June 29, 1998

 To:Corporate Services Committee

 From:Commissioner of Corporate Services

 Subject:Sale of Surplus Spadina Project Property at 109 Everden Road

(Ward 28 - York Eglinton)

 Purpose:

 To authorize the disposal of the property municipally known as 109 Everden Road.

 Funding Sources, Financial Implications and Impact Statement:

 Revenue of $250,100.00, 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 $250,100.00 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 per cent. 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. CP300J56136;

 (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 109 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 the easement requirement detailed herein has been identified.

 Comments and/or Discussion and/or Justification:

 Pursuant to the February 12 and 13, 1997 authority, the property was listed with Coldwell Banker Pinnacle Real Estate on June 3, 1998 at an asking price of $229,900.00 and offered through the Multiple Listing Service of the Toronto Real Estate Board. As a result, the following offers were received:

 PurchaserDepositPurchase Price/Terms

 Ara Wiseman$15,000.00$250,100.00 (no conditions)

(bank draft)

 Elana Segal and Phillip Maerov$12,500.00$245,900.00 (no conditions)

(bank draft)

 Anthony Hylton and Ailis Hylton$12,183.00$243,650.00 (no conditions)

(bank draft)

 Gordon Akum and Kim Bercovitz$13,000.00$241,600.00 (no conditions)

(certified cheque)

 Mira Bedder and Kalman Bedder$12,100.00$241,000.00 (no conditions)

(certified cheque)

 Martin Grundy and Diane Grundy$12,000.00$240,200.00 (no conditions)

(bank draft)

 Annette Goldman and Joel Goldman$12,000.00$240,000.00 (no conditions)

(bank draft)

 Mario, Maria and Bill Iuele$12,000.00$235,200.00 (conditional on

(bank draft)financing)

 The highest offer is recommended for acceptance:

 Property Address:109 Everden Road

 Legal Description:Part of Lots 118 and 119, Registered Plan No. 2339

 Lot Size:9.14 metres (30 feet) fronting onto Everden Road

40.2 metres (132 feet) depth

 Location:East side of Everden Road, north of Ava Road

 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:$250,100.00

 Deposit:$15,000.00

 Purchaser:Ara Wiseman

 Closing Date:August 31, 1998

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

 Listing Broker:Coldwell Banker Pinnacle Real Estate

 Selling Broker:Prudential Sadie Moranis Realty

 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 (cs98108.wpd)

 Commissioner of Corporate Services