February 5, 1999
To:Corporate Services Committee
From:Commissioner of Corporate Services
Subject:Sale of Surplus Spadina Project Property at 50 Heathdale Road
(Ward 28 - York Eglinton)
Purpose:
To authorize the disposal of the property municipally known as 50 Heathdale Road.
Funding Sources, Financial Implications and Impact Statement:
Revenue of $600,000.00, 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 the highest offer in the amount of $600,000.00 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. CP300J56193;
(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 50 Heathdale 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 no
easement requirement 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 former owners at
market value determined as of the date of expression of their interest and that such sale be subject to an option to
repurchase at that purchase price (unadjusted) for a period of two years. Accordingly, the former owner was provided with
our February 12, 1997 appraisal estimating the fair market value of this property at $440,000.00 together with an agreement
of purchase and sale. The former owner, Jerome Cooper, subsequently advised that he was not prepared to proceed with the
purchase of this property.
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 HomeLife
City Hill Realty on December 9, 1998 at an asking price of $495,000.00. As a result, the following offers were received:
PurchaserDepositPurchase Price/Terms
Dean McDermott and$40,000.00$600,000.00 (no conditions)
Mary Joe Eustace(certified cheque)
Bruce Harbinson and$50,000.00$593,777.00 (no conditions)
Gill Cameron(certified cheque)
Connie McCandless$28,631.35$572,627.02 (no conditions)
and Kevin Quinn(bank draft)
Allan I. Consky$28,000.00$556,875.00 (no conditions)
(bank draft)
Howard Eric Esakov$27,750.00$555,000.00 (no conditions)
(certified cheque)
Jason Alan Lester and$27,750.00$552,000,00 (no conditions)
Bonnie Ellen Lester(bank draft)
Gayla Glow$25,925.00$518,500.00 (no conditions)
(bank draft)
Paul Cohen & Shelley Adler$26,000.00$515,001.00 (no conditions)
(bank draft)
Gary Bomza$25,600.00$512,000.00 (no conditions)
(bank draft)
Gordon D. Wiseman, $25,000.00$495,100.00 (no conditions)
Dr. Saul M. Wiseman and($12,500.00 (bank draft)
Elaine Wisemanand $12,500.00 (certified cheque)
Harvey Minuk$20,000.00$405,000.00 (no conditions)
(certified cheque)
The higest offer is recommended for acceptance:
Property Address:50 Heathdale Road
Legal Description:Part of Parcel 1-2, Section MX-6, being Lot 168, Plan M-367, designated as Lot 2, on Plan MX-75,
City of Toronto (formerly City of York)
Lot Size:15.24 metres (50 feet) fronting onto Heathdale Road
41.1 metres (135 feet) depth
Location:North side of Heathdale Road at Glencedar Drive
Improvements:Detached, two-storey, stucco dwelling
Occupancy Status:Vacant
Recommended Sale Price:$600,000.00 (no conditions)
Deposit:$40,000.00 (certified cheque)
Purchaser:Dean McDermott and Mary Joe Eustace
Closing Date:April 15, 1999
Terms:Cash on closing, subject to the usual adjustments.
Listing Broker:HomeLife/City Hill Realty Inc.
Selling Broker:Forest Hill Real Estate 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 (cs99025.wpd)
Margaret Rodrigues
Commissioner of Corporate Services
SAB/vp
Appendix "A"
50 Heathdale Road - Comparable Sales
The following three addresses represent recent comparable sales of properties that are similar to the residence which forms
the subject matter of this report.
Approximate
AddressLot SizeSale PriceDate of Sale
12 Heathdale Road50 x 135$631,500.00December 16, 1998
36 Heathdale Road50 x 130$708,000.00August 18, 1998
6 Glen Cedar Road60 x 108$560,000.00October 7, 1998
