City of Toronto   *
HomeContact UsHow Do I...? Advanced search Go
Living in TorontoDoing businessVisiting TorontoAccessing City Hall
 
Accessing City Hall
Mayor
Councillors
Meeting Schedules
   
   
  City of Toronto Council and Committees
  All Council and Committee documents are available from the City of Toronto Clerk's office. Please e-mail clerk@toronto.ca.
   

 


February 5, 1999

To:Corporate Services Committee

From:Commissioner of Corporate Services

Subject:Sale of Surplus Spadina Project Property at 106 Everden Road

(Ward 28 - York Eglinton)

Purpose:

To authorize the disposal of the property municipally known as 106 Everden Road.

Funding Sources, Financial Implications and Impact Statement:

Revenue of $235,750.00, 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 $235,750.00 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. CP300J56133;

(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 106 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.

By its adoption of Clause No. 4 of Report No. 9 of The Corporate Services Committee on July 8, 9, and 10, 1998, Toronto Council authorized that properties listed in Schedule "A", including the subject property, be sold to Schedule "A" purchasers at market value determined as of the date of expression of their interest and should be further subject to an option to purchase at that purchase price (unadjusted). Accordingly, the tenant Elizabeth Harrington was advised as to the estimated fair market value at $210,000.00 effective July 22, 1997. Ms. Harrington subsequently advised that she was not prepared to proceed with the purchase of this property and alternatively, selected to vacate the property and accept the financial incentive of three months rent as a tenant with more than three years occupancy. The tenant vacated on December 17, 1998 and secured an incentive payment of $3,817.86 less the outstanding amount on her account.

Comments and/or Discussion and/or Justification:

Pursuant to the February 12 and 13, 1997 and July 8, 9 and 10, 1998 authorities, the property was listed with Wakefield Realty Corporation on January 6, 1999 at an asking price of $224,900.00. As a result, the following offers were received:

PurchaserDepositPurchase Price/Terms

Fenella Rawana$15,000.00$235,750.00 (no conditions)

(certified cheque)

Eron Chichora$12,000.00$225,200.00 (no conditions)

(bank draft)

Marianne Carole Samuel Rose$13,000.00$221,900.00 (no conditions)

(bank draft)

The highest offer is recommended for acceptance:

Property Address:106 Everden Road

Legal Description:Part of Lots 101 and 102, Plan 2339, designated as Part 4 on Plan No. 7777 former City of York

Approximate Lot Size:9.1 metres (30 feet) fronting onto Everden Road

32 metres (105 feet) depth

Location:West side of Everden Road, north of Ava Road

Improvements:Detached, bungalow

Occupancy Status:Vacant

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:$235,750.00

Deposit:$15,000.00

Purchaser:Fenella Rawana

Closing Date:March 26, 1999

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

Listing Broker:Wakefield Realty Corporation

Selling Broker:Sutton Group - Bayview Realty Inc.

Commission:Four (4) per cent. plus G.S.T., payable on closing of the transaction.

By the adoption of Clause No. 5, 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:

S. Badin, Valuator-Negotiator, Real Estate Services, (416) 392-8142, Fax No. (416) 392-4828 E-Mail Address: sheryl_badin@metrodesk.metrotor.on.ca (cs99020.wpd)

Margaret Rodrigues

Commissioner of Corporate Services

SAB/vp

Appendix "A"

106 Everden Road - Comparable Sales

The following three addresses 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 5 room brick bungalows with 2 bedrooms.

Approximate

AddressLot SizeSale PriceDate of Sale

109 Everden Road 30 x 132$250,100.00August 10, 1998

118 Everden Road25 x 133$238,100.00August 24, 1998

114 Everden Road25 x 133$222,000.00July 14, 1998

 

   
Please note that council and committee documents are provided electronically for information only and do not retain the exact structure of the original versions. For example, charts, images and tables may be difficult to read. As such, readers should verify information before acting on it. All council documents are available from the City Clerk's office. Please e-mail clerk@toronto.ca.

 

City maps | Get involved | Toronto links
© City of Toronto 1998-2005