NARRATIVE APPRAISAL REPORT OF:

VACANT COMMERCIAL LAND WITH HIGHWAY 401 EXPOSURE LOCATED AT THE NORTHWEST CORNER OF PINEBUSH ROAD AND STRUCK COURT, CAMBRIDGE, ONTARIO

EFFECTIVE DATE: MAY 9, 2017

Prepared for:

May 11, 2017

James Goodram City of Cambridge 50 Dickson Street Cambridge, ON, N1R 8S1 Phone: (519) 623-1340 Email: [email protected]

ATTENTION: James Goodram

Re: APPRAISAL OF VACANT COMMERCIAL LAND WITH HIGHWAY 401 EXPOSURE LOCATED AT THE NORTHWEST CORNER OF PINEBUSH ROAD AND STRUCK COURT, CAMBRIDGE, ONTARIO PROPERTY OF BRANTHAVEN BELMONT PINEBUSH INC. OUR FILE NO. 70000933

Dear Mr. Goodram,

In accordance with your request, we hereby submit a narrative appraisal report of the property located at the northwest corner of Pinebush Road and Struck Court, Cambridge, Ontario.

The appraisal report has been developed in accordance with the Canadian Uniform Standards of Professional Appraisal Practice (“The Standards”) as developed by the Standards Board of the Appraisal Institute of Canada. A copy of the Corporate Curriculum Vitae is included in Appendix A.

This is a Narrative Appraisal Report, and as such it presents a detailed and comprehensive description of the appraisal process with supporting documentation concerning the data, reasoning and analysis also retained in the appraiser’s file. Definitions of Appraisal Terms and Explanations are included in the Addendum as Appendix B. The depth of discussion contained in this report is specific to the needs of the client and is for the intended use as stated in the report. The report is for the sole use of our client.

/…2

Page 2 James Goodram May 11, 2017

As a result of our investigations and analysis, it is our opinion that the current market value of the subject property as at the effective date, May 9, 2017, is:

$24,050,000 ($950,049 per developable acre)

Subject to the following assumptions and limiting conditions: • That the subject site is vacant, graded, and available for development at the effective date of this report. • That the subject site is free and clear of any and all environmental contamination.

Details of our investigation and analysis are set out in the following report. If further information is required, we would be pleased to furnish it upon request.

Respectfully submitted,

ANTEC APPRAISAL GROUP INC.

David deVries, BA, AACI, P.App

NW Corner of Pinebush Road and Struck Court, Cambridge

PHOTOGRAPHS OF THE SUBJECT PROPERTY

Streetscape of Pinebush Road Looking West

Streetscape of Pinebush Road Looking East

ANTEC APPRAISAL GROUP INC. NW Corner of Pinebush Road and Struck Court, Cambridge

PHOTOGRAPHS OF THE SUBJECT PROPERTY

Streetscape of Struck Court Looking North

Streetscape of Struck Court Looking South

ANTEC APPRAISAL GROUP INC. NW Corner of Pinebush Road and Struck Court, Cambridge

PHOTOGRAPHS OF THE SUBJECT PROPERTY

View of Subject Site Facing West

ANTEC APPRAISAL GROUP INC. NW Corner of Pinebush Road and Struck Court, Cambridge

TABLE OF CONTENTS

SCOPE OF THE APPRAISAL ...... 1 MANDATE...... 2 MARKET OVERVIEW ...... 3 NEIGHBOURHOOD DESCRIPTION ...... 3 PROPERTY DETAILS ...... 5 SITE CHARACTERICTICS ...... 8 LAND USE CONTROLS ...... 9 HIGHEST AND BEST USE ...... 11 ESTIMATE OF MARKET VALUE ...... 12

DIRECT COMPARISON APPROACH: ...... 12 CERTIFICATION ...... 19 ASSUMPTIONS AND LIMITING CONDITIONS ...... 21

ADDENDUM

Appendix A Corporate Curriculum Vitae Appendix B Definitions of Appraisal Terms and Explanations Appendix C BDC Newsletter, April 2017 Appendix D Geowarehouse Record Appendix E MPAC Report and 2016 City of Cambridge Tax Rates Appendix F Official Plan Land Use Map Appendix G Zoning Map and excerpts from the Zoning By-Law Appendix H Details of Comparable Sales

ANTEC APPRAISAL GROUP INC. NW Corner of Pinebush Road and Struck Court, Cambridge

SCOPE OF THE APPRAISAL

The scope of the appraisal encompasses the necessary research and analysis to prepare a report in accordance with “The Standards” which involved the following steps:

• The subject site was inspected and photographed on May 9, 2017.

• Property data including site information was obtained by a personal inspection of the subject, review of the assessment data, and examination of other material provided by the owner.

• Development trends, economic and real estate market conditions in relation to the subject property existing as of the effective date were considered; reviewed and analyzed the sales history of the subject.

• The physical, functional and economic characteristics of the subject property were considered.

• Municipal data was based on information obtained from various sources including government publications, municipal economic development departments and real estate publications.

• Did not complete a search of the title records, but confirmed ownership using Geowarehouse records.

• Appropriate documents including current zoning designations were reviewed but did not discuss the land use controls with Planning Department officials.

• Highest and Best Use of the property was considered and analyzed.

• Market research was conducted with regards to sales of comparable vacant industrial sites in the Cities of Kitchener, Cambridge, and Waterloo.

• Sales data was obtained from the local real estate board, Geowarehouse, Realtrack, through discussions with real estate agents and other appraisers as well as data maintained in our files.

• In considering the purpose and intended use of the appraisal, we have used the Direct Comparison approach to Value.

• After assembling and analyzing the data, a final estimate of value was determined.

ANTEC APPRAISAL GROUP INC. 1 NW Corner of Pinebush Road and Struck Court, Cambridge

MANDATE

CLIENT: We have been requested by the client, City of Cambridge, to undertake an appraisal report for the subject property. The assignment that is the focus of this engagement has been discussed and defined with the client and upon agreement with the client; it is a narrative appraisal report. It is intended for use only by the client. Use of this report by others is not intended by the appraiser and any liability in this respect is strictly denied.

PURPOSE: To estimate the market value of the subject property as at the effective date.

INTENDED USE: For internal decision making purposes as they relate to the subject property

PROPERTY RIGHTS: Fee Simple

RELEVANT DATES & TIMES

INSPECTION DATE: May 9, 2017

EFFECTIVE DATE: The appraisal is a current valuation, with an effective date of the value estimate being May 9, 2017. The appraisal was made in accordance with conditions pertaining at that date.

REASONABLE EXPOSURE TIME: Estimated to be approximately three (3) to twelve (12) months.

ANTEC APPRAISAL GROUP INC. 2 NW Corner of Pinebush Road and Struck Court, Cambridge

MARKET OVERVIEW

SUMMARY: We have included the latest Economic Newsletter published by BDC which summarizes the economic highlights as of the effective date, in Appendix C.

NEIGHBOURHOOD DESCRIPTION

NEIGHBOURHOOD: The subject property is located in the northern portion of the L.G Lovell Industrial Park, in the City of Cambridge. More specifically, the subject property is situated on the northwest corner of Pinebush Road and Struck Court, bound to the north by Ontario Highway 401. Pinebush Road is a two-lane interior roadway which generally runs east-west. The roadway connects Townline Road (Can-Amera Parkway) in the east with Eagle Street North and further, King Street East in the west. Struck Court is a short two-lane interior roadway which generally runs north-south. The roadway commences at Pinebush Road and terminates at a court approximately 350-meters northeast.

The subject neighbourhood can be described as the north-central portion of the L.G Lovell Industrial Park. The neighbourhood is generally formed around Pinebush Road, being bound by Ontario Highway 401 to the north, Hespeler Road to the west, Franklin Boulevard to the east, and industrial uses to the south. Land uses in the neighbourhood are varied. Along the Hespeler Road corridor and to the immediate west of the subject, land uses are predominantly retail and service commercial. To the east and to the south of the subject property, land uses tend toward general industrial, such as manufacturing, warehousing, automotive, and transportation uses.

Land uses immediately abutting the subject property are as follows: • North: Ontario Highway 401 • South: (across Pinebush Road) automotive service/repair • East: warehouse/office • West: retail commercial

ANTEC APPRAISAL GROUP INC. 3 NW Corner of Pinebush Road and Struck Court, Cambridge

NEIGHBOURHOOD MAP

ANTEC APPRAISAL GROUP INC. 4 NW Corner of Pinebush Road and Struck Court, Cambridge

PROPERTY DETAILS

ADDRESS: As at the effective date, the subject site was vacant and unimproved; there is no municipal address associated with the property.

LEGAL DESCRIPTION: Part of Lot 4 Registered Compiled Plan 1365 Cambridge Part 59 to 69 & 73 to 75, 67R-3638; Save and Except Part 1 58R-9460; Subject to 1397626; Together With 1397626; Subject to 1390207, WS741455; Cambridge

PIN NO. 03766-0343 (LT)

SALES HISTORY: Per Instrument Number WR894264, the latest transfer of the subject occurred on July 17, 2015 for nominal consideration. A copy of the Geowarehouse Record has been included in Appendix D.

OWNERSHIP: Branthaven Belmont Pinebush Inc.

EASEMENTS AND RIGHTS OF WAY: Interest in the subject property is encumbered by three easement agreements. The first of which, registered December 21, 1990, conveys right and easement in perpetuity to the Grantee, the Hydro-Electric Commission of Cambridge and North Dumfries, for the purposes of constructing and laying down underground and/or overhead lines, pipes, and conduits of any kind for the transmission of hydro electricity. The area affected by the easement runs along the westernmost property line; it is described as Parts 60, 62, 64, 68, and 74 on Reference Plan 67R-3638.

The second easement, registered August 12, 1998, conveys right and easement in perpetuity to the Grantee, The Regional Municipality of Waterloo, for the purposes of constructing, installing, operating, and maintaining below-ground watermain lines. The area affected by the easement runs in parallel (and overlaps) with the first mentioned easement, along the westernmost property line. The lands are described as Parts 59, 60, 61, 63, 66, 67, and 75 on Reference Plan 67R-3638.

ANTEC APPRAISAL GROUP INC. 5 NW Corner of Pinebush Road and Struck Court, Cambridge

The third agreement, registered October 15, 1998 conveys right-of- way access to the owner of the subject property, CF/Realty Holdings Inc. (and its successors and assignees) for the purposes of passage of motor vehicles (not including heavy trucks) over and along the abutting property to the west (referred to as “Regional Centre Lands”). The agreement also permits storm water from the subject site to drain over and along the Regional Centre Lands, and also permits the owner of the subject lands to enter upon the Regional Centre Lands to install, construct, maintain, reconstruct, and enlarge the services running to the subject site. Should any of the existing services (water mains and sanitary sewers) need to be increased in capacity to accommodate the intended use of the subject site, the full cost of doing so will be borne by the owner of the subject property.

In consideration of the placement of the first two mentioned easements, and in consideration of the third easement favouring the subject property, it appears that none of the agreements impair nor inhibit the development capacity, marketability, or value of the subject property.

ASSESSMENT & TAXES: The 2017 assessment, per the Municipal Property Assessment Corporation (MPAC) for the subject property is as follows:

Roll Number: 30 06 150 015 10700 0000 Address: Pinebush Road Assessed Value: $552,000 2017 Phased-In Value: $354,000 2016 Final Property Tax: $103,559.58 2017 Property Tax (est): N/A

The City of Cambridge publishes historical assessment and taxation information through its online tax information portal. The 2016 final property taxes are reported as indicated by the City of Cambridge. As at the effective date, 2017 tax information and levy estimates were inaccessible. Copies of the MPAC Report and 2016 tax rates are included in Appendix E.

ANTEC APPRAISAL GROUP INC. 6 NW Corner of Pinebush Road and Struck Court, Cambridge

PROPERTY DETAILS

AERIAL PHOTO:

PIN MAP:

ANTEC APPRAISAL GROUP INC. 7 NW Corner of Pinebush Road and Struck Court, Cambridge

SITE CHARACTERISTICS

SITE: The subject site is irregular in shape. Per Reference Plan 67R-2988 and 58R-9460, the site has 325.81 feet of frontage to Pinebush Road, and an area of 35.314 acres. The site also has direct exposure to Struck Court; however, front footage is unknown to the appraiser.

ACCESS: There is no vehicular access available to the site from either of the abutting roadways.

TOPOGRAPHY: The topography of the site varies significantly. The grade level of the site appears to be highest at Struck Court, tapering downward toward the abutting properties to the east and toward Ontario Highway 401.

SERVICES: It is assumed that full municipal services are available to the subject property, including water, sanitary, and storm water septic services. Other services include electricity, natural gas, and telephone services.

SITE IMPROVEMENTS: As at the effective date, the subject site was vacant, with the central portion being farmed and the northeast corner comprised by forest.

This report assumes that the subject site is vacant, graded, and unimproved. The value estimate contained herein refers only to raw land value; any and all building and site improvements (if applicable) have been omitted from the value estimate.

ANTEC APPRAISAL GROUP INC. 8 NW Corner of Pinebush Road and Struck Court, Cambridge

LAND USE CONTROLS

OFFICIAL PLAN: The City of Cambridge Official Plan, as approved by the Region of Waterloo November 21, 2012, is in effect and applies to the subject property. The property is subject to the Plan’s ‘Class 5 (Regional Power Centre) Commercial’ and ‘Natural Open Space System’ designations. Per Section 8.6.2.5 of the Plan, lands designated Class 5 Commercial are those requiring; a substantial site area to provide off-street customer parking and outdoor display; substantial floor area for indoor display in the form of large, free-standing “big-box” retail operations; substantial site area which permits the placement of big-box facilities in a way which links vehicular and pedestrian traffic; and a site with visual prominence and/or good vehicular access which establishes the regional scale of the centre, and are readily identifiable by the travelling public.

Per Section 8.8.1 of the Plan, lands designated Natural Open Space System consist of core environmental features, watercourses and shorelines, and the regulatory one-zone floodplain. This designation may also include additional hazard lands such as steep slopes, approved buffers, or publicly owned natural open space. Permitted land uses within the Natural Open Space designation include GRCA conservation area, wildlife sanctuary, wildlife, wetland or fishery management projects, passive recreational activity, trails and outdoor education, and arboretum uses, to name a few.

As at the effective date, a large portion of the subject site was being farmed, with the northeastern portion comprised by forest. This report assumes that the subject site is vacant, graded, and unimproved. The assumed use of the subject appears to comply with the overall intent of the Official Plan. A copy of the Official Plan Land Use Map is included in Appendix F.

ANTEC APPRAISAL GROUP INC. 9 NW Corner of Pinebush Road and Struck Court, Cambridge

ZONING: The City of Cambridge Zoning By-law No. 150-85, as amended by the Ontario Municipal Board (OMB) May 25, 1987, Office Consolidation January 2012 is in effect and applies to the subject property. Under the By-law, the subject property is zoned ‘C6 Site A S.4.1.72, C6 Site B S.4.1.72, and (H)C6 Site C S.4.1.72 or, Regional Power Center zones with site and area specific regulations. Per Section 3.3.1 of the By-Law, the unrestricted C6 zone permits regional shopping centre uses, as well as business and professional office (limited), food service establishment, hotel and motel, funeral home, and service and retail commercial uses, to name a few.

The placement and scale of these uses within the subject site are dictated by ‘Site A’, ‘Site B’, and ‘Site C’ distinctions. Per Section 3.3.4(a) of the By-Law, the maximum gross retail commercial floor areas permitted within each of the site distinctions are as follows;

• Site A: 672,000 square feet • Site B: 38,280 square feet • Site C: 0 square feet

In addition, site-specific regulation S.4.1.72 (applicable to Sites A, B, and C) provides for minimum parking stall widths, minimum off- street loading space requirements, and office use restrictions.

Lastly, Site C is also subject to holding zone restrictions. Per Section 2.1.4 of the By-Law, no lands under any zone prefixed “H” shall be used for any building or use except one of the following; farming (limited), market gardening, landscape gardening, and a use permitted within the ‘all zones’ designation (conservation area, forest, etc.).

As at the effective date, the main portion of the subject site (Site A and B in By-Law 150-85) was being farmed, with the northeastern portion (Site C in By-Law 150-85) comprised by forest. This report assumes that the subject site is vacant, graded, and unimproved. The assumed use of the subject site appears to comply with the uses permitted in the By-law; however, written confirmation should be obtained from the planning department. It is beyond the scope of this report to determine if all regulations as set out in the Zoning By-law have been met. A copy of the Zoning Map and excerpts from the Zoning By-law are included in Appendix G.

ANTEC APPRAISAL GROUP INC. 10 NW Corner of Pinebush Road and Struck Court, Cambridge

HIGHEST & BEST USE

EXISTING USE: As at the effective date, the subject property was vacant and unimproved; as such, the current use of the subject is as vacant commercial land.

HIGHEST AND BEST USE: The Highest and Best Use may be defined as:

“That reasonably probable and legal use of vacant land or an improved property which is physically possible, appropriately supported, financially feasible, and that results in the highest value.”

The Highest and Best Use of the subject site, as if vacant, is for commercial development, as permitted in Zoning By-Law 150-85.

As discussed enter Site Details, the topography of the subject site varies significantly. The grade level of the site appears to be highest at Struck Court, tapering downward toward the abutting properties to the east and toward Ontario Highway 401. To bring the subject property to its highest and best use, the site would require significant excavation, fill, and grading. For the purposes of this assignment it is assumed that the site is graded, vacant and available for development.

ANTEC APPRAISAL GROUP INC. 11 NW Corner of Pinebush Road and Struck Court, Cambridge

ESTIMATE OF MARKET VALUE

INTRODUCTION: In the appraisal of the subject property, only the Direct Comparison Approach has been used. As at the effective date, the subject property was vacant and unimproved, rendering the Cost and Income Approaches inapplicable. The Direct Comparison Approach is typically relied upon by buyers, sellers, and agents in the market, and is the most appropriate approach in estimating the current market value of the subject site.

Under the City of Cambridge Official Plan, the northeastern portion of the subject property is designated as ‘Natural Open Space’. Permitted land uses within the Open Space designation are limited to conservation areas, forests, and natural reserves, rendering the Open Space area undevelopable. We have therefore omitted the northeastern portion of the site from the valuation of the subject property. Per aerial imaging, the Open Space lands have an approximate area of 10 acres. The total site area of 35.314 acres has been reduced by the area of the Open Space to determine the developable site area. A developable site area of 25.314 acres has been relied upon in the following value estimate.

In addition, the subject site would require significant excavation, fill, and grading prior to development. The appraiser is not qualified to provide an accurate estimate of the scope nor the cost of the preliminary work required for site development. For the purposes of this report therefore, the subject site has been assumed vacant, graded, and available for development.

ESTIMATE OF VALUE BY DIRECT COMPARISON APPROACH:

The Direct Comparison Approach studies the interaction of buyers and sellers in the market place. This approach has also been traditionally referred to as the comparative approach and involves a process of comparing the subject property in all respects to similar properties. Sales of comparable properties are gathered, analyzed and adjusted to reflect value to the subject. Adjustments are made for differences such as market conditions, size, shape, location, land-use controls. We have analyzed the sales of comparable vacant commercial land in the Cities of Kitchener, Cambridge, and Waterloo. Details of these sales are included in Appendix H.

ANTEC APPRAISAL GROUP INC. 12 NW Corner of Pinebush Road and Struck Court, Cambridge

COMPARABLE VACANT COMMERCIAL LAND SALES

COMPARABLE COMMERCIAL LAND SALES

Reg Date Vendor Size Frontage (ft) Property Price Rate / Acre Zoning Remarks

Instrument Purchaser (acres) Shape Comp Comp

460 Hespeler (C4) Located on west side of Hespeler Rd, the site is currently 01-Dec-16 Diab Investment Holdings Inc. 301 1 Road, $3,700,000 4.01 $923,089 Hespeler improved with a carwash and greenhouse. The WR998889 1752084 Ontario Limited Irregular Cambridge Commercial purchaser plans to sever lot in two for redevelopment.

Located on the east side of Hespeler Rd, just south of 623 Hespeler (C4) 21-Jul-16 SEP Holdings Limited 155 Pinebush Rd. At time of sale, site was improved with 2 Road, $1,750,000 1.95 $897,937 Hespeler WR967636 Knise Vets for Pets Inc. Irregular two small retail buildings which have since been Cambridge Commercial demolished.

Young Men's Christian Located on the west side of Hespeler Rd; the site is 258 Hespeler (C4) 24-Mar-16 Association of Cambridge N/A improved with YMCA employment centre. Purchaser 3 Road, $2,395,000 2.82 $850,646 Hespeler WR942973 2406461 Ontario Limited Rectangular plans to rezone for high-density residential Cambridge Commercial development. Located on the east side of Hespeler Road, just south of 289 Hespeler 18-Dec-15 Leona and William Roe 4.00 350 (C4) Dunbar Road. At time of sale, site was improved with 4 Road, WR927035 $3,500,000 289 Hespeler Road (AJD) Rectangular $875,000 Hespeler old car dealership which has since been torn down for Cambridge Developments Inc. Commercial redevelopment. A small portion at rear (east) is undevelopable, area is adjusted. Located south of the Conestoga Pkway on the west side Industrial and 475 & 485 of King St N. Site is currently improved with the 15-Dec-15 1271395 Ontario Ltd. N/A Commercial 5 King St North, $17,000,000 18.73 $907,639 Waterloo Inn. The site was purchased for high-rise WR926088 Huron Crossing Irregular Three Waterloo residential and commercial re-development by Drewlo Developments Inc. (I6 and C3-25) Holdings. Fischer Located in the NW corner of Huron Rd and Fischer- Medium Hallman Rd 16-Nov-15 1271395 Ontario Ltd. 549 Hallman. Zoning restricts office to 10,000 sqm GFA. 6 $5,472,950 6.00 $911,895 Intensity Mixed- and Huron Rd, WR920090 Huron Crossing Rectangular High exposure with corner influence. Proposed to be Use (MU-2) Kitchener Developments Inc. developed with a retail (furniture) store. Located on the south side of Homer Watson; site 2480 Homer Arterial 06-Aug-15 Vesta Investments (1997) Inc. N/A currently improved with two small retail buildings that 7 Watson Blvd, $4,000,000 4.40 $910,103 Commercial WR898539 1849173 Ontario Inc. Rectangular are a significant under utilization of the site. Purchased Kitchener (C-6) for redevelopment. Low 1.949 $850,646 High 18.730 $923,089 Average 5.986 $896,616

ANTEC APPRAISAL GROUP INC. 13 NW Corner of Pinebush Road and Struck Court, Cambridge

COMPARABLE SALES LOCATION MAP

ANTEC APPRAISAL GROUP INC. 14 NW Corner of Pinebush Road and Struck Court, Cambridge

ANALYSIS AND ADJUSTMENTS: From the included sales, the unadjusted consideration paid per acre ranges from a low of $850,646 per acre to a high of $923,089 per acre, with the average being $896,616 per acre. The following adjustments were made to the land sales which were deemed most comparable.

Market Conditions: The included sales were registered between August 2015 and December 2016, with the effective date of this report being May 9, 2017. Between the date of the earliest registered comparable sale and the effective date of this report there has been some appreciation in the local commercial land market – namely amongst properties with major highway and arterial roadway exposure. Upward time adjustment has been applied to all of the included sales, with more notable adjustment applied to Comparable Sales 4 through 7, being registered in 2015.

Location: Arterial roadway and major highway exposure are principle drivers of commercial land values. Commercial users are generally willing to pay more for properties situated along roadways with relatively large traffic volumes than for otherwise similar properties, be it in form of rent or purchase price. The subject property is located on the northwest corner of Pinebush Road and Struck Court, abutting the Hespeler Road commercial corridor to the east and Ontario Highway 401 to the north.

Comparable Sales 1 through 4 are each situated along the Hespeler Road corridor. Nearness to the corridor would indicate that the per acre values of Comparable Sales 1 through 4 serve as an appropriate proxy for value to the subject. However, the subject property exhibits exposure to Ontario Highway 401, which typically commands a notable premium in the market. Upward locational adjustment has been applied to Comparable Sales 1 through 4.

Comparable Sale 5 is located just south of the Conestoga Parkway on the west side of King Street North, Waterloo. Traffic exposure is likely to be similar to that of the subject; however, the property does exhibit direct major 400 serious highway exposure. Some upward locational / exposure adjustment is required.

ANTEC APPRAISAL GROUP INC. 15 NW Corner of Pinebush Road and Struck Court, Cambridge

Comparable Sales 6 is located on the northwest corner of Fischer- Hallman Road and Huron Road, in the southwestern portion of the City of Kitchener. Like the subject, the property exhibits corner influence; however, the property does not exhibit direct highway exposure. Some upward locational adjustment is required.

Comparable Sale 7 is located on the southern corner of the Homer Watson Boulevard and the Conestoga College Boulevard, just west of Ontario Highway 401. Like the subject, the property exhibits corner influence; however, the property does not exhibit direct highway exposure. Some upward locational adjustment is required.

Land Size Per Reference Plan 67R-2988 and 58R-9460, the site has a developable area of 25.314 acres. It is standard in the market for higher consideration to be paid per acre of small land parcel when compared to relatively large parcels of otherwise similar location and utility. The inverse of this relationship also holds true. All of the included sales represent transactions for sites which are smaller than the subject site, warranting downward adjustment. More considerable downward adjustment has been applied to Comparable Sales 1 through 4, 6, and 7, which are notably smaller than the subject site.

Shape (Development Efficiency) Generally speaking, rectangularly shaped sites are most amiable to development, as irregularities can foster dysfunctional site layouts and unused space. The subject site is somewhat irregular in shape, but exhibits no notable shape abnormalities which would inhibit the development capacity or utility of the site. Comparable Sales 1, 2, and 5 are shaped irregularly, warranting some upward adjustment.

Municipal Services: The subject property, and each of the included sales are serviced with municipal water, sanitary, and storm water septic services. No adjustment is required.

Zoning Zoning for a property may restrict the permitted uses for the site. The subject property is zoned for regional power centre development. The included comparable sales are generally zoned for Arterial Commercial, Industrial/Commercial, or Mixed-Use.

ANTEC APPRAISAL GROUP INC. 16 NW Corner of Pinebush Road and Struck Court, Cambridge

These included zones would permit similar uses to the subject, but to a lesser scale. That said, zoning by-laws are more likely to be amended or varied within corridor locations, such as Hespeler Road and King Street North, to accommodate surrounding intensification. For the purposes of this assignment, the zoning controls of the comparable sales have been deemed similar to that of the subject; some adjustments have been applied accordingly.

ADDITIONAL CONSIDERATIONS: Comparable Sales 1 through 5, and 7 were improved at the time of sale. We have facilitated discussions with parties related to the included transactions, whom have verified that the consideration paid for each respective property is attributable only to land, and none to interim uses. As at the effective date, each of the included sales were in the process of redevelopment, or were subject to redevelopment plans.

This report assumes that the subject site, as well as each of the comparable sales are vacant, graded, and available for development. The value estimate contained herein refers only to raw land value; any and all buildings and site improvements (if applicable) have been omitted from the value estimate.

ANTEC APPRAISAL GROUP INC. 17 NW Corner of Pinebush Road and Struck Court, Cambridge

DIRECT COMPARISON SUMMARY: Based on the above analysis and following the necessary adjustments, it is therefore our opinion that the market value estimate of the subject, as indicated by the Direct Comparison Approach to Value, as at May 9, 2017, is as follows.

Size Rate per Value (Acres) Acre 25.314 $945,000 $23,922,181 25.314 $950,000 $24,048,753 25.314 $955,000 $24,175,326

Rounded to: $24,050,000 ($950,049 per developable acre)

Subject to the following assumptions and limiting conditions: • That the subject site is vacant, graded, and available for development at the effective date of this report. • That the subject site is free and clear of any and all environmental contamination.

ANTEC APPRAISAL GROUP INC. 18 NW Corner of Pinebush Road and Struck Court, Cambridge

CERTIFICATION

Based upon the data, analysis and conclusions contained herein, the current market value of the interest in the property described as the Northwest Corner of Pinebush Road and Struck Court, Cambridge, Ontario as at May 9, 2017, is:

$24,050,000 ($950,049 per developable acre)

Subject to the following assumptions and limiting conditions: • That the subject site is vacant, graded, and available for development at the effective date of this report. • That the subject site is free and clear of any and all environmental contamination.

1. To the best of my knowledge and belief the statements of fact contained in this report are true and correct.

2. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions and conclusions.

3. I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved.

4. My compensation is not contingent upon the reporting of a predetermined value or direction in value that favours the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event.

5. My analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the “Canadian Uniform Standards of Professional Appraisal Practice” of the Appraisal Institute of Canada.

6. No professional assistance was provided to the person signing this report.

7. As of the date of this report, the undersigned has fulfilled the requirements of the Appraisal Institute of Canada Continuing Professional Development Program for designated members.

8. I have the knowledge and experience to complete the assignment competently.

9. I made a personal inspection of the property that is the subject of this report, on May 9, 2017

…………………………………. David deVries, BA, AACI, P.App Dated: May 11, 2017 ANTEC APPRAISAL GROUP INC. 19 NW Corner of Pinebush Road and Struck Court, Cambridge

ASSUMPTIONS AND LIMITING CONDITIONS

RELIABILITY

This report was prepared by Mr. David deVries of Antec Appraisal Group Inc. at the request of City of Cambridge, for the purpose of estimating market value. The market value in it reflects Mr. deVries’ best judgment in light of the information available to him at the time of preparation. It is not reasonable for any other person or corporation other than City of Cambridge, to rely upon this appraisal. Any use which a third party makes of this report, or any reliance on or decision to be made based on it, are the responsibility of such third parties. Mr. David deVries and Antec Appraisal Group Inc. accept no responsibility for damages, if any, suffered by any third party as a result of decisions made or actions based upon this report.

RIGHT OF PUBLICATION

Neither possession of this report nor a copy of it carries with it the right of publication. All copyright is reserved to the author and is considered confidential by the author and his client. It shall not be disclosed, quoted from or referred to, in whole or in part, or published in any manner, without the express written consent of the appraiser. This is subject only to confidential review by the Appraisal Institute of Canada as provided in the Ethics Standard of the Canadian Uniform Standards of Professional Appraisal Practice.

LEGAL ASPECTS

While expert in appraisal matters, the author is not qualified and does not purport to give legal advice. It is assumed that:

▪ the legal description as set out herein is correct; ▪ title to the property is good and marketable; ▪ there are no encroachments, encumbrances, restrictions, leases or covenants that would in any way affect the valuation, except as expressly noted herein; ▪ the existing use is a legally conforming use which may be continued by any purchaser from the existing owner; and ▪ rights of way, easements, or encroachments over other real property and leases or other covenants noted herein are legally enforceable.

ANTEC APPRAISAL GROUP INC. 20 NW Corner of Pinebush Road and Struck Court, Cambridge

Because these assumptions have been made, no investigation, legal or otherwise, has been undertaken that would verify these assumptions, except as expressly noted herein. It is assumed that title to the property is good and marketable and there are no encumbrances which cannot be cleared through the regular processes. The appraiser cannot accept any responsibility for matters which are of a legal nature, nor is any opinion on the title of the property rendered herewith.

SURVEYS AND DRAWINGS

The author is not a qualified surveyor and no legal survey or site plan concerning the subject has been provided. Other sketches, drawings, diagrams, photographs, etc., are presented in this report for the limited purpose of illustration and are not to be relied upon in themselves.

ENVIRONMENTAL

The appraiser has no knowledge of the existence of hazardous substances, and is not qualified to comment on environmental issues that may affect the market value of the property appraised including without limitation toxic wastes, polychlorinated biphenyls, petroleum leakage, agricultural chemicals, radon gas, pollution or contamination of land, buildings, water, groundwater or air, which may be present on or in the property, or other environmental conditions.

Unless expressly stated, the property is assumed to be free and clear of pollutants and contaminants, including but not limited to moulds or mildews or the conditions that might give rise to either, and is in compliance with all regulatory environmental requirements, government or otherwise, and is free of any environmental condition, past, present or future, that might affect the market value of the property appraised. If the party relying on this report requires information about environmental issues then that party is cautioned to retain an expert qualified in such issues. We expressly deny any legal liability relating to the effect of environmental issues on the market value of the property appraised.

MUNICIPAL DATA

No investigation has been undertaken with the local zoning office, the fire department, the building inspection, the health department, the municipal tax department or any other government regulatory agency unless such investigations are expressly represented to have been made in this report. The subject property must comply with

ANTEC APPRAISAL GROUP INC. 21 NW Corner of Pinebush Road and Struck Court, Cambridge such government regulations and, if it does not comply, its non-compliance may affect market value. To be certain of compliance, further investigations may be necessary.

ARCHAEOLOGICAL

It is assumed for the purpose of this appraisal that there is no archaeological significance to the subject property and that there are no costs or delays in relation to archaeological investigations or matters.

NATIVE CLAIMS

It is assumed that there are no First Nations Claims to the property.

MARKET DATA

Market data has been obtained, in part, from documents at the Land Registry office, or as reported by the Real Estate Board. As well as using such documented and generally reliable evidence of market transactions, it was necessary to rely on hearsay evidence. Except as noted herein, a reasonable attempt has been made to verify all such information.

MARKET CONDITIONS

Because market conditions, including economic, social and political factors, change rapidly and, on occasion, without warning, the market value expressed as of the date of this appraisal cannot be relied upon to estimate the market value as of any other date except with further advice of the appraiser.

COMPENSATION

The compensation for services rendered in this report does not include a fee for court preparation or court appearance, which must be negotiated separately. However, neither this nor any other of these limiting conditions is an attempt to limit the use that might be made of this report should it properly become evidence in a judicial proceeding. In such a case, it is acknowledged that it is the judicial body which will decide the use of the report which best serves the administration of justice.

ANTEC APPRAISAL GROUP INC. 22 NW Corner of Pinebush Road and Struck Court, Cambridge

ENGINEERING AND CONSTRUCTION

The author is not qualified to give engineering advice. It is assumed that there are no patent or latent defects in the subject improvements. The physical condition of any improvements described herein was based on visual inspection only. It is not possible for practical reasons to inspect those parts of the building which are inaccessible or covered; therefore, no opinion can be expressed as to the physical condition of these areas. Electrical, heating, cooling, plumbing, sewer and/or septic system, mechanical equipment and water supply were not specifically tested, but were assumed to be in good working order, and adequate, unless otherwise specified. No liability is assumed for the soundness of structural members, since no engineering tests were made of same. The roof of structures described herein is assumed to be in good repair unless otherwise noted. The existence of potentially hazardous material used in the construction or maintenance of the building or deposited, such as urea formaldehyde foam insulation and/or asbestos insulation, which may or may not be present in the property, has not been considered. The appraiser is not qualified to detect such substances and suggests the client seek an expert opinion, if desired.

FIRE AND SMOKE DETECTION

It is imperative that the reader or any other interested party be aware that the appraiser did not inspect the premises for fire detection or smoke detection systems, or for the presence of carbon monoxide detectors, nor did the appraiser inspect the condition of such equipment, if present. The appraiser takes no responsibility whatsoever for the lack of, or condition of, detection devices which may be located on the premises, nor does the appraiser warrant compliance in any manner of such equipment, if present.

FINANCING

The reader should be aware that when preparing an appraisal for financing purposes, appraisers do not investigate if the prospective loan and applicant satisfy prudent loan underwriting criteria. Consequently, we assume no responsibility for losses on loans involving our appraisal efforts that result from the lender’s failure to do proper due diligence regarding creditworthiness of the borrower or their ability to service or repay the loan.

VALIDITY

This report is only valid if it bears the original signature of the author.

ANTEC APPRAISAL GROUP INC. 23 NW Corner of Pinebush Road and Struck Court, Cambridge

ADDENDUM

Appendix A Corporate Curriculum Vitae Appendix B Definitions of Appraisal Terms and Explanations Appendix C BDC Newsletter, April 2017 Appendix D Geowarehouse Record Appendix E MPAC Report and 2016 City of Cambridge Tax Rates Appendix F Official Plan Land Use Map Appendix G Zoning Map and excerpts from the Zoning By-Law Appendix H Details of Comparable Sales

ANTEC APPRAISAL GROUP INC.

APPENDIX A

CORPORATE C.V. ANTEC APPRAISAL GROUP INC.

I. BACKGROUND AND OVERVIEW

With offices in Burlington, Durham, Hamilton, Toronto and Waterloo, Antec Appraisal Group is a leader in real estate valuation and consulting services. Servicing the areas of the GTA, South, Central and Eastern Ontario, we deliver a broad range of valuation, consulting and property tax services to our clients.

Antec Appraisal Group has a professional staff of nine Accredited Appraisers of the Canadian Institute (AACI); three Canadian Residential Appraisers (CRA), twelve Candidate Member Appraisers, and support staff. We offer many years of combined experience, providing our valued clients with real estate appraisals and consulting services for all property types: residential, commercial, industrial, investment and development land in our coverage area.

In addition, we offer various extensive consulting services which require valuation and analyses of property interests; appearances before courts, boards, and tribunals to provide expert testimony in order to settle compensation or damage claims; consulting services in relation to site assemblies, transfers, trades, and sales; valuations, analyses and compensation studies required to satisfactorily resolve issues arising from the extension or widening of highway projects, the acquisition of facilities and/or sites, and urban renewal projects.

II. REAL ESTATE SERVICES Antec Appraisal Group offers a wide range of consulting services to meet the needs of our diverse clientele. Over the years we have been recognized by the level of professional support provided/extended to our many client groups.

The Business Community Real property valuations, reviews, analyses and recommendations to realize the greatest possible benefit from corporate real estate assets;

Financial Institutions Real property valuations, reviews, analyses and recommendations that will assist lenders in their mortgage underwriting;

The Residential Market Providing quick, effective response to requests for appraisals to confirm lending levels, insurance requirements or to support buy/sell decisions;

The Legal Profession Assisting counsel with comprehensive property analysis and reports, backed by expert testimony, if required;

The Development Sector Professional assistance that covers all aspects of the development process from feasibility and land use studies to marketing and confidential brokerage services;

Trustees, Receivers, Accountants Valuation analysis to assist in marketing decisions, financial restructuring, estate planning, and tax planning;

Government Agencies Valuation reports and feasibility studies necessary for the responsible and effective management of public property; valuations to assist in the acquisition/disposition process including full buyouts or partial property requirements;

Private Institutions Carrying out property utilization studies for insurance damage claims, acquisition or disposition strategies;

Agricultural & Rural Community Valuations as they affect working farms, hobby farms and rural residences for capital gains calculations, development potential, or rezoning considerations.

III. THE PROFESSIONAL TEAM

ANTEC APPRAISAL GROUP INC.

Burlington Office Hamilton Office Toronto Office Waterloo Office East Office (Durham)

Kevin Antonides, AACI Eugene Catania, CRA Gus Dal Colle, AACI, David deVries, AACI Brett Puckrin, AACI Managing Partner Managing Partner Managing Partner Managing Partner Managing Partner

Nathan Stienstra, AACI Vonny Gunawan, CRA Scott Stamford, Appraiser David Castle Shanna James, AACI Appraiser Appraiser Managing Partner Candidate Member, AIC Managing Partner

Janine Haanstra, AACI Archie Aravinthan, AACI Rebecca Woudstra Wendy Evelyn Appraiser Appraiser Candidate Member, AIC CRA

Carolyn Grift Jonathan Kowalski Wesley Vandolder Jenika McLean, AACI Candidate Member, AIC Candidate Member, AIC Candidate Member, AIC Appraiser

Bruno Iacurti Ted Guo Sheena Christie Candidate Member, AIC Candidate Member, AIC Candidate Member, AIC

Steve Hall Cindy Morey Candidate Member, AIC Candidate Member, AIC

Chris Rennie Candidate Member, AIC

Rachelle McLean Candidate Member, AIC

Research & Administrative Team

Dina Schuurman Christine Wainwright Cynthia Avila Rachel deBruin Elena McGill Office Manager Administrative Assistant Administrative Assistant Research Associate Office Administrator

Rosemary Gringhuis Chantelle DeWeerd Peg VanderMeer Tina Terescsik Tanya Latreille Bookkeeper Office/Research Associate Project Manager Research/Admin Assistant Office Administrator

Ian Durfey Madeline Bremer Research Assistant Research Assistant

IV. OFFICES

Antec Appraisal Group - Burlington Antec Appraisal Group - Toronto

1022 Waterdown Road, Burlington, ON L7T 1N3 4550 Highway 7 - Suite 225, Woodbridge, ON L4L 4Y7 T: (905) 777-1225 E: [email protected] T: (647) 427-4114 E: [email protected]

Kevin Antonides, B.E.S., AACI, PLE, R/W-AC Gus Dal Colle, AACI, MRICS, PLE - ext. 302 [email protected] ext. 106 [email protected]

Nathan Stienstra, B.B.A., AACI, P. APP - ext. 103 Scott Stamford, Managing Partner - ext. 301 [email protected] [email protected]

Janine Haanstra, B.A., AACI - ext. 120 Archie Aravinthan, MBA, AACI - ext 307 [email protected] [email protected]

Carolyn Grift, Candidate Member - ext. 123 Jonathan Kowalski, Candidate Member - ext. 303 [email protected] [email protected]

Bruno Iacurti, B.A., Candidate Member - ext. 122 [email protected] Antec Appraisal Group - Hamilton Steve Hall, Candidate Member - ext. 124 [email protected] 88 John Street South, Hamilton, ON L8N 2E4 T: (905) 777-1225 E: [email protected]

Antec Appraisal Group East Eugene Catania, CRA - ext. 107 [email protected]

170 Water Street, Port Perry, ON L9L 1C4 Vonny Gunawan, CRA - ext. 101 T: (905) 985-6291 E: [email protected] [email protected]

Brett Puckrin, AACI, P.App, PLE - ext. 500 [email protected] Antec Appraisal Group - Waterloo

Shanna James, B.Comm AACI, P.App, PLE - ext. 503 151 Frobisher Drive - 208B, Waterloo, ON N2V 2C9 [email protected] T: (519) 342-3056 E: [email protected]

Wendy Evelyn, CRA - ext. 506 David deVries BA, AACI, P.APP - ext. 401 [email protected] [email protected]

Jenika McLean, AACI - ext 509 David Castle, Candidate Member - ext. 403 [email protected] [email protected]

Sheena Christie, Candidate Member - ext. 504 Rebecca Woudstra, Candidate Member - ext. 402 [email protected] [email protected] Wesley Vandolder, Candidate Member - ext. 405 Chris Rennie , Candidate Member - ext 510 [email protected] [email protected]

Cindy Morey, Candidate Member - ext. 507 [email protected]

Rachelle McLean, Candidate Member - ext 511 [email protected]

V. PARTIAL CLIENT LIST

FINANCIAL INSTITUTIONS

AGF Trust Invis Bank Alterna Savings Laurentian Bank Bank of Montreal Manulife Financial Bank of China MCAP Business Development Bank Meridian Credit Union Canada ICI Mortgage Services Montrose Mortgage Corporation Central One Credit Union Mortgage Intelligence CIBC Mortgage Architects CIT Financial National Bank of Canada Citizens Bank OMAC CMSI Pacific & Western Bank Community Trust Penmore Mortgage Capital Cooperators Trust Peoples Trust Effort Trust Royal Bank of Canada Equitable Trust Scotiabank First National Financial Sunlife Financial First Ontario Credit Union TD Canada Trust GE Teachers Credit Union Hald-Nor Credit Union Verico One Mortgage Home Trust Your Neighbourhood Credit Union HSBC

LEGAL / ACCOUNTING FIRMS

Aird and Berlis Michael L. Fowler BDO Dunwoody Limited Miller Thomson Cassels Brock Osler Hoskin Harcourt Chaitons Pettinelli Mastroluisi Fogler Rubinoff LLP Ross McBride George Smith Rueter Scargall Bennett, LLP Gowlings Scarfone Hawkins Haber Associates Simpson Wigle Heenan Blaikie Stewart Title Josef Neubauer Sullivan-Mahoney KPMG Taylor Leibow Lenczner Slaght Vine Group Mac Gillivray (Grant Thorton) Weir Foulds McCarthy Tetrault Zuly & Zuly

GOVERNMENT AGENCIES / INSTITUTIONS

Agency of Co-Operative Housing City of Brampton Bay Area Health Trust City of Brantford Bruce Trail Conservancy City of Burlington Canadian Nuclear Laboratories City of Hamilton

______

GOVERNMENT AGENCIES / INSTITUTIONS (continued)

City of Cambridge Public Works & Government Services Canada City of Kawartha Lakes Region of Halton City of Woodstock Region of Niagara City of Oshawa Region of Peel City of Pickering Region of Waterloo CMHC Region of York County of Norfolk Region of Durham County of Oxford Town of Ajax Durham District School Board Town of Grimsby Environment Canada Town of Oakville Hamilton Health Sciences Town of Lincoln Hydro One Town of Whitby Infrastructure Ontario Town of Bradford/ McMaster University West Gwillimbury Mohawk Collage Township of Brock Metrolinx (GO Transit) Township of Scugog Ministry of Transportation Township of Uxbridge Municipality of Clarington University of Waterloo Nature Conservancy Wilfred Laurier University

DEVELOPMENT GROUPS / OTHER

Agellan Capital Kylemore Communities Armel Corporation Landmart Homes Avis Budget Group Losani Homes Bazil Developments Mantella Corporation Blair Blanchard Stapleton Mattamy Homes C & H Properties (Rexall) Melloul Blamey / HIP Developments Canadian Tire Real Estate Molinaro Group CanFirst Capital Montana Group of Companies CBS Corporation Multani Homes CNR New Horizon Homes CPR Pinvest Homes CREIT Pizza Hut Dunsire Developments Inc Pizza Pizza EastForest Homes Redcliff Emshih Developments Shell Canada Fengate Shoppers Drug Mart First Gulf Development Corporation Skyline Reit Flato Developments TDL Group Forum Equity Partners Union Gas Fusion Homes Warren Sinclair Homes G & L Group Zentil Group of Companies Ian Cook Construction / Cook Homes ZZEN Group of Companies King Sturge, LLP

APPENDIX B

DEFINITION OF MARKET VALUE "Market Value" is defined as the "most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming that the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing the title from seller to buyer under conditions whereby: 1) buyer and seller are typically motivated; 2) both parties are well informed or well advised, and acting in what they consider their best interests; 3) a reasonable time is allowed for exposure in the open market; 4) payment is made in terms of cash in Canadian Dollars or in terms of financial arrangements comparable thereto; and 5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales or concessions granted by anyone associated with the sale."

MARKET VALUE – EXPROPRIATIONS ACT Market Value is also defined by the Expropriation’s Act R.S.O. 1990 as follows: 14(1) (1) The term “Market Value” of land expropriated is defined as the amount that the land might be expected to realize if sold in the open market by a willing seller and a willing buyer. (2) Where the land expropriated is devoted to a purpose for such nature that there is no general demand or market for land for that purpose, and the owner genuinely intends to relocate in similar premises, the market value shall be deemed to be the reasonable cost of equivalent reinstatement. (3) Where only part of the land of an owner is taken and such part is of a size, shape or nature for which there is no general demand or market, the market value and the injurious affection caused by the taking may be determined by determining the market value of the whole of the owner’s land and deducting therefrom the market value of the owner’s land after the taking. (4) In determining the market value of land, no account shall be taken of, (a) the special use to which the expropriating authority will put the land; (b) any increase or decrease in the value of the land resulting from the development in respect of which the expropriation is made or from any expropriation or imminent prospect of expropriation; or (c) any increase in the value of the land resulting from the land being put to use that could be retrained by a court or is contrary to law or is

detrimental to the health of the occupants of the land or to the public health. Market Value, as estimated in this report, reflects cash and/or terms or financial arrangements equivalent to cash.

VALUE-IN-CONTRIBUTION The amount that the property/easement to be conveyed (a) contributes to / detracts from the market value of the subject property and (b) contributes to the market value of the applicant’s property / ownership, (including savings in development costs / enhanced development, if applicable).

OTHER TYPES OF VALUES Other types of value are also considered in real estate: use value, investment value, going-concern value, insurable value, and assessed value. Use Value focuses on the real estate’s contributory value to the enterprise of which it is a part, without regard to the property’s Highest and Best Use. (Limited-market properties may be appraised for market value based on their current use or most likely alternative use.) Investment Value is the value of an investment to a particular investor, based on his or her investment requirements. Going-Concern Value is the value created by a proven property operation in which the physical real estate assets are an integral part of an ongoing business. Insurable Value is the portion of value that is covered by casualty insurance. Assessed Value refers to the property’s value for property tax purposes, according to the requirements of the relevant provincial act.

EFFECTIVE DATE OF VALUE OPINION A current value opinion refers to an effective date that is contemporaneous with the date of the report, or a date that is within a reasonable period of the date of inspection. A retrospective value opinion refers to an effective date that is prior to the date of the report. Since the client has requested a retrospective value, the appraiser will gather and analyze market date pertinent to the retrospective date. A prospective value opinion refers to an effective date following the date of the report. The prospective value opinion is intended to reflect the current perceptions of market participants as to the future. The appraisal is made in accordance to conditions pertaining at the date of the inspection. It is assumed that no significant changes in economic / real estate conditions would occur between now and the estimated effective date of this report that would have any impact on value therefore the appraiser is not responsible for unforeseeable events that alter market conditions prior to the effective date.

PROPERTY RIGHTS APPRAISED Fee Simple can be defined as the highest form of real property ownership, an absolute fee without limitations to a particular class of heirs; however, subject to the restriction of eminent domain, escheat, police power and taxation. The Leased Fee estate or interest is similar to the Fee Simple Estate in that title belongs to the landlord, but some of the Bundle of Rights, including the right of use and occupancy, have been conveyed to others by a lease for a definite period of time. A Condominium, or Strata Title, is a form of fee ownership of spate units or portions of multi-unit buildings that provides for formal filing and recording of a divided interest in real property. A condominium unit is a separate ownership, and title is held by an individual owner. The unit may be separately leased, sold or mortgaged. A condominium owner also has title to a partial interest in the total project, whether it is a residential or commercial property. The owner possesses a three-dimensional space within the outer walls, roof or ceiling, and floors and, along with other owners, has an undivided interest in common areas; e.g., the land, the public portions of the building, the foundation, the outer walls and the spaces provided for parking and recreation. The owners of units in a condominium project usually form an association to manage commonly held real estate in accordance with adopted by-laws that are based on the minimum requirements of provincial legislation. The expenses of management and maintenance are divided pro rata among the owners, who pay a monthly fee.

REASONABLE EXPOSURE TIME Exposure time precedes the effective date of the appraisal. It may be defined as: The estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. This estimate is based upon an analysis of past events assuming a competitive and open market. The estimated time may be expressed as a range and can be based on one or more of the following: • Statistical information about days on market; • Information gathered through sales verification; and • Interviews of market participants The reasonable exposure period is a function of price, time and use, not an isolated estimate of time alone. Exposure time is different from various types of real estate and under various market conditions.

ASSESSMENT & TAXES The Provincial Government, through the Ministry of Revenue, Assessment Division, has the authority to administer and establish the assessed value of all properties in

Ontario. All municipalities in the Province are now assessed on a “Current Value” basis with a valuation date of June 30, 2005. The amount of realty taxes levied against a property is calculated using the assessment, multiplied by the locally established appropriate tax rate (Residential, Multi-Residential, Commercial or Industrial): $ Assessment X Tax rate = Property Taxes Assessment Data has been included for information purposes only and is not to be construed as indicative of the property’s market value.

OFFICIAL PLAN The Official Plan is defined in the Planning Act as follows: “A document approved by the Minister of Municipal Affairs and Housing, containing objectives and policies established primarily to provide guidance for the physical development of a municipality while having regard to relevant social, economic and environmental matters.” The Purpose of the Official Plan is to provide a formally adopted text of public policies and standards as guidelines for the future development of the community. It is a projection of anticipated growth and planning needs. The Official Plan consists of the texts and maps describing such programs and policies, approved by the Minister of Municipal Affairs from time to time as provided in The Planning Act. Requirements change from year to year and it is often necessary for the municipality to reassess the relevance of their plan to the supply and demand situation. There is, therefore, provision for amendments to the Official Plan, where reasonable grounds exist. The Official Plan does not directly regulate the use of private lands and therefore must be supported by Zoning By-Laws. The Zoning By-Laws implement the policies established by the Official Plan.

ZONING While the Official Plan sets out the framework for future change and development, Zoning By-Laws put such plans into effect and provide for the day-to-day administration of planning. A Zoning By-Law defines what can take place on an area of land and how structures are to be located on a property. Restrictions on use are designed to separate incompatible uses, for instance, prohibiting factories in residential areas. In Zoning By-Laws, zone regulations normally include: The height, floor area and location of any building or structure, the floor area ratio, the size, frontage and depth of the lot on which the buildings or structures are located, the

front, side and rear yards on such lots, the maximum coverage and the number and location of off-street parking spaces.

HIGHEST AND BEST USE Real estate is valued in terms of its Highest and Best Use. Highest and Best Use is defined as: The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the Highest and Best Use must meet are legal permissibility, physical possibility, financial feasibility, and maximum profitability. Source: The Dictionary of Real Estate Appraisal Third Edition, 1993 Appraisal Institute

To properly analyze Highest and Best Use, two determinations must be made. First, the Highest and Best development of the site as though vacant and available for use is made. Second, the Highest and Best Use of the property as improved is analyzed and estimated. The Highest and Best Use of both the land as though vacant and the property as improved must meet four criteria: physically possible, legally permissible, financially feasible, and maximally productive. Of the uses that satisfy the first three tests, the use that produces the highest price or value consistent with the rate of return warranted by the market is the maximally productive use.

The four criteria that the Highest and Best Use must meet are:

LEGALLY PERMISSIBLE In determining the Highest and Best Use of a property, it is important for the appraiser to ascertain the range of uses that are legally permissible. In cases where modifications to Zoning By-law and Official Plan designations are likely, these uses should also be considered. Consideration should also be given to public planning initiatives and economic and political conditions that affect planning decisions. These considerations will assist the appraiser in determining whether amendments to official plan and/or zoning designations are likely.

PHYSICALLY POSSIBLE The proposed use for a site cannot be considered its Highest and Best Use unless that use is physically and functionally possible and adaptable to the characteristics of the site. The size, shape, area, topography and soil conditions may affect the potential uses that can be developed. The physical possibility of development for the Subject also reasonably expects that development can occur without additional costs above those of a typical vacant site. In cases where there are unusual costs associated with

development (e.g. soil clean, demolition, external costs, etc.) these costs should be deducted from market value.

FINANCIALLY FEASIBLE The estimate of market value is based on the market demand for properties similar to that of the subject, expecting that the purchasers have rationalized a positive financial benefit or utility for the basis of an acquisition. There is strong evidence in the market for acquisitions, as outlined in the valuation section of the report.

MAXIMALLY PRODUCTIVE A use cannot be considered a site's Highest and Best Use unless its anticipated earnings ability is sufficient to generate a reasonable return on costs of acquisition and development. This aspect of Highest and Best Use inherently involves a cost benefit analysis whereby the use that generates the highest profit or greatest return logically represents the Highest and Best Use.

APPENDIX C

Articles and tools Entrepreneur's toolkit Publications Monthly Economic Letter

Exports: Driver of SME growth and profits This article is from our Monthly Economic Letter. Also in this issue:

Canada's outlook United States' outlook Indicators at a glance

Many studies have examined the performance of exporting businesses. In general, such firms are more productive, which enables them to pay higher wages and to generate bigger profits than their competitors that focus entirely on the domestic market.1

On the other hand, less is known about SMEs’ export strategies. Consequently, it is difficult to determine what makes them successful abroad. To fill that gap, BDC has carried out a survey based on a broad, representative sample of Canadian businesses.2 The questions explored the strategies used to penetrate new markets, the importance of those strategies to successful export activities, and the degree of priority that management attached to growth, risk-taking and other factors.

Developing business contacts in the target markets is perceived as being essential to success

Before conducting the survey, we interviewed a dozen or so successful small and mid-sized exporters on how they approached foreign markets. Based on those interviews, six effective strategies were identified:

1. Conduct market research.

2. Travel to target markets.

3. Attend trade shows.

4. Develop business contacts in target markets.

5. Observe the foreign competition. 6. Assess the foreign competition.

When questioned about the relative importance of each of these six strategies, 83% of respondents said that developing business contacts in foreign countries is critical. By contrast, less than two-thirds of those surveyed felt that strongly about the effectiveness of the other five strategies.

Top predictor of solid export growth: Assessing the foreign competition

To examine whether strategies that exporters believe are critical to success—especially business contacts and market research—are those most closely related to strong international sales performance, the author of the study used a statistical model.3

The results of the statistical analysis show that, whatever the size of the business, or the industry or region it operates in, one of the six strategies—namely, assessing the foreign competition—consistently outshines the others. For instance, according to the model, firms that evaluate their competitors before entering a foreign market have 171% higher odds of enjoying high sales growth than those that do not. Having said that, all six strategies are associated with above-average performance, taking into account business size and industry.

Three keys to success

In addition to the six export strategies mentioned earlier, a number of other factors that could potentially predict SMEs’ success abroad were added to the statistical model:

• willingness to take risks

• management that views exporting as vital to the overall success of the business

• adaptation or customization of products and services to local markets

• hiring at least one person to work exclusively on developing the export side of the business

• growth ambition

• legal and regulatory obstacles in foreign markets

• the business owner’s age and level of education.

Our statistical analysis shows that three factors, more than any others, are linked to strong export performance:

1. viewing exports as vital to the business’s overall success

2. assessing foreign competition

3. hiring at least one employee to work exclusively in international sales

Firms that exhibit these three success factors tend to achieve significantly better results, in terms of both export growth and profit growth. They also have a more optimistic outlook for the year ahead, as far as profits are concerned. For instance, 42% of respondents that have adopted all three of the above “export essentials” have enjoyed average annual growth of 20% or more over the past three years. Among firms that put just one or two of these factors into practice, a mere 18% have seen growth at such a level, and that figure drops to 7% for firms that have not applied any of these factors (graph).

Enlarge the graphic

Conclusion

A great number of small and mid-sized exporters consider that developing business contacts in the target country is the key factor for achieving success in international markets. BDC’s analysis suggests that this strategy, like the five others identified by successful exporters, is indeed useful. However, the study revealed that other factors are better predictors of solid export growth, and that the most successful SME exporters have three characteristics in common:

• They see exporting as critical to overall success.

• They lay the groundwork by assessing the competition.

• They assign at least one person to support their export efforts, full-time.

This BDC study shows that these three success factors apply to all SMEs, regardless of the size of the firm, the industry in which it operates or the export strategies it chooses to implement.

1. This article summarizes the BDC study entitled “Exports: A Key Driver of SME Growth and Profits” published on April 10, 2017. 2. The survey comprises 735 firms, of which 80% have fewer than 50 employees and 80% have annual revenues of less than $10 million. They represent five of the most export-intensive sectors in Canada, i.e. manufacturing (33%), professional, scientific and technical services (22%), transportation and warehousing (18%), wholesale trade (15%) and information and communications technology (1%). 3. The model in question is a logistic regression model. For more details, see the study, page 22. Articles and tools Entrepreneur's toolkit Publications Monthly Economic Letter

Canada's outlook This article is from our Monthly Economic Letter. Also in this issue:

United States' outlook Indicators at a glance

Vigorous gross domestic product growth

Real gross domestic product (GDP) grew by 0.6% in January, marking a good start to the year. Most sectors contributed to this robust growth, but manufacturing comes out on top (graph). Apart from the paper industry, all the major manufacturing sectors reported higher output in January. As for the mining and oil and gas extraction sector, it more than made up for the ground that was lost in December. Among the service sectors, it was wholesale trade that made the greatest contribution to growth, recording its largest monthly change since July 2013. The majority of the wholesale sectors posted increases, but it was wholesalers of motor vehicles and parts that recorded the biggest gain. With the exception of a 0.2% downturn in October, real GDP has expanded every month since June 2016. Keep in mind that Enlarge the graphic economic growth in 2016 was 1.4%, and that forecasters are anticipating acceleration to 2.1% in 2017.

Job creation continues

Although just 19,400 jobs were added to the labour market in March, this comes on the heels of three straight months of job growth. As for the unemployment rate, it edged up slightly, from 6.6% in February to 6.7% in March, due to a slight increase in the labour force participation rate (from 65.8% to 65.9%). However, it is still low from a historical perspective (see graph). Looking at the regions, employment was up in Alberta, Nova Scotia and Manitoba, down in Saskatchewan, and stable in the other Enlarge the graphic provinces. In March, there were more jobs in the following sectors: manufacturing, business, building and other support services, wholesale and retail trade and information, culture and recreation. Conversely, employment contracted in education, transportation and warehousing, “other services” and public administration.

Exports decline

After three straight months of surpluses, Canada’s merchandise trade balance recorded a deficit in February. Exports fell by 2.4% (with contractions observed in eight of the eleven sectors), while imports rose by 0.6%, mainly due to an increase in equipment repairs and merchandise returned to the country of origin, as well as motor vehicles and parts.

Enlarge the graphic

Consumer confidence is heading up

The Conference Board Consumer Confidence Index, which jumped by 9 points in February, gained another point in March, reaching 111.7 (graph). This is its highest point since January 2010. Canadian households were less positive about their financial situation in March, but more optimistic abut their future financial situation, short-term job outlooks and favourable conditions for a major purchase, such as a home or a car. However, regional differences persist. In Alberta, for example, Enlarge the graphic despite strong gains in recent months, consumer confidence is still well below the level it reached prior to the slump in crude oil prices. Articles and tools Entrepreneur's toolkit Publications Monthly Economic Letter

United States' outlook This article is from our Monthly Economic Letter. Also in this issue:

Canada's outlook Indicators at a glance

Unemployment keeps dropping, wages keep rising

After gains of over 200,000 jobs in January and February, there were just 98,000 net new hires in March. This is the weakest job creation since May 2016; however, it is not surprising, given the solid growth that was recorded in the first two months of the year. Still, the unemployment rate fell from 4.7% to 4.5%, its lowest point since May 2007. Hourly wages rose by 0.2% in March after a gain of 0.3% in February.

Enlarge the graphic

Housing starts head up, while home sales lose ground

Housing starts rose by 3.0% in February compared with the previous month, and by 6.2% from a year ago. The trend according to the six-month moving average is still on an upwards path, thanks to starts of single-family homes. As for multiple-unit projects, they declined in February and their trend has been stagnating for several months. In the resale market, sales dropped by 3.7% in February, month over month; however, they are still 5.4% higher than where they stood twelve months earlier. The number of months of inventory on the market increased slightly in Enlarge the graphic March, but at 3.8 it is still low from a historical perspective (graph). According to the National Association of Realtors in the United States, the limited supply of properties is pushing prices up and curbing sales. Retail sales growth decelerates

Retail sales ticked up by 0.1% in February, after gaining 0.6% in January. If we exclude motor vehicles and parts, and gasoline, retail sales rose by 0.2% in February after expanding by 1.1% in the previous month (graph). These numbers herald moderate growth in household consumer spending in the first quarter of 2017. The sound job market should lead to acceleration in consumer spending over the course of the year.

Enlarge the graphic Articles and tools Entrepreneur's toolkit Publications Monthly Economic Letter

Indicators at a glance

This article is from our Monthly Economic Letter. Also in this issue:

Canada's outlook United States' outlook

Interest rates

No key interest rate hike in sight in 2017

On April 12, the Bank of Canada left its key interest rate unchanged, as observers had expected. The target for the overnight rate has been standing at 0.50% since July 15, 2015. On the same day, the central bank issued its Monetary Policy Report, outlining its economic projections from now to 2018. We note an upwards revision from the projections that were presented in January: the central bank still believes that the economy is gradually adjusting to the past slump in commodity prices, but that a good deal of uncertainty persists about what effect the policies of the new U.S. administration could have on international trade and Canadian investment.

Oil price

Crude oil prices weighed down by expanding U.S. inventory

On average, crude oil prices dipped slightly in March compared with February (graph), but they fluctuated considerably from day to day during the month. The announcement, on March 8, of an unexpected increase in U.S. crude oil inventories triggered a nose- dive in prices. The market was worried that the expansion of U.S. inventories would thwart the efforts by OPEC member countries and their allies to reduce the supply. Prices continued to fall in the days that followed, but managed to pick up towards the end of the month, when many of the countries participating in the agreement to limit Enlarge the graphic crude output indicated that they were in favour of renewing it. For more details on recent oil price trends, consult the Oil market update.

Canadian dollar

The Canadian dollar depreciates slightly

The Canadian dollar depreciated slightly in March compared with the previous month (graph). The drop in crude oil prices at the beginning of the month resulted in depreciation of the loonie against the U.S. dollar, but when oil prices headed back up, the loonie followed suit. However, further appreciation of the Canadian currency was stymied by the 25-basis-point hike in the U.S. key interest rate that occurred mid-March.

Enlarge the graphic

SME confidence

Business owners remain confident

The Business Barometer index compiled by the Canadian Federation of Independent Business, which had shot up by 2.8 points in February, remained unchanged in March, indicating that SME owners’ confidence is still firm. Looking at the various industries, we note that the index’s decline in the construction sector is counterbalanced by a sharp upturn in manufacturing. Given that industrial and regional breakdowns are volatile, it is advisable to view them through the lens of the six-month moving average. In so doing, we note that SME confidence in the natural resources sector, which was severely shaken by the slump in crude oil prices, has been gradually moving up again over the past 12 months (graph). Enlarge the graphic Confidence is on an upwards path in many other sectors as well, including manufacturing and construction; this bodes well for jobs and investment.

Business credit conditions

Business credit conditions are stable In general, business credit conditions remained stable during the first quarter of 2017. Businesses operating in commodity sectors perceived gradual improvement in their access to credit. In addition, some easing was noted in British Columbia, particularly for small businesses, as far as non-price lending conditions were concerned. This situation is due to improving economic outlooks, stronger competition in the banking sector and changes that the banks have made to their business strategies. Meanwhile, overall demand for credit declined in the first quarter, mainly on the part of large corporations, although a downturn was also noted from small Enlarge the graphic businesses in Quebec.

Key indicators—Canada

Enlarge the table

5. http://www.bankofcanada.ca/2017/03/fad-press-release-2017-03-01/

APPENDIX D

SALES HISTORY AND MAP Page 1 of 1

SALES HISTORY AND SUBJECT PROPERTY MAP REPORT Mon Apr 17 15:17:48 EDT 2017

Subject Property Polygon Parcel Polygons Roads 0 100 m. Railways This map was compiled using plans and documents recorded in the Land Registry Water Limits System and has been prepared for property indexing purposes only. This is not a Plan of Survey. For actual dimensions of property boundaries, see recorded plans and Easement Limits documents. Only major easements are shown.

Subject Property Point

Neighbourhood Sales Points

SUBJECT PROPERTY IDENTIFICATION INFORMATION

LRO 58 PIN 037660343 ASSESSMENT ROLL NUMBER N/A REGISTRATION TYPE LT LAND REGISTRY STATUS ACTIVE MUNICIPALITY CAMBRIDGE ADDRESS 30 PINEBUSH RD AREA 143433 m2 PERIMETER 1871 m DESCRIPTION PT LT 4 RCP 1365 CAMBRIDGE PT 59 TO 69 & 73 TO 75, 67R3638; SAVE & EXCEPT PT 1 58R9460. S/T 1397626; T/W 1397626; S/T 1390207, WS741455; CAMBRIDGE PARTY TO: BRANTHAVEN BELMONT PINEBUSH INC.

SALES HISTORY

INSTRUMENT REGISTRATION CONSIDERATION INSTRUMENT PARTY NUMBER DATE VALUE TYPE TO BRANTHAVEN BELMONT WR894264 07/17/2015 2 T PINEBUSH INC. 1372238 03/02/1998 2 T CF/REALTY HOLDINGS INC. 1371553 02/25/1998 5950000 T CF/REALTY HOLDINGS INC. Reports Not the Official Record. Reports, other than the Parcel Register, obtained through Geowarehouse are not the official government record and will not necessarily reflect the current status of interests in land. Currency of Information. Data contained in the Geowarehouse reports are not maintained real-time. Data contained in reports, other than the Parcel Register, may be out of date ten business days or more from data contained in POLARIS. Coverage. Data, information and other products and services accessed through the Land Registry Information Services are limited to land registry offices in the areas identified on the coverage map. Completeness of the Sales History Report. Some Sales History Reports may be incomplete due to the amount of data collected during POLARIS title automation. Subject properties may also show nominal consideration or sales price (e.g. $2) in cases such as transfers between spouses or in tax exempt transfers.

The Property Information Services, reports and information are provided "as is" and your use is subject to the applicable Legal Terms and Conditions. Some information obtained from the Land Registry Information Services is not the official government record and will not reflect the current status of interests in land. Use of personal information contained herein shall relate directly to the purpose for which the data appears in land registry records and is subject to all applicable privacy legislation in respect of personal information. Such information shall not be used for marketing to a named individual. Copyright © 2002-2006 Teranet Enterprises Inc. and its suppliers. All rights reserved.

mhtml:file://Z:\_NW corner Pinebush Rd and Struck Ct, Cambridge\Addenda\Geo.mht 5/11/2017

APPENDIX E

ICI Commercial / Industrial Report

Purchased Date: 17-04-2017

Property Address: PINEBUSH RD

Municipality: CAMBRIDGE CITY

Roll Number: 3006150015107000000

25/8/2014

Business Name Business Mailing Address

BRANTHAVEN BELMONT PINEBUSH INC ATTN: DAVID KEMPER 1400 CORNWALL RD 13 OAKVILLE ON L6J 7W5

Legal Description PLAN 1365 PT LOT 4 RP 67R3638 PART 59 TO 68 PARTS 73 TO 75 PT PART 69

Property Code & Description 260 - Vacant residential/commercial/ industrial land owned by a non-farmer with a portion being farmed Assessed Value* $552,000 2017 Taxation Year Phased-In Assessment** $354,000 Last Sale Date (yyyy/mm/dd) 2015-07-17 Last Sale Amount $1,900,000

Frontage (ft) 326.93 Depth (ft) - Site Area 35.31 A Zoning (H)C6

NOTE: Under the Assessment Act a number of changes have been made to the property assessment system, which became effective in the 2009 property tax year. These changes include the introduction of a four -year assessment update and a phase-in of assessment increases. For more information regarding Assessment Updates visit www.mpac.ca *Assessed Value is based on a January 1, 2016 Valuation Date. **Phased-In Assessment reflects the phased-in portion of the Assessed Value returned to the municipality/local taxing authority on the 2016 Assessment Roll for the 2017 taxation year.

Copyright© All rights reserved Municipal Property Assessment Corporation. Not to be reproduced by any means or distributed in any manner, in whole or in part, without prior written permission. 2016 CITY OF CAMBRIDGE TAX RATES CITY OF CAMBRIDGE TAX RATES PERCENTAGE SHARE TAX RATE CODES DESCRIPTION OF CODES CITY REGION SCHOOL TOTAL CITY REGION SCHOOL TOTAL

RT Residential and Farm - Taxable at Full Rate 0.0042792 0.0061359 0.0018800 0.0122951 34.80 49.91 15.29 100.00 R1 Residential and Farm - Taxable at Farmland awaiting development Phase I Rate 0.0019256 0.0027612 0.0008460 0.0055328 34.80 49.91 15.29 100.00 MT Mult-Residential - Taxable at Full Rate 0.0083444 0.0119650 0.0018800 0.0221894 37.61 53.92 8.47 100.00 M1 Mult-Residential - Taxable at Farmland awaiting development Phase I Rate 0.0019256 0.0027612 0.0008460 0.0055328 34.80 49.91 15.29 100.00 NT New Mult-Residential - Taxable at Full Rate 0.0042792 0.0061359 0.0018800 0.0122951 34.80 49.91 15.29 100.00 CT Commercial - Taxable at Full Rate 0.0083444 0.0119650 0.0140000 0.0343094 24.32 34.87 40.81 100.00 CH Commercial - Taxable at Full Rate - Shared Like PIL 0.0083444 0.0119650 0.0140000 0.0343094 24.32 34.87 40.81 100.00 CU Commercial - Taxable at Vacant Units and Excess Land Rate 0.0058411 0.0083755 0.0098000 0.0240166 24.32 34.87 40.81 100.00 CX Commercial - Taxable at Vacant Land Rate 0.0058411 0.0083755 0.0098000 0.0240166 24.32 34.87 40.81 100.00 C1 Commercial - Taxable at Farmland awaiting development Phase I Rate 0.0019256 0.0027612 0.0008460 0.0055328 34.80 49.91 15.29 100.00 XT Commercial New Construction - Taxable at Full Rate 0.0083444 0.0119650 0.0118000 0.0321094 25.99 37.26 36.75 100.00 XU Commercial New Construction- Taxable at Vacant Units and Excess Land Rate 0.0058411 0.0083755 0.0082600 0.0224766 25.99 37.26 36.75 100.00 DT Office Building - Taxable at Full Rate 0.0083444 0.0119650 0.0140000 0.0343094 24.32 34.87 40.81 100.00 YT Office Building New Construction - Taxable at Full Rate 0.0083444 0.0119650 0.0118000 0.0321094 25.99 37.26 36.75 100.00 GT Parking Lot - Taxable at Full Rate 0.0083444 0.0119650 0.0140000 0.0343094 24.32 34.87 40.81 100.00 ST Shopping Centre - Taxable at Full Rate 0.0083444 0.0119650 0.0140000 0.0343094 24.32 34.87 40.81 100.00 ZU Shopping Centre New Construction - Taxable Excess Land Rate 0.0058411 0.0083755 0.0082600 0.0224766 25.99 37.26 36.75 100.00 SU Shopping Centre - Taxable at Vacant Units and Excess Land Rate 0.0058411 0.0083755 0.0098000 0.0240166 24.32 34.87 40.81 100.00 ZT Shopping Centre New Construction - Taxable at Full Rate 0.0083444 0.0119650 0.0118000 0.0321094 25.99 37.26 36.75 100.00 IT Industrial - Taxable at Full Rate 0.0083444 0.0119650 0.0150000 0.0353094 23.63 33.89 42.48 100.00 JT Industrial New Construction - Taxable at Full Rate 0.0083444 0.0119650 0.0118000 0.0321094 25.99 37.26 36.75 100.00 IH Industrial - Taxable at Full Rate - Shared Like PIL 0.0083444 0.0119650 0.0150000 0.0353094 23.63 33.89 42.48 100.00 IU Industrial - Taxable at Vacant Units and Excess Land Rate 0.0058411 0.0083755 0.0105000 0.0247166 23.63 33.89 42.48 100.00 JU Industrial New Construction - Taxable at Vacant Units and Excess Land Rate 0.0058411 0.0083755 0.0082600 0.0224766 25.99 37.26 36.75 100.00 IK Industrial - Taxable at Vacant Units and Excess Land Rate, Shared like PIL 0.0058411 0.0083755 0.0105000 0.0247166 23.63 33.89 42.48 100.00 IX Industrial - Taxable at Vacant Land Rate 0.0058411 0.0083755 0.0105000 0.0247166 23.63 33.89 42.48 100.00 I1 Industrial - Taxable at Farmland awaiting Development Phase I Rate 0.0019256 0.0027612 0.0008460 0.0055328 34.80 49.91 15.29 100.00 LT Large Industrial - Taxable at Full Rate 0.0083444 0.0119650 0.0150000 0.0353094 23.63 33.89 42.48 100.00 LU Large Industrial - Taxable at Vacant Units and Excess Land Rate 0.0058411 0.0083755 0.0105000 0.0247166 23.63 33.89 42.48 100.00 LK Large Industrial - Taxable at Vacant Units and Excess Land Rate, Shared like PIL 0.0083444 0.0083755 0.0105000 0.0272199 30.66 30.77 38.57 100.00 FT Farmland - Taxable at Full Rate 0.0010698 0.0015340 0.0004700 0.0030738 34.80 49.91 15.29 100.00 PT Pipelines 0.0049694 0.0071256 0.0107619 0.0228569 21.74 31.17 47.08 100.00 TT Managed Forests - Taxable at Full Rate 0.0010698 0.0015340 0.0004700 0.0030738 34.80 49.91 15.29 100.00

APPENDIX F

TOWNSHIP OF GUELPH - ERAMOSA

4 2 Y Y W H

TOWNSHIP OF WOOLWICH

Region of Waterloo International Airport Deferral 8

KOSSUTH RD D

R

E E

L

A

D TOWNSHIP OF

R D E R D V E R O O G A BRID E G CK PUSLINCH I BLA B L

L I

H C

D

R

F R A E V I I R GUELPH AVE W R AY RD

MIDDLE BLOCK RD MOHAWK RD

Speed River R E D T S K K D FISHER MILLS RD N N R E A E B R U

R E Q TOWNLINE RD

E L V I E

R P ADAM ST S

E H RIFE AVE C O O P ELLIS RD E W R D T S VE R S T RO N W ALLENDALE RD E G E PL E I

MA U N FOUNTAIN ST N D Q S T

R O N AN DE B BOXWOOD DR R IA FRANKLIN BLVD BR L RD V B D LU T C SPEEDSVILLE RD H UN

N DR JAMIESON PKY Puslinch Y IN HOLIDA Lake RD K OA RD AL SOM OY LOS R Y B RR FLEMING DR CHE HWY 401 H RD BUS BALMORAL RD PINE

Y K CITY OF P

INDUSTRIAL RD A R E M KITCHENER -A EAGLE ST N N A C SHELDON DRC O

NE

LAUREL ST CONCESSION RD Deferral 9 S T N O ST HOP G IS LANGS DR B A

B

DUKE ST L

V S D BISHOP ST N T T RSO PKYPRESTON S DOLPH ST N KY Q K P U I W E N A E G IN N G S S A Grand River TAIN TO T S N N E R U D

FO

DUNBAR RD

C

O

W D

A R UE N N AVE D BL DICKIE SETTLEMENT RD CORONATION BLVD R

S S VD I MUNCH AVE M

LANGDON DR BL ELGIN ST N A OLD MILL RD AIR L RD G

Shade's F R Mills A

N

K Grand River L I N CLYDE RD G E B O L R V DOBBIE DR G D BLAIR RD E S T N

W SAMUELSON ST

A T D U E N SAVAGE DR R D A S S T T S Deferral 10 S T N N N O T

G

N

I

EIM RD L NH L BLE BEVERLY ST E MAIN ST

W Barrie's

Lake A

I N

S MAIN ST L

I BRUCE ST E

S CONCESSION ST T ELGIN ST S CHRISTOPHER DR

S G

R

A

N

D S

A

CEDAR ST G V T

L

E T E S TOWNSHIP N S

S R M VD E S S O BL AIN D T R U W PL N

R M OF NORTH E A CHA DA I S

S R W ST D S S

N T DUMFRIES A T T S MYERS RD

G

R

A N DR D GE R ID

Disclaimer: This document is subject to copyright and may only be used for your personal, non- commercial use, provided you keep intact the copyright notice. The City of Cambridge assumes WESTRIVER RD no responsibility for any errors and is not liable for any damages of any kind resulting from the use of, or reliance on, the information contained in this document. The City of Cambridge does Modification No. 73

not make any representations or warranty, express or implied, concerning the accuracy, quality, 4

likely results or reliability of the use of the information contained in this document. 2 Y Y

© The Corporation of the City of Cambridge W H

City of Cambridge Official Plan Legend City Limits 1. Community Core Areas 4. Commercial Designations Municipal Boundaries Galt City Centre; Preston Towne Centre; Hespeler Village Commercial Class 1 (See Maps 3, 4 and 5) Existing Grade - Separated Interchange Commercial Class 2 2. Residential Designations Blair Village Commercial Class 3 Low / Medium Density Residential East Side Lands (RMW) Commercial Class 4 High Density Residential Roads - Ownership Commercial Class 5 Blair Core Area OWNERSHIP 5. Employment Designations Rural Residential Province of Ontario or Region of Waterloo Business Industrial 3. Rural Designations City of Cambridge Employment Corridor MAP 2 Future Urban Reserve ± Rivers and Lakes Industrial General Land Use Plan Countryside 1:50,000 Deferrals Prestige Industrial Rural 6. Open Space Designations Prime Agricultural Recreation, Cemetery and Open Space Tuesday, January 15, 2013 3:05:07 PM G:\RestrictedGIS\Information Products\OfficialPlan\Mxd\Final\OP_MAP2.mxd - danilad Natural Open Space System 240

APPENDIX G

Section 3 Zone Regulations

1. Permitted Uses

In Zone

C1 C2 C3 C4 C5 C6 CS1 CS2 CS3 CS4 CS5 (a) Retail Commercial Establishments (i) a neighbourhood • • • • • • • • grocery store in which not more than 300 m2 of gross leasable commercial floor area is provided (ii) a neighbourhood • • • • • • • • variety store in which not more than 300 m2 of gross leasable commercial floor area is provided (iii) any retail • • • • • • • • commercial establishment in which not more than 300 m2 of gross leasable commercial floor area is provided (iv) any other retail • • • • • • • • commercial establishment described in section 3.3.2.1 (b) Service Commercial Establishments (i) a hairdressing • • • • • • • • establishment

p. 112 3.3 Commercial Use Class Zones City of Cambridge Zoning By-Law Section 3 Zone Regulations

In Zone

C1 C2 C3 C4 C5 C6 CS1 CS2 CS3 CS4 CS5 (ii) any business • • • • • • • • • and professional office described in section 3.3.2.2 [subject to section 3.3.1.4] (iii) a food services • • • • • • • • • establishment including a cart (see section 3.3.1.8) (iv) a laundry or • • • • • • • • dry cleaner’s establishment but not a dry cleaning plant (v) a hotel or motel • • • • • • • •

(vi) a funeral home • • • •

(vii) an automobile • • • • • • service station or gas bar (viii) any other service • • • • • • • • • commercial establishment described in section 3.3.2.2 (ix) an adult • entertainment establishment (c) Commercial Recreational Establishments (i) a place of • • • • • • • • • amusement as described in section 3.3.2.4 except an amusement arcade

City of Cambridge Zoning By-Law 3.3 Commercial Use Class Zones p. 113 Section 3 Zone Regulations

In Zone

C1 C2 C3 C4 C5 C6 CS1 CS2 CS3 CS4 CS5 (ii) an amusement • • • • • • • • arcade if located in an enclosed shopping mall which is not closer than 500 m to a public or separate elementary or secondary school (iii) a recreation • • • • • • • • • centre as described in section 3.3.2.5 (iv) any other • • • commercial- recreational establishment as described in section 3.3.2.3 (d) Other Uses

(i) a regional • shopping centre (ii) a regional power • centre (iii) a subregional • • shopping centre (iv) a community • • shopping centre (v) a neighbourhood • • • shopping centre (subject to section 3.3.1.4) (vi) a local shopping • • • centre (subject to section 3.3.1.4) (vii) an auto service • • • • mall

p. 114 3.3 Commercial Use Class Zones City of Cambridge Zoning By-Law Section 3 Zone Regulations

In Zone

C1 C2 C3 C4 C5 C6 CS1 CS2 CS3 CS4 CS5 (viii) a wholesale • showroom and order office but not a warehouse or distribution centre (ix) a wholesale • showroom and warehouse (x) an establishment • • • for the fabrication and sale of cemetery monuments (xi) a general • industrial use as described in section 3.4.2.2 except an auto body repair shop, bonded customs warehouse or courier or delivery service, where no outdoor storage is provided and all industrial operations are conducted within wholly enclosed buildings (xii) a use permitted • in an N1, N2, N3 or OS4 zone (xiii) a day nursery or • • • • • • • • • • day care centre (xiv) a use permitted • • • • • • • • • • • in all zones in accordance with section 2.1.1

City of Cambridge Zoning By-Law 3.3 Commercial Use Class Zones p. 115 Section 3 Zone Regulations

In Zone

C1 C2 C3 C4 C5 C6 CS1 CS2 CS3 CS4 CS5 (xv) a use, building • • • • • • • • • • • or structure accessory to a permitted use (xvi) a detached, or • semi-detached one family dwelling; provided, however, the dwelling unit was constructed for such purpose prior to October 27, 1986.

2. Site Development Specifications Applicable in C-Class Zones

Zone

C1 C2 C3 C4 C5 (a) minimum lot frontage (metres) nil 15 15 60 30

(b) minimum lot area (square metres) nil 450 450 nil 900

(c) minimum front yard (metres): (i) buildings (see sec. 2.1.14) nil 6 6 15 15 (ii) fuel pump, dispenser island and kiosk 6 located on the dispenser island being not greater than 10 m2 (iii) weather canopy 3 3 3

(iv) automated teller machine being not greater 6 6 than 10 m2 (d) minimum rear yard (metres) (see section 2.4) nil 3 3 3 3 (subject to section 3.3.1.2) (e) minimum interior side yard (metres) (subject to nil 3 3 3 3 section 3.3.1.2) (f) minimum exterior side yard (metres):

p. 116 3.3 Commercial Use Class Zones City of Cambridge Zoning By-Law Section 3 Zone Regulations

Zone

C1 C2 C3 C4 C5 (i) buildings (see sec. 2.1.14) nil 6 6 15 15

(ii) fuel pump, dispenser island and kiosk 6 located on the dispenser island being not greater than 10 m2 (iii) weather canopy 3 3 3

(iv) automated teller machine being not greater 6 6 than 10 m2 (g) minimum interior side yard or rear yard abutting nil 7.5 7.5 7.5 7.5 a residential zone (metres) (see section 2.4) (h) maximum lot coverage (% of lot area excluding nil 40 40 60 25 pump island and weather canopy) (i) minimum building height see section 2.1.9

(j) planting strips and fencing in accordance with section 2.4

(k) propane storage, transfer or dispensing facilities in accordance with section 2.5

3. Site Development Specifications Applicable in CS-Class Zones

Zone

CS1 CS2 CS3 CS4 CS5 (a) minimum gross leasable retail 36000 N/A N/A N/A N/A commercial floor area (m2) (b) maximum gross leasable retail 46450 36000 N/A N/A N/A commercial floor area (m2) (c) minimum gross leasable commercial N/A 36000 13500 5000 500 floor area (m2) (d) maximum gross leasable commercial nil N/A 36000 13500 5000 floor area (m2) (e) minimum front yard or exterior side 6.0 6.0 6.0 6.0 6.0 yard (m)

City of Cambridge Zoning By-Law 3.3 Commercial Use Class Zones p. 117 Section 1Interpretation and Administration

Zone Zone Primary (but not necessarily only) Purpose Class Symbol for Which the Zone is Established (f) AGRICULTURAL USE CLASS A A1 To accommodate farms (g) UNIVERSITIES AND COLLEGES USE CLASS UC UC To accommodate universities and colleges

2. Composite Zones

(a) Compound Zones

Where two or more of the zoning symbols referred to in section 1.1.2.1 are shown on the zoning maps attached to and forming part of this by-law as applying to the same lands, the lands thereby affected may be used for any purpose specified in section 3 of this by- law as a use permitted in each such zone, or for any combination of such uses, subject to the regulations prescribed in section 2.1.3 of this by-law.

(b) Zone Prefixes

Where any zone symbol shown on the zoning maps attached to and forming part of this by-law:

(i) has the prefix “(H)”, the prefix denotes a holding zone in which the lands affected may be used only for a purpose specified in section 2.1.4 of this by-law until the prefix has been removed from the zone symbol by an amendment to this by-law;

(ii) has the prefix “(E)”, the prefix denotes a mineral aggregates resource area in which the lands affected may be used only in accordance with the regulations prescribed in section 2.1.5 of this by-law;

(iii) has the prefix “(F)”, the prefix denotes that the lands thereby affected lie at an elevation lower than the regulatory flood line and may be used only in accordance with the regulations prescribed in section 2.1.8.1 of this by-law and regulations made by the Grand River Conservation Authority pursuant to the Conservation Authorities Act;

and, without limiting the generality of the foregoing, any such prefix may be used in conjunction with any simple or compound zone symbol.

(c) Zone Suffixes

Where any zone symbol shown on the zoning maps attached to and forming part of this by-law:

City of Cambridge Zoning By-Law 1.1 Interpretation p. 33 Section 2 General Regulations Applicable in all Zones 1. where a C5 zone symbol is used in combination with any other zone symbol, the regulations prescribed in sections 3.3.3.2(b), 3.3.3.2(c)(ii) and (iii) and 3.3.3.2(f)(ii) and (iii) for the C5 zone shall apply to those lands used for the purposes of an automobile service station or gas bar;

2. in a mixed-use development consisting of commercial and residential uses, the regulations prescribed in section 3.1.2 of this by-law shall apply to the residential component of the building if the gross residential floor area exceeds two-thirds of the total gross floor area of the building; but, if the gross residential floor area does not exceed two-thirds of the total gross floor area, the regulations prescribed in section 3.3.3.2 or 3.3.3.3, as the case may be, shall apply;

3. the parking and loading required by this by-law for each of the uses included in the development of the lands, whether for a single use or a combination of uses, shall be provided;

4. the regulations prescribed in section 2.1.7 of this by-law shall apply to a dwelling unit converted to provide office floor space;

5. where an RM-class zone is used in combination with an N2 or N3 zone, the lands thereby affected shall not be used for the purposes of any residential use permitted in an RM-class zone except in conjunction with the development of a nursing home or domiciliary hostel on the same site.

2.1.4 (H) Prefix Zones (Holding Zones)

Notwithstanding any other provision of this by-law, where a zoning symbol shown on the zoning maps attached to and forming part of this by-law has the prefix (H), no land thereby affected shall be used and no building or structure shall be erected, located or used thereon except for the following purposes until the prefix “(H)” has been removed from the zone symbol by a by-law passed pursuant to sections 34 and 35(4) of the Planning Act, 1983:

1. farming where no intensive animal operation, fur farming or fish farming is involved;

2. market gardening;

3. landscape gardening;

4. a use permitted in all zones in accordance with section 2.1.1.

City of Cambridge Zoning By-Law 2.1 Land Use p. 45 Section 3 Zone Regulations

4. Site Development Specifications Applicable in the C6 Zone

(a) maximum gross retail commercial floor area:

Maximum GRCFA

(i) Total 65,985 m2 (710,280 sq. ft.)

(ii) Site A 62,429 m2 (672,000 sq. ft.)

(iii) Site B 3,556 m2 (38,280 sq. ft.)

(iv) Site C 0 m2 (0 sq. ft.)

(b) Site A

The minimum gross retail commercial floor area for each retail commercial establishment permitted under section 3.3.3.1(a)(iv) shall be as follows:

Minimum GRCFA % of GRCFA for retail commercial establishments only (i) 1,858 m2 (20,000 sq. ft.) Minimum of 60%

(ii) 627 m2 (6,750 sq. ft.) subject to Maximum of 40% section 3.3.3.4(b)(iii) below

(iii) of the gross retail commercial floor area permitted in section 3.3.3.4(b)(ii) above, a maximum of ten retail commercial establishments may have a minimum gross retail commercial floor area of 488 m2 (5,250 sq. ft.);

(iv) the requirements in (i) and (ii) above shall apply only at full build out of Site A. At any point prior to full build out of Site A, the maximum gross retail commercial floor area permitted in (ii) shall be calculated by using the following formula: 0.4 multiplied by (total permitted gross retail commercial floor area minus total gross retail commercial floor area devoted to food services establishments, banks and other financial establishments).

(c) Site B

The maximum permitted gross retail commercial floor area on Site B shall be contained in only one establishment.

City of Cambridge Zoning By-Law 3.3 Commercial Use Class Zones p. 119 Section 4 Site-Specific Exceptions

4.1.70 Loblaw Property

Notwithstanding the provisions of sections 2.4.3, 3.4.1.7 and 3.4.3.1 of this by-law, the lands in that M3 zone to which parenthetical reference to “(s. 4.1.70)” is made on Zoning Map C6 attached to and forming part of this by-law may not be used for the uses allowed in section 3.4.2.2(a) and (c) of the Zoning By-law except for warehousing and storage, and the following regulations shall apply:

1. Minimum exterior side yard landscaped area along Fountain Street North: 30 m with a 5 m high earthen berm;

2. Minimum exterior side yard setback: 40 m. (By-law 102-00)

4.1.71 Lots 1, 2 and 3, Registrar’s Compiled Plan 1365

Notwithstanding the provisions of sections 2.2.2.3(b), 2.2.3.2, 3.3.3.1(b)(v) and 3.3.3.2(e) of this by-law, no motel or hotel shall be erected on the lands in the C4C5 zone to which parenthetical reference to “(s. 4.1.71)” is made on Zoning Map F10 attached to and forming part of this by-law and the following regulations shall also apply:

1. All parking areas shall be set back a minimum of 3.0 m from the nearest street line;

2. All non-rectangular parking stalls shall have a minimum width of 2.7 m;

3. A minimum 1.0 m side yard set back from the northerly property line. (By-law 238-87)

4.1.72 Regional Power Centre

1. The provisions in sections 2.2.3.2, 2.3.1.1 and 3.3.3.1(b)(ii) of this by-law shall not apply to the aforesaid lands in the C6, (H)C6 and (H1)C6 zone and the following shall apply instead:

(a) minimum parking stall width at a 90º parking angle: 2.7 m;

(b) minimum number of off-street loading spaces: 2 spaces for every 10,000 m2 of gross leasable commercial floor area or part thereof;

(c) no offices shall be erected, located or used on the aforesaid lands except as described in section 3.4.2.1(b) of this by-law.

2. The aforesaid lands in the C6, (H)C6 and (H1)C6 zone may be held in one or more separate ownerships provided that the total gross retail commercial floor area does not exceed

p. 166 4.1 General Exceptions City of Cambridge Zoning By-Law Section 4 Site-Specific Exceptions

the amount permitted in section 3.3.3.4(a) and each of the parcels in separate ownership conforms to the following regulations for each parcel of land:

(a) minimum frontage on an opened public street or highway: 60 m;

(b) minimum lot area: 2.0 ha;

(c) minimum setback of any building or structure from any lot line delineating the parcel of land in separate ownership: 7.5 m;

(d) parking shall be provided in accordance with sections 2.2 and 4.1.72.1(a) and (b) of this by-law; and

(e) planting strips and fencing shall be provided in accordance with section 2.4 of this by-law.

3. Until such time as the Holding provision (H1)C6 is removed, a maximum of 50,683 m2 (545,460 sq. ft.) gross retail commercial floor area (GRCFA) shall be permitted on the lands to which the (H1)C6 zone applies. Upon application to Council, the (H1) provision shall be removed if the following requirements have been met:

(a) the conveyance of land along the north side of Pinebush Road to the Regional Municipality of Waterloo (the “Region”) free and clear of all encumbrances and all at no expense to the Region as may be required: (i) to extend the existing westbound to northbound right-turn lane on Pinebush Road at Hespeler Road to the Site A driveway/ Home Depot driveway intersection, (ii) to construct the dual eastbound to northbound left turn lanes on Pinebush Road at said intersection, and (iii) to accommodate any intersection improvements at both entrances to Site A associated with the road improvements described in (i) of this subsection and 3(c)b below;

(b) the Region has received written confirmation from the Ministry of Transportation (“MTO”) that:

1. the owner of Site A has entered into an agreement with the MTO which provides for the following:

a. securing the road improvements to the Highway 401 eastbound ramp/Hespeler Road intersection which are set out below or such other road iimprovements that are agreed to by the MTO and the Region (the “interchange improvements”):

i. widening the eastbound off-ramp from Highway 401 from two to three lanes, to provide dual eastbound to northbound left-turn lanes and one through lane for eastbound through traffic;

City of Cambridge Zoning By-Law 4.1 General Exceptions p. 167 Section 4 Site-Specific Exceptions

ii. adding a northbound through lane on Hespeler Road, starting from the 401 Northbound to Eastbound ramp, to the Hespeler Road bridge at Highway 401, to provide three northbound through lanes;

iii. providing signage on the Highway 401 eastbound off-ramp to direct Bridgecam traffic;

iv. adding a westbound channelized right-turn lane from the Bridgecam Centre site, to create a dual westbound to northbound right-turn lanes; and

v. making necessary traffic signal equipment modifications to the satisfaction of the Region;

b. financial security to the MTO for such interchange improvements;

c. that the construction of the interchange improvements will be at no cost to the Region; and

d. that construction of such interchange improvements will be completed no later than December 31, 2010.

2. financial security has been provided to the MTO to enable the MTO to proceed with the interchange improvements; and

3. construction of the interchange improvements will be completed no later than December 31, 2010.

(c) site plan approval has been granted by the Commissioner of Planning Services of the City of Cambridge and a site plan agreement has been entered into with the City of Cambridge and the Region which agreement(s) shall, among other matters, require that the following works and improvements be undertaken to the satisfaction of the Region’s Commissioner of Planning, Housing and Community Services, all at the owner’s expense and be secured with a letter of credit provided to the Region or to the City, as the case may be, equal to 100% of their value:

a. transportation demand management imiprovements, such as stop signs, directional signs, bus pads and shelters, sidewalks and walkways, posted speed signs and pavement markings at pedestrian crossings; and

b. the following road improvements or such other road improvements that are agreed to by the Region and the City:

p. 168 4.1 General Exceptions City of Cambridge Zoning By-Law Section 4 Site-Specific Exceptions

i. converting the existing southbound shared through-right-turn lane on Site A to a southbound through lane and the addition of an exclusive southbound to westbound right-turn lane at the most westerly site access along Pinebush Road;

ii. adding a second eastbound to northbound left-turn lane at the most westerly site access on Pinebush Road to provide dual eastbound left-turn lanes into Site A, and related intersection improvements;

iii. converting the existing southbound shared through-right-turn lane on Site A to a through lane and the addition of an exclusive southbound to westbound right-turn lane at the Site A access from Conestoga Boulevard;

iv. extending the existing northbound to westbound left-turn lane on Conestoga Boulevard to sixty-five metres of storage length; and

v. making the necessary traffic signal equipment modifications.

(By-law 277-05)

4.1.73 S/D Lots 1 & 2, WGR, and Part Lot 6, Plan D-1, George Street Extension

The provisions of section 1.1.1 pertaining to grade and lot coverage and sections 2.1.15.6, 2.2.1.1, 2.2.2.6, 3.1.2.5 and 3.5.1.1 shall not apply to the lands in those RM4 and OS1 zones to which parenthetical reference to “(s. 4.1.73)” is made on Zoning Maps H9 and J9 attached to and forming part of this by-law, and the following regulations shall apply in their stead:

1. A maximum of 108 dwelling units shall be permitted on the lands zoned RM4 including a maximum of 11 one-storey dwellings and 16 two-storey dwellings;

2. A maximum of 4 dwelling units shall be permitted in each dwelling;

3. Each dwelling unit shall have a minimum gross floor area of 70.0 m2;

4. The one-storey dwellings shall have a maximum height of 6.5 m above the finished surface of the ground where it meets the exterior front face of the dwelling;

5. The two-storey dwellings shall have a maximum height of 11.0 m above the finished surface of the ground where it meets the exterior front face of the dwelling;

6. No portion of any dwelling shall be located closer than 10.5 m from the nearest portion of any other dwelling;

City of Cambridge Zoning By-Law 4.1 General Exceptions p. 169

APPENDIX H

460 HESPELER ROAD, CAMBRIDGE, ON

Sale Information PIN: 22640234 & 226460493

Zoning: C4 - Commercial

Vendor: Diab Investment Holdings Inc.

Purchaser: 1752084 Ontario Limited

Sale Price: $3,700,000

Registration Date: December 01, 2016 Instrument No.: WR998889

Land Size: 4.015 Acres Sale Price / Acre: $923,089/ Ac.

Frontage: 301 ft Shape: Irregular Remarks This property is located on the west side of Hespeler Road, just north of Bishop Street North and south of Sheldon Drive. The property sold improved with a greenhouse and carwash. The purchaser, post sale, submitted an application to sever the lot into two separate lots for commercial/mixed-use redevelopment. Development will depend on approvals received.

623 HESPELER ROAD, CAMBRIDGE, ON

Sale Information PIN: 226420009

Zoning: C4 - Commercial

Vendor: SEP Holdings Limited

Purchaser: Knise Vets for Pets Inc.

Sale Price: $1,750,000

Registration Date: July 21, 2016 Instrument No.: WR967636

Land Size: 1.949Acres Sale Price / Acre: $897,937/ Ac.

Frontage: 155 ft Shape: Irregular Remarks This property is located on the east side of Hespeler Road, north of Pinebush Road. The site sold improved with an older retail plaza of approximately 16,500 square feet to be torn down. The purchaser intends to redevelop the site with an animal hospital.

258 HESPELER ROAD, CAMBRIDGE, ON

Sale Information PIN: 037930029

Zoning: C-4 - Commercial

Vendor: Young Men's Christian Association of Cambridge

Purchaser: 2406461 Ontario Limited

Sale Price: $2,395,000

Registration Date: March 24, 2016 Instrument No.: WR942973

Land Size: 2.815Acres Sale Price / Acre: $850,646/ Ac.

Frontage: N/A Shape: Rectangular Remarks This site is located at the junction of Hespeler Road and Can-Amera Parkway and is currently improved with a portion of the YMCA. Site was acquired for redevelopment.

289 HESPELER ROAD, CAMBRIDGE, ON

Sale Information PIN: 037940279

Zoning: C4 - Commercial

Vendor: Leona & William Roe

Purchaser: 289 Hespeler Road Developments Inc.

Sale Price: $3,500,000

Registration Date: December 18, 2015 Instrument No.: WR927035

Land Size: 4.00Acres Sale Price / Acre: $875,000/ Ac.

Frontage: 350 ft Shape: Rectangular Remarks Vacant parcel of commercial land fronting Hespeler Road in service commercial and retail node, across from Dumfries Conservation Area. The purchaser intends to redevelopment this site.

475 AND 485 KING STREET NORTH, WATERLOO, ON

Sale Information PIN: 222800053; 222800052

Zoning: I6; C3-25 - Industrial and Commercial Three

Vendor: Waterloo Motor Inn Limited

Purchaser: 2495272 Ontario Inc.

Sale Price: $17,000,000

Registration Date: December 15, 2015 Instrument No.: WR926088

Land Size: 18.730Acres Sale Price / Acre: $907,639/ Ac.

Frontage: N/A Shape: Irregular Remarks This property is located south of the Conestoga Parkway on the west side of King St N. The site is currently improved with the Waterloo Inn. The site was purchased for high-rise residential and commercial re-development by Drewlo Holdings.

FISCHER HALLMAN ROAD AND HURON ROAD, KITCHENER, ON

Sale Information PIN: 227280952

Zoning: MU-2, 435U, 648R, 70H - Medium Intensity Mixed-Use

Vendor: 1271395 Ontario Ltd.

Purchaser: Huron Crossing Developments Inc.

Sale Price: $5,472,950

November 16, Registration Date: Instrument No.: WR920090 2015

Land Size: 6.002Acres Sale Price / Acre: $911,895/ Ac.

Frontage: 549 ft Shape: Rectangular Remarks This property is located in the NW corner of Huron Rd and Fischer-Hallman. Zoning restricts office to 10,000 sqm GFA. High exposure with corner influence. Proposed to be developed with a retail store.

2480 HOMER WATSON BOULEVARD, KITCHENER, ON

Sale Information PIN: 037710094

Zoning: C-6 - Commercial

Vendor: Vesta Investments (1997) Inc.

Purchaser: 1849173 Ontario Inc.

Sale Price: $4,000,000

Registration Date: August 06, 2015 Instrument No.: WR898539

Land Size: 4.400Acres Sale Price / Acre: $910,103/ Ac.

Frontage: N/A Shape: Rectangular Remarks This property is located in the southeast corner of Homer Watson Blvd and New Dundee Road. Purchaser intends to terminate the existing tenancies and tear down the commercial plaza for development of a new retail plaza.