The Wiarton High School Property agreement was sealed last night at Council. Councillor Jay Kirkland got 22 building lots
for $230,000 . Some reports say the Town paid $600,000 for the property. As well the town is paying for demolition
and hazardous material removal including asbestos.

Here is part of the sale agreement.

BUYER, Jay Kirkland as trustee for a corporation to be incorporated

agrees to purchase from

SELLER, The Town of South Bruce Peninsula

the following

REAL PROPERTY:

a) Lots 7 and 8 (less the 5 feet thereof that have not been patented) East side of McNaughton Street, South of Division Street, geographic Town of Wiarton, Town of South Bruce Peninsula, County of Bruce (the “Original School Parcel”) and

b) Lots 9,10, 11 and 12, East side of McNaughton Street, South of Division Street, geographic Town of Wiarton, Town of South Bruce Peninsula, County of Bruce (the “Demolished School Parcel”),

c) Lots 8, 9, 10, 11 and 12, West Side of McNaughton Street, South of Division Street
Geographic Town of Wiarton, Town of South Bruce Peninsula, County of Bruce (the “Playing Field Parcel”),

(collectively the “property”) for the

PURCHASE PRICE of:

a) and (b) will be Eighty Thousand Dollars (CDN $80,000.00) for Lots 7, 8, 9, 10, 11 and 12 East (less the five feet thereof that have not been patented) ; and

c) One Hundred and Fifty Thousand Dollars (CDN$150,000.00) for Lots 8, 9,10, 11 and 12 West being the Playing Field Parcel;

DEPOSIT: Buyer submits upon acceptance One Thousand Dollars (CDN$1,000.00) by negotiable cheque payable to the Seller’s lawyer in trust to be held in trust without interest pending completion or other termination of this Agreement and to be credited toward the Purchase Price on completion. In the event this agreement is terminated without completion of the transaction, the deposit shall be returned to the Buyer without interest or deduction. Buyer agrees to pay the balance subject to usual adjustments upon completion.

The Buyer shall complete the purchase of parcels (a) and (b) being the “Original School Parcel” and the “Demolished School Parcel” no later than September 30, 2006. The Buyer shall have the option to purchase Parcel (c) being the “Playing Field Parcel” by giving notice no later than August 31, 2007 with a completion date not later than September 30, 2007. If the Buyer does not give notice, by August 31, 2007, electing to complete the transaction for the Playing Field Parcel, the Buyer shall not be obligated to complete the purchase thereof.

SCHEDULE A hereto forms part of this Agreement.

1. (a) Demolition Prior to completion, the Seller shall demolish the building, remove the resulting debris and re-grade the lands underneath the portion of the existing building depicted on Schedule A (excepting only the portion outlined in yellow which shall not be demolished). During the demolition, the Seller shall cause the elevator carriage, elevator shaft (to the extent it is removable) and all mechanical workings of the elevator at the location depicted in green on Schedule A to be removed and made available to the Buyer for the Buyer’s use. The Seller shall not remove or alter the existing electric facility at the location depicted in blue and shall leave it for the use of the Buyer. During the demolition and on completion the Seller shall cause any opening between the portion of the building being demolished and the portion being retained to be properly covered to preclude damage by weather or vandals and also to meet safety concerns.

(b) Existing Portable on the Playing Field Parcel The existing portable building on the Playing Field Parcel shall be included in the Purchase Price and may be used by the Buyer from the acceptance of this agreement until completion or other termination of this agreement.. Buyer to provide liability insurance and to be responsible for the care and upkeep of the parcel.

2. Removal of Hazardous Substances The Seller shall cause all asbestos and all other contaminants on the property to be removed before completion such that the remaining building and the property contains no hazardous substances. Without limiting the forgoing, the following asbestos referred to on Schedule A shall be removed from the part of the building not being demolished: the 12 x 12 VAT (Vinyl Asbestos Tile) in the room depicted as Resources 1, the 2inch Asbestos elbows (above 2 x 4 ceiling ), and any asbestos at the W-AS14 0% Stucco Wall Bulk Asbestos sample location. All other areas which are identified in the 2004 Designated Substance Study Survey completed by Henderson & Paddon are to be addressed by full removal of Asbestos Containing Material (ACM) in conjunction with the demolition of the surplus buildings all at the Seller’s expense.

3. Environmental Testing Prior to completion, the Seller shall retain, at Seller’s expense, a qualified professional firm to carry out Phase 1 and 2 Environmental Site assessments of the property and the remaining part of the building and provide the reports thereof to the Buyer not later than 15 days prior to completion. The Buyer’s obligation to complete the transaction subject of this agreement shall remain conditional upon the Buyer being satisfied that such reports disclose no environmental contamination.

4. Conditions for the Buyer’s Benefit The Buyer’s obligation to complete the transaction subject of this agreement shall remain conditional upon:

(1) the Buyer being satisfied that the zoning and official plan of the property will allow for, and all other governmental approvals will be available for, the rental residential development proposed by the Buyer on terms acceptable to the Buyer; and

(2) the Buyer and the municipality entering, or the Buyer being satisfied that they will on completion enter, a site plan agreement that permits the rental residential development proposed by the Buyer.

These conditions are included exclusively for the benefit of the Buyer and may be waived by the Buyer on or prior to completion.

The Buyer shall act as the Agent of the Seller in making application for compliance with these conditions and the Seller shall waive any application fees otherwise payable to the Seller.