June 29, 1998
To:Corporate Services Committee
From:Commissioner of Corporate Services
Subject:Sale of Surplus Spadina Project Property at 565 Arlington Avenue
(Ward 28 - York Eglinton)
Purpose:
To authorize the disposal of the property municipally known as 565 Arlington Avenue.
Funding Sources, Financial Implications and Impact Statement:
Revenue of $161,000.00, 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 $161,000.00 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. CP300J56111;
(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 565 Arlington Avenue, 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
HomeLife/City Hill Realty Inc. on June 5, 1998 at an asking price of $149,900.00 and
offered through the Multiple Listing Service of the Toronto Real Estate Board. As a result,
the following offers were received:
PurchaserDepositPurchase Price/Terms
Janet Somerville$8,500.00 $161,000.00 (non conditional)
(certified cheque)
Imran Bukhari$12,000.00$156,100.00 (non conditional)
(bank draft)
Vongphasouk Thammachack$12,000.00$155,000.00 (non conditional)
Carmine Iuele$10,000.00$138,000.00 (non conditional)
(certified cheque)
Danielle Walker$6,080.00$121,600.00 (non conditional)
Christopher Chopik(draft bank)
James Morry$5,500.00$108,000.00 (non conditional)
Susan Morry(bank draft)
Liana Butt
The highest offer is recommended for acceptance:
Property Address:565 Arlington Avenue
Legal Description:Plan 2339, Part Lots 192 & 193, Registered Plan 64R-15549 Parts 5 and
24
Approximate Lot Size:8.40 metres (27.56 feet) fronting onto Arlington Avenue
28.49 metres (93.50 feet) depth
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 for subway/sewer and other related municipal purposes
Location:East side of Arlington Avenue, west of Strathearn Road, south of Eglinton
Avenue West
Improvements:Detached, brick bungalow
Occupancy Status:Vacant
Recommended Sale Price:$161,000.00
Deposit:$8,500.00
Purchaser:Janet Somerville
Closing Date:August 28, 1998
Terms:Cash on closing, subject to the usual adjustments.
Listing Broker:Homelife/City Hill Realty Inc.
Selling Broker:Re/Max West Realty Inc.
Commission:Four (4) percent, plus G.S.T., payable on closing of the transaction.
Conclusion:
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 (cs98107.wpd)
Commissioner of Corporate Services