June 8, 1998

  To:Corporate Services Committee

 From:Commissioner of Corporate Services

 Subject:Sale of Surplus Spadina Project Property at 34 Heathdale Road

(Ward 28 - York Eglinton)

 Purpose:

 To authorize the disposal of the property municipally known as 34 Heathdale Road.

 Funding Sources, Financial Implications and Impact Statement:

 Revenue of $410,000.00, 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 $410,000.00 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. CP300J56185;

 (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 34 Heathdale 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 Forest Hill Real Estate Inc. on September 16, 1997 at an asking price of $429,900.00 and offered through the Multiple Listing Service of the Toronto Real Estate Board. No acceptable offers were received at that time. Subsequently, on April 27, 1998, the property was listed with Paul Slavens Real Estate Inc. at an asking price of $409,900.00. As a result, the following offers were received:

 PurchaserDepositPurchase Price/Terms

 Sandor Ambrus$20,000.00 (certified cheque)$410,000.00 (non-conditional)

 Michal Fischler$20,000.00 (bank draft)$405,000.00 (non-conditional)

 Steven Plant$19,000.00 (certified cheque)$381,000.00 (non-conditional)

 The highest offer is recommended for acceptance:

 Property Address:34 Heathdale Road

 Legal Description:Lot 176, Plan M367, designated as Lot 18, Plan MX-75

 Approximate Lot Size:15.24 metres (50.0 feet) fronting onto Heathdale Road

39.5 metres (129.72 feet) depth

 Location:North side of Heathdale Road, east of Glencedar Drive

 Status:Vacant Site

 Recommended Sale Price:$410,000.00

 Deposit:$20,000.00 (certified cheque)

 Purchaser(s):Sandor Ambrus

 Closing Date:July 28, 1998

 Terms:Cash on closing, subject to the usual adjustments.

Listing Broker:Paul Slavens Real Estate Inc.

 Selling Broker:Paul Slavens Real Estate Inc.

 Commission:Four (4) percent, 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