January 19, 1998
To: Corporate Services Committee
From: Acting Executive Commissioner of Corporate Services
Subject: Parkland Dedication Requirement
Granite Peak Developments Inc
East Side of Upwood Avenue
File
.
Recommendations:
It is recommended that:
(1) the City accept the sum of $84,500.00 from the developer to satisfy the 5 percent cash in lieu requirement;
(2) these funds be credited to Account No. 007-420-0001-9110 (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 51 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 subject property comprises 2.984 acres and is proposed to be subdivided into twelve semi-detached single family residential lots for a total of 24 residences.
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 the proposed residential subdivision is $84,500.00. The cash-in-lieu contributions are based upon an estimated value of $1,690,000.00 for the subject property as of December 8, 1997, being one day prior to draft approval.
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 (cs98011.wpd)
Acting Executive Commissioner
