Sale of Surplus Property at 38 wildwood Crescent
City of Toronto, Ward 26, East Toronto
The Corporate Services Committee recommends the adoption of the following report (May 11, 1998) from the
Commissioner of Corporate Services:
Purpose:
To authorize the disposal of the property municipally known as 38 Wildwood Crescent, City of Toronto.
Funding Sources, Financial Implications and Impact Statement:
Revenue of $192,500.00, less closing costs and the usual adjustments, is anticipated. The property is currently vacant.
Recommendations:
It is recommended, subject to such approvals as may be required under the City of Toronto Act, 1997, that:
(1)the Commissioner of Corporate Services be authorized to accept the Agreement of Purchase and Sale in the amount of
$192,500.00 as detailed herein;
(2)Council, pursuant to Clause No. 14 of Report No. 27 of The 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.
CP300J56013;
(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:
As a result of the Frederick G. Gardiner Expressway Project, the City of Toronto is the owner of 38 Wildwood Crescent. By its
adoption of Clause No. 5 of Report No. 30 of The Corporate Administration Committee on December 6, 1995, 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.
However, a City-wide municipal canvass determined an interest by the former City of Toronto, Urban Forestry and Parks, in the
ravine portion of the property. Therefore, prior to listing the property, a survey was conducted isolating the house from the ravine.
The ravine portion remains in the ownership of the City. A copy of the plan has been included for your information.
Comments and/or Discussion and/or Justification:
Pursuant to the May 22, 1996 authority, the property was listed with Re/Max Hallmark Realty Ltd., on April 21, 1998 at an
asking price of $199,900.00 and offered through the Multiple Listing Service of the Toronto Real Estate Board. As a result, the
following offer(s) were received:
PurchaserDepositPurchase Price/Terms
Nicole Zwiers and Paul Wright$10,000.00$192,500.00 (non-conditional)
(certified)
Herbert Frederick Kuhn$3,000.00$170,001.00 (conditional)
Stephanie Margaret Hancock Kuhn(certified)
The highest offer is recommended for acceptance:
Property Address:38 Wildwood Crescent, Toronto
Legal Description:Part of Block A, Plan 459E shown as Plan 64R-15893, Parts 1 and 2
Approximate Lot Size:10.84 metres (35.56 feet) fronting onto Wildwood Crescent 21.70 metres (71.19 feet) depth
Location:North side of Wildwood Crescent, west of Woodbine Avenue
Improvements:Detached, brick bungalow
Recommended Sale Price:$192,500.00
Deposit:$10,000.00
Purchaser:Nicole Zwiers and Paul Wright
Closing Date:July 14, 1998
Terms:Cash on closing, subject to usual adjustments
Listing Broker:Re/Max Hallmark Realty Ltd.
Selling Broker:Savvy Realty Corporation
Commission:Four (4) per cent, plus G.S.T., payable on closing of the transaction.
Conclusions:
Completion of this transaction detailed above is considered fair and reasonable and reflective of market value.
Contact Name:
Mr. Roland Mayr (396-4930)
Director of Real Estate, City of Scarborough
(A copy of the location maps, attached to the foregoing report were forwarded to all Members of Council with the May 25, 1998,
Corporate Services Committee Agenda, and a copy thereof is also on file in the office of the City Clerk.)