August 28, 1998
To:Corporate Services Committee
From:Commissioner of Corporate Services
Subject:Sale of Surplus Spadina Project Property at 118 Everden Road
(Ward 28 - York Eglinton)
Purpose:
To authorize the disposal of the property municipally known as 118 Everden Road.
Funding Sources, Financial Implications and Impact Statement:
Revenue of $238,100.00 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 an offer in the amount of $238,100.00 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. CP300J56143;
(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 118 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 HomeLife/City Hill Realty Inc. on June
29, 1998 at an asking price of $224,900.00. As a result, the following offer was received:
Property Address:118 Everden Road, City of Toronto
Legal Description:Lot 95, Plan 2339, designated as Part 10 on Plan No. 7777, former City of York
Lot Size:7.62 metres (25 feet) fronting onto Everden Road
40.5 metres (132.91 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:$238,100.00 (non-conditional)
Deposit:$13,800.00
Purchaser:Christina Pang
Closing Date:October 19, 1998
Terms:Cash on closing, subject to the usual adjustments.
Listing Broker:Coldwell Banker Pinnacle Real Estate
Selling Broker:Remax Realtron Realty
Commission:Four (4) per cent, plus G.S.T., payable on closing of the transaction.
By the adoption of Clause No. 5, Report No. 9 of the Corporate Services Committee, Council at the meeting held on July 8,
9, and 10, 1998 directed that comparable sales data be provided in future reports of property sales. Appendix "A" identifies
three comparable properties located in the vicinity that have recently sold. While comparable sales information can be
included as part of the staff report, this property was listed for sale on the TREB multiple listing service and the forces of
the market place have determined the true market value.
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 (cs98156.wpd)
Margaret Rodrigues
Commissioner of Corporate Services
Appendix "A"
118 Everden Road - Comparable Sales
The following three addressess represent recent comparable sales of properties that are quite similar to the residence which
forms the subject matter of this report. These three properties consist of 5 room houses with 2 bedrooms.
AddressSale PriceDate of Sale
114 Everden Road$222,000.00July 8, 1998
24 Gloucester Grove$221,000.00July 29, 1998
112 Everden Road$211,000.00August 18, 1997