August 28, 1998

To:Corporate Services Committee

From:Commissioner of Corporate Services

Subject:Sale of Surplus Spadina Project Property at 121 Everden Road

(Ward 28 - York Eglinton)

Purpose:

To authorize the disposal of the property municipally known as 121 Everden Road.

Funding Sources, Financial Implications and Impact Statement:

Revenue of $325,500.00 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 $325,500.00 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. CP300J56146;

(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 121 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 Savvy Realty Corp. on July 30, 1998 at an asking price of $319,900.00 and offered through the Multiple Listing Service of the Toronto Real Estate Board. As a result, the following offers were received:

PurchaserDepositPurchase Price/Terms

Andria Jane Weiss$17,000.00$325,500.00 non-conditional

(certified cheque)

Michael Kot & Tracy Leach$15,000.00$280,600.00 non-conditional

(certified cheque)

This offer is being recommended for acceptance:

Property Address:121 Everden Road, City of Toronto

Legal Description:Plan 2339, Lot 113, City of Toronto

Lot Size:7.62 metres (25 feet) fronting onto Everden Road

40.23 metres (132 feet) depth

Location:East side of Everden Road, south of Eglinton Avenue West

Easements:Subject to an easement in favour of the City of Toronto for subway/sewer and other related municipal purposes identified within Part 9 on Plan 64R-7314

Improvements:Detached, two storey, brick dwelling

Occupancy Status:Vacant

Recommended Sale Price:$325,500.00

Deposit:$17,000.00

Purchaser:Andria Jane Weiss

Closing Date:October 30, 1998

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

Listing Broker:Savvy Realty Corp.

Selling Broker:Savvy Realty Corp.

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 (cs98162.wpd)

Margaret Rodrigues

Commissioner of Corporate Services

Appendix "A"

121 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 6 room houses with 3 bedrooms.

AddressSale PriceDate of Sale

141 Everden Road$281,600.00July 8, 1998

103 Everden Road$300,300.00July 29, 1998

171 Strathearn Road$342,100.00June 3, 1998