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City of Toronto Council and Committees |
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All Council and Committee documents are available from the City of Toronto Clerk's office. Please e-mail clerk@city.toronto.on.ca.
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September 28, 1998
To:Corporate Services Committee
From:Commissioner of Corporate Services
Subject:Status Report on Disposal of Surplus Real Estate
Purpose:
This report provides an update of the activities of the Real Estate Disposal Team.
Funding Sources, Financial Implications and Impact Statement:
Not Applicable.
Recommendations:
It is recommended that this report be received for information.
Council Reference/Background/History:
The Budget Committee at its meeting held on July 13, 1998 considered a report from the Chief Administrative Officer and
Commissioner of Corporate Services dated June 22, 1998 entitled, "Proceeds from the sale of properties". The Budget
Committee also forwarded the report to the Corporate Services Committee for its meeting of September 14, 1998. The
June 22, 1998 report advised that, at that time the Sold Properties and Sales in Progress were as set out in the following
chart:
|
Sold Properties
(Net Proceeds) |
Sales in Progress
(Net Proceeds) |
Total |
| Allocated |
$6,768,102.00 |
$8,570,822.00 |
$15,338,924.00 |
| Unallocated |
$2,248,000.00 |
$5,870,265.00 |
$8,118,265.00 |
| Total |
$9,016,102.00 |
$14,441,087.00 |
$23,457,189.00 |
The purpose of this report is to provide the Corporate Services Committee with an update on the sale proceeds. We
currently have closed 41 transactions having a gross sale value of $19.8 million and a further $10.7 million of gross sales
in progress for a total of $30.5 million. A summary of the allocated and unallocated sale proceeds are set out on a net basis
in the chart below. A list of Sold Properties is attached as Appendix A and a list of Sales in Progress is attached as
Appendix B.
|
Sold Properties
(Net Proceeds) |
Sales in Progress
(Net Proceeds) |
Total |
| Allocated |
$11,874,581.00 |
$3,271,743.00 |
$15,146,324.00 |
| Unallocated |
$5,895,706.00 |
$7,189,874.00 |
$13,085,580.00 |
| Total |
$17,770,287.00 |
$10,461,617.00 |
$28,231,904.00 |
It is also noted, that as of September 28, 1998, eleven additional properties are listed for sale or are ready to be listed for
sale and these properties are listed on Appendix C. In addition within the Spadina Corridor there are eighteen properties
for which an arbitration process was approved by Council on July 29, 1998. Appraisals are currently being prepared for
these properties, after which sale agreements will be forwarded to the tenants. Arbitrations, if necessary are expected to
occur in mid-November. The properties for which arbitration may be required are listed on Appendix D. Staff are actively
pursuing the sale of surplus properties on the open market and there are a number of other properties where staff are
negotiating the sale with abutting owners or existing tenants. Finally, staff continue to review potentially surplus
properties to determine if they should be declared surplus.
Conclusion:
This report should be received for information.
Contact Name:
R. Mayr, AACI, Telephone (416) 396-4930, Fax (416) 396-4241 mayr@city.scarborough.on.ca (cs98188.wpd)
Margaret Rodrigues
Commissioner of Corporate Services
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Please note that council and committee documents are provided electronically for information only and do not retain the exact structure of the original versions. For example, charts, images and tables may be difficult to read. As such, readers should verify information before acting on it. All council documents are available from the City Clerk's office. Please e-mail clerk@city.toronto.on.ca. |
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