~2-

The stipulations that the Federal Authorities have placed on this
transaction are as follows: ,

1. The land is to be used for free public parking with the
exception of the park area.

The City will be required to agree that the Land will
be left at’ public parking for a period of 8 years.

The Provincial Authorities must, of course, agree to
the final details and the partnership will be paid
out according to the original agreement with. 50%
being paid to the Federal Government, 25% to the
Provincial Goverament, with the City assuming 25%
of the recoveries,

Our 1979 discussion centered around the City acquiring the. Land
(subject to the stipulations then set by the Federal Authorities) of a total
appraised value of $227,850.00 for all of these lands. is current proposal
would set the price at a total of $60,666.43 for the Project Lands and the
City's share of this cost to buy out the other partner would cost $45,511.20.
Our original investment in the Partnership was an additional $36,411.05 so. that
‘we would be acquiring the lands included in the attached map for $81,922.25.
The actual cash expenditure at this time would be $45,511.20 and we have a
reserve account built up for this particular purpose.

This memorandum has been based, almost in its entirety, on material
prepared by our former City Administrator and both he and I recommend to the
Council that we Proceed with this matter if at all possible and a draft resolution
is attached for Council's consideration.

We think it appropriate to include in this memorandum, at this point,
an excerpt from the draft memorandum prepared by Mr. Pollock under date of May
ist, 1981 upon which this memorandum is largely based:

"It is rather tronic that the Urban Renewal Scheme was one of the first
things that I was thrust into when I joined the City in 1965 and I was beginning
to think that it would never be concluded. It would be nice to conclude this now
with my departure."

a, ac Cy ey )

Acting-City Administrator.