June 29, 1998
To:Corporate Services Committee
From:Commissioner of Corporate Services
Subject:Sale of Surplus Property at 175 Strathearn Road
(Ward 28 - York Eglinton)
Purpose:
To authorize the disposal of the property municipally known as 175 Strathearn Road.
Funding Sources, Financial Implications and Impact Statement:
Revenue of $310,000.00, 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.
Rental income is currently $1,402.77 per month.
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 $310,000.00 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 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. CP300J56202;
(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 103 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, negotiations were conducted with the
tenant, Frances Suran, and as a result, the following offer was received:
PurchaserDepositPurchase Price/Terms
Frances Suran $15,000.00 (certified cheque)$310,000.00 (non conditional)
This offer is being recommended for acceptance:
Property Address:175 Strathearn Road, City of Toronto
Legal Description:Plan 2338, Lot 160, City of Toronto
Approximate Lot Size:9.14 metres (30 feet) fronting onto Everden Road
41.45 metres (136 feet) depth
Location:West side of Strathearn Road, south of Eglinton Avenue West
Improvements:Detached, two-storey, brick dwelling
Occupancy Status:Tenanted
Recommended Sale Price:$310,000.00
Deposit:$15,000.00 (certified cheque)
Purchaser:Frances Suran (current tenant)
Closing Date:September 9, 1998
Terms:Cash on closing, subject to the usual adjustments.
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 (cs98109.wpd)
Commissioner of Corporate Services