May 19, 1998
To:Corporate Services Committee
From:Commissioner of Corporate Services
Subject:SALE OF SURPLUS PROPERTY AT 171 STRATHEARN ROAD, CITY OF TORONTO (FORMERLY CITY
OF YORK)WARD 28 - YORK EGLINTON
Purpose:
To authorize the disposal of the property municipally known as 171 Strathearn Road, City of Toronto as per attached
sketch.
Funding Sources, Financial Implications and Impact Statement:
Revenue of $342,100.00, less closing costs and the usual adjustments, subject to the revenue sharing agreement with the
Province pursuant to the former Metropolitan Corporate Administration Committee Report No. 25, Clause No. 1, approved
on December 4, 1996, is anticipated. The property is currently vacant.
Recommendations:
It is recommended, subject to Provincial concurrence, that:
(1)The Commissioner of Corporate Services be authorized to accept the Agreement of Purchase and Sale in the amount
of $342,100.00 as detailed herein;
(2)Council, pursuant to Clause No. 14 of Report No. 27 of the former Metropolitan 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. CP300J56200;
(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:
The Province of Ontario is the owner of 171 Strathearn Road, subject to a ninety-nine year lease in favour of the City of
Toronto. By its adoption of Clause No. 1 of Report No. 3 of The Corporate Administration Committee on February 12 and
13, 1997, 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 February 12 and 13, 1997 authority, the property was listed with Prudential Sadie Moranis Realty on April
23, 1998 at an asking price of $319,900.00 and offered through the Multiple Listing Service of the Toronto Real Estate
Board. As a result, the following offers were received:
PurchaserDepositPurchase Price/Terms
Cameron Shouldice &$25,000.00 $342,100.00 (non-conditional)
Michelle Shouldice(certified cheque)
Sarah Sherman$20,050.00 (bank draft)$326,000.00 (non-conditional)
Diane Grundy &$16,575.00 $331,500.00 (non-conditional)
Marty Grundy(certified cheque)
Alan Godel & Lisa Godel$16,500.00$326,600.00 (non-conditional)
(certified cheque)
Louis Kirklfsoglou$16,000.00$303,000.00 (non-conditional)
(certified cheque)
Property Address:171 Strathearn Road, City of Toronto
Legal Description:Plan 2338, Lot 158, City of Toronto
Approximate Lot Size:9.14 metres (30 feet) fronting onto Everden Road
41.45 metres (136 feet) depth
Location:West side of Strathearn Road, east of Everden Road, south of Eglinton Avenue West
Improvements:Detached, two storey, brick dwelling
Recommended Sale Price:$342,100.00
Deposit:$25,000.00 (certified cheque)
Purchaser(s):Cameron Shouldice and Michelle Shouldice
Closing Date:July 15, 1998
Terms:Cash on closing, subject to the usual adjustments.
Listing Broker:Prudential Sadie Moranis Realty.
Selling Broker:Royal LePage Real Estate Services Ltd.
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
Commissioner of Corporate Services
MDv/vp
