January 19, 1998
To: Corporate Services Committee
From: Acting Executive Commissioner of Corporate Services
Subject: Parkland Dedication Requirement
Seneca College of Applied Arts & Technology
1750 Finch Avenue East
Permit No. B-9704254
File No. 97-031-02 FA57 (Seneca Heights - Ward 12)
Purpose:
To accept payment in lieu of parkland for a property appraised at more than $1 million, according to the procedures of the former municipality of North York, for lands at Finch Avenue East and Highway 404, see map in Appendix
.
Recommendations:
It is recommended that:
(1) the City accept the sum of $80,000.00 to satisfy the 5 percent cash in lieu requirement;
(2) these funds be credited to Account No. 007-420-0008-9110 (5 percent cash contribution in-lieu of land);
(3) the Commissioner of Parks and Recreation of the former municipality of North York advise the applicant and the Building Commissioner accordingly; and
(4) the appropriate City Officials be authorized to do all things necessary to give effect thereto.
Comments:
In accordance with the administrative procedures of the former municipality of North York to be used for Section 42 of the Planning Act, Council must approve the 5 percent and 2 percent cash-in-lieu contribution where the appraised value is in excess of one million dollars.
The development proposed on the site is a fifteen storey student residence having 353 units and a gross floor area of 261,518 square feet. The development includes 86 parking spaces in close proximity to the building.
An appraisal report has been prepared by Rudi Pestl AACI, staff appraiser. The standard cash-in-lieu contribution of 5 percent of the market value of the vacant land for this residential component of the project is $80,000.00. The cash-in-lieu contributions are based upon an estimated value of $20,600,000.00 for the entire property, as if vacant, as of November 19, 1997. The value of the portion required for the development is $1,600,000.00
The value expressed herein is valid for a period of three months from the date of acceptance of this report, after which time the value is subject to review and possible revision by this Department.
Contact Name:
Rudi Pestl, Telephone: 395-6846, Fax: 395-6703 (cs98009.wpd)
Acting Executive Commissioner
