Sale of Surplus Spadina Project Property at
118 Everden Road(Ward 28 - York Eglinton)
The Corporate Services Committee recommends the adoption of the following report
(August28, 1998) from the Commissioner of Corporate Services:
Purpose:
To authorize the disposal of the property municipally known as 118 Everden Road.
Funding Sources, Financial Implications and Impact Statement:
Revenue of $238,100.00 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 an offer in the amount
of $238,100.00 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. CP300J56143;
(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 118 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
HomeLife/City Hill Realty Inc. on June 29, 1998 at an asking price of $224,900.00. As a
result, the following offer was received:
Property Address:118 Everden Road, City of Toronto
Legal Description:Lot 95, Plan 2339, designated as Part 10 on Plan No. 7777, former City
of York
Lot Size:7.62 metres (25 feet) fronting onto Everden Road
40.5 metres (132.91 feet) 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:$238,100.00 (non-conditional)
Deposit:$13,800.00
Purchaser:Christina Pang
Closing Date:October 19, 1998
Terms:Cash on closing, subject to the usual adjustments.
Listing Broker:Coldwell Banker Pinnacle Real Estate
Selling Broker:Remax Realtron Realty
Commission:Four (4) per cent, plus G.S.T., payable on closing of the transaction.
By the adoption of Clause No. 5 of Report No. 9 of The Corporate Services Committee,
Council at the meeting held on July 8, 9, and 10, 1998 directed that comparable sales data be
provided in future reports of property sales. Appendix "A" identifies three comparable
properties located in the vicinity that have recently sold. While comparable sales
information can be included as part of the staff report, this property was listed for sale on the
TREB multiple listing service and the forces of the market place have determined the true
market value.
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 (cs98156.wpd)
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Appendix "A"
118 Everden Road - Comparable Sales
The following three addressess represent recent comparable sales of properties that are quite
similar to the residence which forms the subject matter of this report. These three properties
consist of fiveroom houses with two bedrooms.
AddressSale PriceDate of Sale
114 Everden Road$222,000.00July 8, 1998
24 Gloucester Grove$221,000.00July 29, 1998
112 Everden Road$211,000.00August 18, 1997