June 8, 1998
To:Corporate Services Committee
From:Commissioner of Corporate Services
Subject:Sale of Surplus Spadina Project Property at 123 Everden Road
(Ward 28 - York Eglinton)
Purpose:
To authorize the disposal of the property municipally known as 123 Everden Road.
Funding Sources, Financial Implications and Impact Statement:
Revenue of $252,000.00, 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 Agreement of Purchase and Sale in the amount of
$252,000.00 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 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. CP300J56148;
(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 123 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 Wakefield Realty Corporation on May 11,
1998 at an asking price of $256,900.00 and offered through the Multiple Listing Service of the Toronto Real Estate Board.
As a result, the following offer was received:
PurchaserDepositPurchase Price/Terms
Colette Z. Weinberg and$15,000.00 (bank draft) $252,000.00 (non-conditional)
Arman Kasaci
This offer is being recommended for acceptance:
Property Address:123 Everden Road, City of Toronto
Legal Description:Plan 2339, Lot 112, City of Toronto
Approximate Lot Size:7.62 metres (25 feet) fronting onto Everden Road
40.23 metres (132 feet) depth
Location:East side of Everden Road, south of Eglinton Avenue West
Easements:Subject to an easement in favour of the City of Toronto for subway/sewer and other related municipal
purposes identified within Part 9 on Plan 64R-7314
Improvements:Detached, two storey, brick dwelling
Occupancy Status:Vacant
Recommended Sale Price:$252,000.00
Deposit:$15,000.00 (bank draft)
Purchaser(s):Colette Z. Weinberg and Arman Kasaci
Closing Date:July 27, 1998
Terms:Cash on closing, subject to the usual adjustments.
Listing Broker:Wakefield Realty Corporation
Selling Broker:Sutton Group Assoc. Realty Inc.
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
MHC/vp
