italkSTRATFORD.com

Green · 2010-01-13 11:07:46

In the Beacon today:

City, Ryan reach deal on Cooper site UW campus construction could begin in spring

The City of Stratford and Lawrence Ryan have reached agreement on a price of $4.5 million for the Cooper property.

The deal — a significant jump from the initial $500,000 offer tabled by the city in September — should see the city take possession of the downtown property Feb. 9.

Construction of Phase 1 of the Stratford Institute, an advanced digital media school through the University of Waterloo, could begin as early as spring.

The city's expropriation of the land led both sides to courtrooms, but Stratford CAO Ron Shaw said the city wanted to settle possession with Mr. Ryan, "so we could proceed with the university project and get it in the ground this year."

Mr. Ryan leaked details of the settlement to media last week, however minutes of settlement were only signed by both sides Monday.

According to court records obtained by The Beacon Herald, $3.9 million will be paid to Republic Mortgage Investment Co. and $566,935 to Mr. Ryan's numbered company.

In addition, the city will pay $150,000 in legal and consulting costs to Mr. Ryan and $60,000 towards relocation costs. Because the city took title of the property in June, it must pay six per cent retroactive interest on the full amount.

Mr. Shaw said Phase 1 could include a 45,000-square-foot building on a 1.3-acre parcel of land immediately west of the Stratford-Perth YMCA building.

That property currently is part of the St. Patrick Street parking lot but not on land occupied by the buildings.

No demolition of the former CNR repair shops building is scheduled of yet, however, demolition will be brought up at the next city finance and labour subcommittee meeting, scheduled for Jan. 19.

Steel · 2010-01-13 11:25:48

LARRY IS GONE!!!!........break out the drinks...time to celebrate.

Green · 2010-01-13 14:28:24

it is indeed great news - it will be interesting to see the next steps in the development.

Steel · 2010-01-13 14:36:29

Green wrote:
it is indeed great news - it will be interesting to see the next steps in the development.

Yes it will Green....and yes larry there are steps in a development process and they do require permits.

Green · 2010-01-14 10:24:38

It's a Interim Deal as described by the papers - basically the city will get full possession on Feb 9th and the Uni Campus construction can go ahead without any obstacles.

But the issue of compensation to Ryan etc is probably not done, he is allowed to continue to seek further compensation and it might end up going to the OMB.

rankinfile · 2010-01-14 12:21:17

Grab the lub---the taxpayers will take it in the end again!!

Green · 2010-01-14 13:30:44

Or their could be no more compensation to paid out to Ryan.

In either case, this is a win for the people and businesses of Stratford.

rankinfile · 2010-01-14 15:25:34

We can only pray that now that Larry has some $750K in his pocket that he will not roll the dice and make a bunch of lawyers rich by going to the OMB. Take your money...don't be greedy....just take the money and run!!

Miss Manners · 2010-01-14 20:33:09

http://www.youtube.com/watch?v=Q-KH2WI4Gzw

don't let the door hit you on the way out ...

Last edited by Miss Manners (2010-01-14 21:14:05)

rankinfile · 2010-01-14 21:56:23

Fantastic choice...couldn't be better!!!!

Steel · 2010-01-15 07:56:47

nice one Manners....very fitting

CommonMan · 2010-01-16 16:50:42

I'm sitting here and all I can hear is the 'goood night' song from sound of music in my head! Yippie- he's gone. Good luck... well, where ever and which ever town you land on next!

curious · 2010-01-16 18:58:54

RNKnFYL wrote :

We can only pray that now that Larry has some $750K in his pocket that he will not roll the dice and make a bunch of lawyers rich by going to the OMB. Take your money...don't be greedy....just take the money and run!!

I don't think this is the end. i believe the City and Mr Ryan will be going to the OMB.

Calling it a “happy day,” Ryan said most of the major issues have been wrapped up and he is thankful the city increased its offer.

However, he said the matter will still likely end up before the Ontario Municipal Board to determine the property’s true value. But he hopes further negotiation could lead to a resolution without a lengthy hearing.

“We agree that this isn’t what the property is worth – this is what the city is prepared to pay as an interim payment,” he said. “I am prepared to accept it as a Section 25 offer.”

http://www.stratfordgazette.com/stratford/article/84472

Last edited by curious (2010-01-16 18:59:27)

mr.nelson · 2010-01-17 01:03:37

Green wrote:
It's a Interim Deal as described by the papers - basically the city will get full possession on Feb 9th and the Uni Campus construction can go ahead without any obstacles.

But the issue of compensation to Ryan etc is probably not done, he is allowed to continue to seek further compensation and it might end up going to the OMB.

You are right, I know there is more to come and the taxpayers will pay, I know for a fact he is going to the OMB.
In 2002 he filed his lawsuit for 21 million against the city,the lawsuit is still on going, part of the point is the taxpayers will end up paying for it. The one way to fix this problem is to elect new people. Who would allow this to go on for more than a decade, the ones already in council who do not belong there. Think about it when you go and vote. Walmart, Rec Centre, Ontario St, Cooper site, the Flood Lawsuit, Festival and I could go on and on. How many more over budget projects do we need to be in debt for before the city is bankrupt.
In the last decade the City mismanaged taxpayers dollars. And are now in debt 100 million dollars or more.

The city is also obligated to store certain items of Lawrence Ryans from the site for up to a year at citys expense at the old fairgrounds.

Here is the link to read the minutes of settlement between the city and Lawrence Ryan.

http://www.city.stratford.on.ca/documen … nt-135.pdf

spankie · 2010-01-17 16:35:32

Well Larry was trying to get elected on the notion that he was going to be the taxpayers saviour. Why was he going to drop his lawsuit if he got elected? I doubt it. That's the only way he seems to be able to make a living is by sueing ever municipality he's involved with.

#1 2010-01-13 11:07:46

Done Deal

#2 2010-01-13 11:25:48

Re: Done Deal

#3 2010-01-13 14:28:24

Re: Done Deal

#4 2010-01-13 14:36:29

Re: Done Deal

Green wrote:

#5 2010-01-14 10:24:38

Re: Done Deal

#6 2010-01-14 12:21:17

Re: Done Deal

#7 2010-01-14 13:30:44

Re: Done Deal

#8 2010-01-14 15:25:34

Re: Done Deal

#9 2010-01-14 20:33:09

Re: Done Deal

#10 2010-01-14 21:56:23

Re: Done Deal

#11 2010-01-15 07:56:47

Re: Done Deal

#12 2010-01-16 16:50:42

Re: Done Deal

#13 2010-01-16 18:58:54

Re: Done Deal

#14 2010-01-17 01:03:37

Re: Done Deal

Green wrote:

#15 2010-01-17 16:35:32

Re: Done Deal

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