Sale of Surplus Spadina Project Property

at 124 Everden Road

(Ward 28 - York Eglinton)

The Corporate Services Committee recommends the adoption of the following report (October21, 1998) from the Commissioner of Corporate Services:

Purpose:

To authorize the disposal of the property municipally known as 124 Everden Road.

Funding Sources, Financial Implications and Impact Statement:

Revenue of $224,000.00, less closing costs and the usual adjustments, subject to the revenue sharing agreement with the Province pursuant to Clause No. 1 of Report No. 25 of the former Metropolitan Corporate Administration Committee, approved on December 4, 1996.

Recommendations:

It is recommended, subject to Provincial concurrence that:

(1)the Commissioner of Corporate Services be authorized to accept this offer in the amount of $224,000.00 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. CP300J56149;

(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 124 Everden Road, subject to a 99 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 only requirement is set out below.

Comments and/or Discussion and/or Justification:

Pursuant to the February 12 and 13, 1997 authority, negotiations were conducted with the tenant, StephenTaub, and the following offer was received:

Property Address:124 Everden Road.

Legal Description:Lot 92, Plan 2339, designated as Part 13 Plan 7777, subject to a mutual right-of-way.

Approximate Lot Size:7.62 metres (25.00 feet) fronting onto Arlington Avenue,

40.50 metres (132.88 feet) depth.

Easement:Subject to an easement in favour of the City of Toronto for subway/sewer and other related municipal purposes identified within Part 2 on Plan 64R-7314.

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

Improvements:Detached, 2 bedroom brick bungalow.

Occupancy Status:Tenanted.

Recommended Sale Price:$224,000.00.

Deposit:$6,000.00.

Purchaser:Stephen Taub.

Closing Date:January 21, 1999 .

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

It is noted this is a sale to the existing tenant and is based on a current market value appraisal. By the adoption of Clause No. 5 of Report No. 9 of The Corporate Services Committee, Council at the meeting held on July 29, 30 and 31, 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.

Conclusion:

Completion of this transaction detailed above is considered fair and reasonable and reflective of current market value.

Contact Name:

Mr. R. Mayr, AACI, Phone No.: (416) 396-4930, Fax No.: (416) 396-4241, E-Mail Address: mayr@city.scarborough.on.ca

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Appendix "A"

124 Everden Road - Comparable Sales

The following three addresses represent comparable sales of properties as of the effective date that are quite similar to the residence which forms the subject matter of this report. These three properties consist of five room brick bungalows with two bedrooms.

Approximate

AddressLot SizeSale PriceDate of Sale

114 Everden Road 25 x 133$222,000.00July 14, 1998

112 Everden Road25 x 133$211,000.00August 18, 1997

109 Everden Road30 x 132$250,100.00August 10, 1998

(A copy of the map, attached to the foregoing report, was forwarded to all Members of Council with the November 9, 1998, agenda of the Corporate Services Committee and a copy thereof is also on file in the office of the City Clerk.)