Sale of Surplus Spadina Project Property
at 109 Everden Road
(Ward 28 - York Eglinton)
The Corporate Services Committee recommends the adoption of the following report (June29, 1998) from the
Commissioner of Corporate Services:
Purpose:
To authorize the disposal of the property municipally known as 109 Everden Road.
Funding Sources, Financial Implications and Impact Statement:
Revenue of $250,100.00, 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 the highest offer in the amount of $250,100.00 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. CP300J56136;
(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 109 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 Coldwell Banker Pinnacle Real Estate
on June 3, 1998 at an asking price of $229,900.00 and offered through the Multiple Listing Service of the Toronto
Real Estate Board. As a result, the following offers were received:
PurchaserDepositPurchase Price/Terms
Ara Wiseman$15,000.00$250,100.00 (no conditions)
(bank draft)
Elana Segal and Phillip Maerov$12,500.00$245,900.00 (no conditions)
(bank draft)
Anthony Hylton and Ailis Hylton$12,183.00$243,650.00 (no conditions)
(bank draft)
Gordon Akum and Kim Bercovitz$13,000.00$241,600.00 (no conditions)
(certified cheque)
Mira Bedder and Kalman Bedder$12,100.00$241,000.00 (no conditions)
(certified cheque)
Martin Grundy and Diane Grundy$12,000.00$240,200.00 (no conditions)
(bank draft)
Annette Goldman and Joel Goldman$12,000.00$240,000.00 (no conditions)
(bank draft)
Mario, Maria and Bill Iuele$12,000.00$235,200.00 (conditional on
(bank draft)financing)
The highest offer is recommended for acceptance:
Property Address:109 Everden Road
Legal Description:Part of Lots 118 and 119, Registered Plan No. 2339
Lot Size:9.14 metres (30 feet) fronting onto Everden Road 40.2 metres (132feet) 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:$250,100.00
Deposit:$15,000.00
Purchaser:Ara Wiseman
Closing Date:August 31, 1998
Terms:Cash on closing, subject to the usual adjustments.
Listing Broker:Coldwell Banker Pinnacle Real Estate
Selling Broker:Prudential Sadie Moranis Realty
Commission:Four (4) percent, plus G.S.T., payable on closing of the transaction.
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 (cs98108.wpd)
(A copy of the map attached to the foregoing report was forwarded to all Members of Council with the July 20, 1998,
agenda of the Corporate Services Committee, and a copy thereof is also on file in the office of the City Clerk.)