February 4, 1998

To: Corporate Services Committee

From: Acting Executive Commissioner of Corporate Services

Subject: Proposed Sale of Surplus, City Owned Vacant Land

South Side of Searle Avenue

Roll No. 05 3 110 00300

File No. 77-227-12 (North York Spadina - Ward 8)

Purpose:

To dispose of the subject lands, located east of Dufferin Street between Finch Avenue West and Sheppard Avenue West, see map in Appendix >A=.

Recommendations:

It is recommended that:

(1) The Corporation declare the subject parcel surplus;

(2) The Functional Lead, Real Estate, be authorized to market the property by direct sale to one or both of two adjoining owners; and

(3) The appropriate City Officials be authorized to do all things necessary to give effect thereto.

Comments:

The subject property is located on the south side of Searle Avenue and was acquired in 1965 on the registration of a Certificate of Tax Arrears.

It is located in a R4 zone and does not meet the minimum requirements for residential development in this area.

Recently, the adjoining owners on both the east and west side have expressed an interest in buying all or part of the site. Each party is aware of the others interest.

The Technical Advisory Committee (North York dated October 22, 1997) gave their concurrence that the property be sold.

An appraisal has been prepared by S. Spera and Associates and gives a value opinion of $73,125.00 as of January 14, 1998. The premise is that the City owned property has value but only in contribution to the privately owned adjoining parcels. However, notwithstanding the value opinion, the actual sale price will be relative to the level of need of the prospective purchaser(s) given that they are the only market.

Contact Name:

Vic Codato

(416) 395-6732, Fax (416) 395-6703, (cs98013)

Acting Executive Commissioner