June 16, 1998

 To:Corporate Services Committee

 From:Commissioner of Corporate Services

 Subject:Sale of Surplus Spadina Project Property at 114 Everden Road

(Ward 28 - York Eglinton)

 Purpose:

 To authorize the disposal of the property municipally known as 114 Everden Road.

 Funding Sources, Financial Implications and Impact Statement:

 Revenue of $222,000.00, 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.

 Recommendations:

 It is recommended, subject to Provincial concurrence that:

 (1)the Commissioner of Corporate Services be authorized to accept the highest offer in the amount of $222,000.00 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 percent 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. CP300J56140;

 (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 114 Everden 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 Savvy Realty Corp. on April 27, 1998 at an asking price of $229,900.00. As a result, the following offers were received:

 PurchaserDepositPurchase Price/Terms

 Zubaria Bukhari and Imran Bukhari$12,000.00 (bank draft)$205,000.00

(non-conditional)

 Laurence Alexander$12,000.00$222,000.00

($2,800.00-certified cheque)(non-conditional)

($9,200.00-bank draft)

 Sharon Attias$11,000.00(certified cheque)$218,600.00

(non-conditional)

 The highest offer is recommended for acceptance:

 Property Address:114 Everden Road, City of York

 Legal Description:Lot 97, Plan 2339, City of York designated as Part 8, on Plan No. 7777, City of York

 Lot Size:7.62 metres (25 feet) fronting onto Everden Road

40.2 metres (132 feet) depth

 Location:East side of Everden Road, south of Eglinton Avenue West

 Improvements:Detached, bungalow

  Occupancy Status:Vacant

 Right of Way:Subject to a mutual right-of-way

 Easement:Title to the property will be conveyed subject to an easement in favour of the City of Toronto substantially as shown on Plan 64R-7314 for subway/sewer and other related municipal purposes.

 Recommended Sale Price:$222,000.00

 Deposit:$12,000.00

 Purchaser:Laurence Alexander

 Closing Date:August 27, 1998

 Terms:Cash on closing, subject to the usual adjustments

 Listing Broker:Savvy Realty Corp.

 Selling Broker:Century 21 Heritage Group 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. R. Mayr, AACI, Director, Real Estate Services, (416)396-4930, Fax No.: (416)396-4241, E-Mail Address: mayr@city.scarborough.on.ca

 Commissioner of Corporate Services

 SAB/vp