The Town of Stratford operates the Stratford Business Park Corporation (SBPC) located on Hollis Avenue, Myrtle Street and John Joe Sark Drive.
Purchase process for the land within the Stratford Business Park Corporation (SBPC)
Step one: Application Submission
Interested parties must submit a completed proposal to the SBPC outlining their proposed use of the lot, including business type, size of building, number of employees, and any other relevant information.
Step Two: Review by SBPC
The Stratford Business Park Corporation will review the proposal to ensure that it aligns with the overall goals and vision for the business park. This may include considerations such as zoning regulations, traffic impact, environmental impact, and compatibility with existing businesses in the park.
Step three: Approval Process
The SBPC will make a final decision on the sale of the lot based on the information gathered from the proposal review process. If approved, and upon receipt of a deposit in the amount of 10% of the current list price, the lot will be reserved for the Purchaser for a period of 45 days in which to enter into an Agreement of Purchase and Sale with the SBPC. If the Purchaser and the SBPC cannot agree upon an Agreement of Purchase and Sale within the referenced time frame and a mutually acceptable extension cannot be agreed upon, the SBPC will return the 10% deposit without interest and at no further obligation to the Purchaser and at no penalty to the SBPC.
Step Four: Closing
The Closing Date, and extension thereof, shall be further established in the Agreement of Purchase and Sale to be agreed upon by the SBPC and the Purchaser. The Agreement shall remain subject to final acceptance of the Purchaser’s Site Development Proposal by the SBPC.
Step Five: Compliance Requirements
The purchaser will be required to comply with all relevant zoning regulations, permits, and approvals as outlined in the sales agreement. This may include obtaining building permits, environmental assessments, traffic impact analysis, and any other necessary approvals before beginning construction. In addition, construction based on the approved use of lot must begin within two years of the purchase of the lot.
Step Six: Monitoring and enforcement
SBPC will monitor the purchaser's compliance with the terms of the sales agreement and take enforcement action if necessary to ensure that the purchaser is meeting their obligations.
Step Seven: Reporting and evaluation
SBPC will periodically evaluate the success of the sale process and make any necessary adjustments to improve the process in the future. This may include gathering feedback from purchasers, stakeholders, and other parties involved in the sales process.
Terms
Statements contained herein are based upon information SBPC deems reliable, but for which SBPC assumes no responsibility and no warranties are made or implied. This information is provided subject to errors, omissions, changes, prior sale/lease or withdrawal from the market without notice.
The municipality reserves the right to review and present all offers to the Town of Stratford Council. The Municipality reserves the right at its sole discretion to approve or reject any offer; or modify the terms of the approval of any offer if it is deemed to be in the Municipality's best overall interest.