May 19, 1998

 To:Corporate Services Committee

 From:Commissioner of Corporate Services

 Subject:SALE OF SURPLUS PROPERTY AT 38 WILDWOOD CRESCENT, CITY OF TORONTO, WARD 26, EAST TORONTO

 Purpose:

 To authorize the disposal of the property municipally known as 38 Wildwood Crescent, City of Toronto.

 Funding Sources, Financial Implications and Impact Statement:

 Revenue of $192,500.00, less closing costs and the usual adjustments, is anticipated. The property is currently vacant.

 Recommendations:

 It is recommended, subject to such approvals as may be required under the City of Toronto Act, 1997, that:

 (1)The Commissioner of Corporate Services be authorized to accept the Agreement of Purchase and Sale in the amount of $192,500.00 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. CP300J56013;

 (4)the City Solicitor be authorized and directed to take the appropriate action in conjunction with Province of Ontario Officials and/or agents, to complete the transaction on behalf of the Corporation, 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:

 As a result of the Frederick G. Gardiner Expressway Project, the City of Toronto is the owner of 38 Wildwood Crescent. By its adoption of Clause No. 5 of Report No. 30 of The Corporate Administration Committee on December 6, 1995, 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. However, a City wide municipal canvass determined an interest by the former City of Toronto,Urban Forestry and Parks, in the ravine portion of the property. Therefore, prior to listing the property, a survey was conducted isolating the house from the ravine. The ravine portion remains in the ownership of the City. A copy of the plan has been included for your information.

 Comments and/or Discussion and/or Justification:

 Pursuant to the May 22, 1996 authority, the property was listed with Re/Max Hallmark Realty Ltd., on April 21, 1998 at an asking price of $199,900.00 and offered through the Multiple Listing Service of the Toronto Real Estate Board. As a result, the following offer(s) were received:

 PurchaserDepositPurchase Price/Terms

 Nicole Zwiers and Paul Wright$10,000.00$192,500.00 (non-conditional)

(certified)

 Herbert Frederick Kuhn$3,000.00$170,001.00 (conditional)

Stephanie Margaret Hancock Kuhn(certified)

 The highest offer is recommended for acceptance:

 Property Address:38 Wildwood Crescent, Toronto

 Legal Description:Part of Block A, Plan 459E shown as Plan 64R-15893, Parts 1 and 2

 Approximate Lot Size:10.84 metres (35.56 feet) fronting onto Wildwood Crescent

21.70 metres (71.19 feet) depth

 Location:North side of Wildwood Crescent, west of Woodbine Avenue

 Improvements:Detached, brick bungalow

Recommended Sale Price:$192,500.00

 Deposit:$10,000.00

 Purchaser:Nicole Zwiers and Paul Wright

 Closing Date:July 14, 1998

 Terms:Cash on closing, subject to usual adjustments

 Listing Broker:Re/Max Hallmark Realty Ltd.

 Selling Broker:Savvy Realty Corporation

 Commission:Four (4) per cent, plus G.S.T., payable on closing of the transaction.

 Conclusions:

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

 Contact Name:

 Mr. Roland Mayr (396-4930)

Director of Real Estate, City of Scarborough

 Margaret Rodrigues

Commissioner of Corporate Services

 MHC/vp