Sale of Surplus Property at

24 Gloucester Grove

(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 24 Gloucester Grove.

Funding Sources, Financial Implications and Impact Statement:

Revenue of $221,000.00, 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.

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 $221,000.00 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. CP300J56171;

(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 24 Gloucester Grove, 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, the property was listed with Forest Hill Real Estate Inc. on June 1, 1998 at an asking price of $219,000.00. As a result, the following offers were received:

PurchaserDepositPurchase Price/Terms

Mira Laufer$10,000.00 (bank draft)$221,000.00 (non conditional)

Hong Ye Ji and$11,000.00 (bank draft)$219,000.00 (non conditional)

Hua Ying Wan

The highest offer is recommended for acceptance:

Property Address:24 Gloucester Grove

Legal Description:Plan 2339, Part of Lots 22, 28, 29 and 30

Approximate Lot Size:8.23 metres (27 feet) fronting onto Gloucester Grove 30.48 metres (100 feet) depth

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

Improvements:Detached, stucco and wood bungalow

Occupancy Status:Vacant

Recommended Sale Price:$221,000.00

Deposit:$10,000.00 (bank draft)

Purchaser:Mira Laufer

Closing Date:October 30, 1998

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

Listing Broker:Forest Hill Real Estate Inc.

Selling Broker:Forest Hill Real Estate Inc.

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 (cs98110.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.)