July 2, 1998

   To:Corporate Services Committee

 From:City Clerk

 Subject:Purchase of Surplus Density From City-owned Land

by Symphony Square Ltd. - 29 Lorraine Drive

  Recommendation:

 The North York Community Council on June 24, 1998, recommended to the Corporate Services Committee that:

 (1)the "Offer to Purchase" from Symphony Square Ltd. to purchase 19,660 square feet of density for the sum of $400,000.00 be accepted and the Chief Financial Officer and Treasurer and the City Clerk be authorized to execute same;

 (2)proceeds from the sale be credited to Account No. 007-435-000-8340;

 (3)the sale be subject to all applicable levies;

 (4)the appropriate City officials be authorized to take all actions necessary to finalize this matter.

 The North York Community Council also requested that the Chief Financial Officer and Treasurer provide a supplementary report to City Council when this matter is before it for final approval on what levies would be applicable to the additional density in the event that

 Background:

 The North York Community Council on June 24, 1998 had before it a report (June 15, 1998) from the Commissioner of Corporate Services recommending that the City accept the "Agreement of Purchase and Sale" from Symphony Square Ltd., the owners of 15-27 Lorraine Drive, for the purchase of surplus density from City-owned land at 29 Lorraine Drive.

City Clerk

 Clause sent to:Chief Financial Officer and Treasurer