Proposed Property Disposal,

116 Combe Avenue,

(Ward 8 - North York Spadina)

The Corporate Services Committee recommends the adoption of the following report (October16, 1998) from the Commissioner of Corporate Services:

Purpose:

To authorize the sale of the property municipally known as 116 Combe Avenue, to Tat Chow Chiu at a price of $230,000.00.

Funding Sources, Financial Implications and Impact Statement:

Proceeds of the sale, in the amount of $230,000.00, less closing costs and the usual adjustments will be realized and, pursuant to the direction of the former North York Council, are to be applied to park improvements within Clanton Park which is within the neighbouring Clanton Park Residential Community to the south.

Recommendations:

It is recommended that:

(1)the Commissioner of Corporate Services be authorized to accept the highest offer to purchase from Tat Chow Chiu in the amount of $230,000.00 as detailed herein; and

(2)the appropriate City officials be authorized and directed to take the necessary action to give effect thereto.

Council Reference/Background/History:

On April 2, 1997, the former City of North York Council declared two single family residences known as 114 and 116 Combe Avenue, to be surplus to the needs of the City, and authorized staff to proceed with their sale. Public notice was provided in accordance with the North York Real Estate disposal by-law. At the same meeting it is noted that the former North York Council directed that the proceeds of this sale be applied to necessary park improvements within Clanton Park which is within the neighbouring deficient Clanton Park Residential Community to the south. Earlier this year, City Council authorized the sale of 114 Combe to the current tenant, and discussions are ongoing with that tenant. 116 Combe is a 1,100 square foot bungalow with a detached concrete block garage, located on a 7,280 square foot (63.31' X 115') lot located at the north-east corner of Combe and Wilmington Avenues. The property has been vacant since the departure of the tenant earlier this year.

Comments and/or Discussion and/or Justification:

Pursuant to the April, 1997 authority, the property was listed with Sutton Group - Admiral Realty Corporation on September 29, 1998 at an asking price of $224,900.00, and offered through the Multiple Listing Service of the Toronto Real Estate Board. As a result, the following offers were received:

PurchaserPurchase Price/Terms Deposit

Tat Chow Chiu$230,000.00$11,500.00 (Certified Cheque)

A. Rheinhold$228,000.00$11,500.00(Certified Cheque)

Joe Dinardo and

Frank Divecehio$169,000.00$ 9,000.00(Certified Cheque)

The highest offer is recommended for acceptance:

Property Address:116 Combe Avenue.

Original Acquisition:Negotiated for park purposes.

Legal Description:Part of Lot 188, Plan 1899, City of North York.

Approximate Lot Size:19.3m (63.3') fronting onto Combe Avenue X 35.1m (115') flankage onto Wilmington Avenue.

Location:North-east corner of Combe Avenue and Wilmington Avenue.

Improvements:1,100 square foot, three bedroom bungalow.

Occupancy Status:Vacant.

Recommended Sale Price:$230,000.00.

Deposit:$11,500.00.

Purchaser:Tat Chow Chiu.

Closing Date:January 6, 1999.

Terms:Cash on Closing.

Conclusion:

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

Contact Name:

R. Mayr, AACI, Telephone (416) 396-4930, Fax (416) 396-4241 mayr@city.scarborough.on.ca.