North York Civic Centre 5100 Yonge Street

North York, Ontario

M2N 5V7

Finance - Property Section

Fax (416) 395-6703

January 19, 1998

To: Corporate Services Committee

From: Acting Executive Commissioner of Corporate Services

Subject: Parkland Dedication Requirement

800 Sheppard Avenue West

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 land located on Sheppard Avenue West, east of the Allen Arterial Road.

It is recommended that:

(1) the City accept the sum of $894.00 from the developer to satisfy the 2 percent cash-in-lieu requirement, and the sum of $57,766.00 to satisfy the 5 percent cash in lieu requirement;

(2) these funds be credited to Account No. 007-420-0010-9110 (2 percent cash contribution in-lieu of land) and 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;

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

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 six storey mixed use development comprising 2,850 ft² (264.75 m²) of commercial space and 73,683 ft² (6,845.17 m²) of residential gross floor area, and containing 58 residential units. The total gross floor area is 76,532 ft² (7,109.82 m²). Parking is provided for 93 vehicles of which 6 are surface spaces and 87 are underground.

An appraisal report has been prepared by Rudi Pestl AACI, staff appraiser. The standard cash-in-lieu contribution of 2 percent of the market value of the vacant land for the commercial component of the proposed project is $894.00 and the standard cash-in-lieu contribution of 5 percent of the market value of the vacant land for the residential component of the proposed project is $57,766.00. The cash-in-lieu contributions are based upon an estimated value of $1,200,000.00 for the subject property as of November 10, 1997.

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.

Rudi Pestl, Telephone: 395-6846, Fax: 395-6703 (cs98010.wpd)

Acting Executive Commissioner