Sale of Surplus Property at
175 Strathearn 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 175 Strathearn Road.
Funding Sources, Financial Implications and Impact Statement:
Revenue of $310,000.00, 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. Rental income is currently $1,402.77 per month.
Recommendations:
It is recommended, subject to Provincial concurrence that:
(1)the Commissioner of Corporate Services be authorized to accept the Agreement of Purchase and Sale in the amount
of $310,000.00 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. CP300J56202;
(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 103 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 no requirements have been identified.
Comments and/or Discussion and/or Justification:
Pursuant to the February 12 and 13, 1997 authority, negotiations were conducted with the tenant, Frances Suran, and
as a result, the following offer was received:
PurchaserDepositPurchase Price/Terms
Frances Suran $15,000.00 (certified cheque)$310,000.00 (non conditional)
This offer is being recommended for acceptance:
Property Address:175 Strathearn Road, City of Toronto
Legal Description:Plan 2338, Lot 160, City of Toronto
Approximate Lot Size:9.14 metres (30 feet) fronting onto Everden Road
41.45 metres (136 feet) depth
Location:West side of Strathearn Road, south of Eglinton Avenue West
Improvements:Detached, two-storey, brick dwelling
Occupancy Status:Tenanted
Recommended Sale Price:$310,000.00
Deposit:$15,000.00 (certified cheque)
Purchaser:Frances Suran (current tenant)
Closing Date:September 9, 1998
Terms:Cash on closing, subject to the usual adjustments.
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 (cs98109.wpd)