to him for a $1M and he did'nt use that money to maintain the property etc.

Mortgage companies normally will not advance large amounts on properties that are "cash", and especially not on raw land (which is really what Larry's former property is) The reason is that the borrower could simply take the cash and stuff it in a bank and then default on the loan.

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