January 30, 1999

To:Corporate Services Committee

From:Commissioner of Corporate Services

Subject:28 Gloucester Grove

(Ward 28 - York Eglinton)

Purpose:

To authorize the disposal of the property municipally known as 28 Gloucester Grove.

Funding Sources, Financial Implications and Impact Statement:

Revenue of $193,000.00, 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 this offer in the amount of $193,000.00 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. CP300J56175;

(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 City 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 28 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.

By 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 any option to purchase at that purchase price (unadjusted).

Comments and/or Discussion and/or Justification:

Pursuant to the July 8, 9 and 10, 1998 authority, negotiations were conducted with the tenants, Jack Kirchhoff and Sherry Firing, and the following offer was received:

Property Address:28 Gloucester Grove

Legal Description:Part of Lots 27, 28, 29 and 30, Plan 2339, City of Toronto, together with and subject to rights of way

Approximate Lot Size:8.84 metres (29.0 feet) fronting onto Gloucester Grove

30.48 metres (100 feet) depth

Easement:None

Location:North side of Gloucester Grove, south of Eglinton Avenue West, west of Strathearn Road

Improvements:Detached, 2 bedroom stucco and stone bunglow

Occupancy Status:Tenanted

Date Interest Expressed:May 12, 1997

Recommended Sale Price:$193,000.00

Deposit:$9,650.00

Purchaser:Jack Kirchhoff and Sherry Firing

Closing Date:March 31, 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 market value appraisal as of the date the tenant expressed written interest. By the adoption of Clause No. 5, 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 sold at the time of the effective date of appraisal.

Conclusion:

Completion of this transaction detailed above is considered fair and reasonable and reflective of market value as of May 12, 1997.

Contact Name:

Michelle DeVey, Valuator-Negotiator, Real Estate Services, (416)392-8160, Fax No.: (416)392-4828, E-Mail Address: michelle_devey@metrodesk.metrotor.on.ca (cs99011.wpd)

Margaret Rodrigues

Commissioner of Corporate Services

Mde/vp

Appendix "A"

28 Gloucester Grove - 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 detached, 2 bedroom bungalows.

Approximate

AddressLot SizeSale PriceDate of Sale

491 Winnett Avenue25' x 132.98'$197,000.00April 21, 1997

53 Westover Hill Road30.15'x100'$228,000.00April 8, 1997

39 Gloucester Grove26.35' x 100'$217,500.00October 17, 1997