April 14, 1998

 To:Corporate Services Committee

 From:Commissioner of Corporate Services

 Subject:SALE OF SURPLUS PROPERTY AT 182 CLONMORE DRIVE, CITY OF TORONTO (FORMERLY CITY OF SCARBOROUGH)

Purpose:

 To authorize the disposal of the property municipally known as 182 Clonmore Drive, City of Toronto as per attached sketch.

 Funding Sources, Financial Implications and Impact Statement:

 Revenue of $160,000.00, less closing costs and the usual adjustments is anticipated. The property is currently vacant.

 Recommendations:

 It is recommended that:

 (1)The Commissioner of Corporate Services be authorized to accept the Agreement of Purchase and Sale in the amount of $160,000.00 as detailed herein;

 (2)Council, pursuant to Clause No. 14 of Report No. 27 of The Management Committee adopted on September 28, 1994, waive the minimum required deposit of 10 per cent. of the purchase price;

 (3)authority be granted to direct a portion of the sale proceeds on closing to fund the outstanding balance of Costing Unit No. OCP300J56043;

 (4)the City Solicitor be authorized and directed to take the appropriate action to complete the transaction on behalf of the City and he be further authorized to amend the closing date to such earlier or later date as he considers reasonable; and

(5)the appropriate City Officials be authorized and directed to take the necessary action to give effect thereto.

 Council Reference/Background/History:

 The City of Toronto is the owner of 182 Clonmore Drive. By its adoption of Clause No. 1 of Report No. 11 of The Corporate Administration Committee on May 22, 1996, the former Metropolitan Council declared the property surplus pursuant to By-Law No. 56-95 and authorized its disposal. The procedures with respect to By-Law No. 56-95 have been complied with, a utility canvass has been completed and no requirements have been identified.

 Comments and/or Discussion and/or Justification:

 Pursuant to the May 22, 1996 authority, the property was listed with The Prudential Properties Plus Realty on March 27, 1998 at an asking price of $164,900.00 and offered through the Multiple Listing Service of the Toronto Real Estate Board. As a result, the following offer was received:

 PurchaserDepositPurchase Price/Terms

 Joey N. Bordieri Jr. and$10,000.00$160,000.00 non-conditional

Bronwen O=Hara(bank draft)

 This offer is recommended for acceptance:

 Property Address:182 Clonmore Drive, City of Toronto

 Legal Description:Plan 3653, Lot 2; Now RP64R-13411, Parts 5, 6 and 7

 Approximate Lot Size:10.45 metres (34.3 feet) fronting onto Clonmore Drive

98.68 metres (323.75 feet) depth

 Location:North side of Clonmore Drive, west of Warden Avenue

 Improvements:Detached stucco bungalow

 Recommended Sale Price:$160,000.00

 Deposit:$10,000.00

 Purchaser:Joey N. Bordieri Jr. and Browen O=Hara

 Closing Date:June 12, 1998

 Terms:Cash on closing, subject to usual adjustments

 Listing Broker:Prudential Properties Plus

 Selling Broker:Prudential Properties Plus

 Commission Payable:Five (5%) per cent.

 Conclusions:

 Completion of the transaction detailed above is considered fair and reasonable and reflective of market value.

 Contact Name:

 Mr. Douglas F. Warning

Acting Director of Real Estate (392-8165)

 COMMISSIONER OF CORPORATE SERVICES

 MDe/vp