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City of Toronto 2002 budget information |
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Surplus property
Since amalgamation the City has completed trasactions to sell surplus property as follows:- $26,134,930.00 in 1998
- $55,915,884.00 in 1999
- $12,658,625.00 in 2000
- $22,390,321.00 in 2001
- $117,099,760.00 - Total value of property sold since amalgamation
As of December 28, 2001, there are approximately 4,882 City-owned properties broken down in general groupings as set out below:
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1. |
Properties Used for Municipal Purposes
City Hall & Annex, Metro Hall, civic centres, corporate office buildings, parks, open spaces, ravines, Metro Zoo, recreation & community centres and arenas, service yards, garbage/sewage treatment/transfer and incinerator sites, police, ambulance and fire stations, Parking Authority lots, TTC stations, loops, commuter parking lots and garages, Toronto Heritage buildings, library facilities. |
3,613 |
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Other Properties
Includes properties acquired as buffer properties, for easement purposes, properties used for municipal purposes currently in the planning stages. The majority of these properties are leased on a short-term basis generating significant revenue for the City. The continued need for these properties is being examined as part of the portfolio management process. |
601 |
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Long-term Lease Properties
Nominal Leases: (23)
Non-profit, community service groups, Ontario Science Centre, utilities, other levels of government
Community Benefit: (13)
Schools, churches, theatres, art, community service groups, historical buildings
Yacht Clubs (15)
Private Sector (36)
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87
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4. |
Potentially Surplus Properties
Reserve strips and residual parcels: (200)
Little to no open market potential; may only be attractive to owners of abutting the property; require significant staff time; very modest net sales revenue anticipated.
(ie. one type of reserve strip - acquired through a development approval process in order to prohibit vehicular traffic to/from major road; one type of residual parcel - a large parcel of land was acquired for a public highway or bridge construction project and at completion of the project, there is a left over portion of land not utilized and no-longer required)
Other Properties: (236)
Properties currently undergoing the review process
(ie. properties that have been identified as potentially surplus to municipal requirements; may have environmental contamination or zoning issues to be resolved; Property Management Committee recommendations as to the disposition of the properties forthcoming.) |
436
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Properties on Declared Surplus List
Sales In Progress: (37)
Property that Council has approved the sale and the City is waiting for the transaction to close
Properties To Be Sold: (108)
Properties that are proposed to be sold either on the open market or through direct negotiations (usually with the abutting owner). A further breakdown is set out on page 2 of the attached report to Administration Committee. |
145
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- Risk Management has confirmed that the insured value of the City's buildings is $6.5 billion, plus $1.0 billion for contents, for a total of $7.5 billion. This insured value represents the amount of money needed to repair or replace a building and/or its contents should they be lost, damaged or totally destroyed. The insured value is replacement and not market value.
- The majority of the properties are used for City purposes and can not be capitalized on.
Council will begin examining the budget on January 8 and Standing Committee reviews will begin the week of January 14. This is scheduled to culminate in Council's approval of the capital and operating budgets in March, 2002.
 Staff report: 2001 Fourth quarterly staff report on sales of surplus property
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