March 12, 1999

To:Corporate Services Committee

From:Commissioner of Corporate Services

Subject:Sale of Surplus Spadina Project Property at 36 Gloucester Grove

(Ward 28 - York Eglinton)

Purpose:

To authorize the disposal of the property municipally known as 36 Gloucester Grove.

Funding Sources, Financial Implications and Impact Statement:

Revenue of $293,700.00, 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 or the Executive Director of Facilities and Real Estate be authorized to accept the highest offer in the amount of $293,700.00 as detailed herein;

(2)Council, pursuant to Clause No. 14, of Report No. 36 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. CP300J56177;

(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 36 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.

Comments and/or Discussion and/or Justification:

Pursuant to the February 12 and 13, 1997 authority, the property was listed with Coldwell Banker Pinnacle Real Estate on January 28, 1999 at an asking price of $274,900.00. As a result, the following offers were received:

PurchaserPurchase PriceDepositTerms

Ivano Stellato$293,700.00$19,000.00No Conditions

(bank draft)

Bill Iuele and Jennifer Pitt$283,504.00$14,500.00No Conditions

(certified cheque)

Chi Wing Fong and$270,600.00$15,000.00No Conditions

Christopher Wei(bank draft)

The highest offer is recommended for acceptance:

Property Address:36 Gloucester Grove

Legal Description:Part of Lots 21, 22, 23, and 24, Registered Plan 2339, City of Toronto, together with and subject to rights-of-way.

Approximate Lot Size:8.39 metres (27.5 feet) fronting onto Gloucester Grove

30.48 metres (100 feet) depth

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

Improvements:Detached, 3 bedroom, 2 storey brick dwelling

Occupancy Status:Vacant

Recommended Sale Price:$293,700.00

Deposit:$19,000.00 (bank draft)

Purchaser:Ivano Stellato

Closing Date:May 20, 1999

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

Listing Broker:Coldwell Banker Pinnacle Real Estate

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 of 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:

MichelleDeVey, Valuator-Negotiator, Real Estate Services, (416)392-8160, Fax No.: (416)392-4828, E-Mail Address: michelle_devey@metrodesk.metrotor.on.ca (cs99043.wpd)

Margaret Rodrigues

Commissioner of Corporate Services

Mde/vp

Appendix "A"

36 Gloucester Grove - Comparable Sales

The following three addresses represent comparable sales of properties that are quite similar to the residence which forms the subject matter of this report. These three properties consist of 6 rooms, detached, 2 storey dwellings with 3 bedrooms.

Approximate

+AddressLot Size Sale Price Date of Sale

19 Gloucester Grove 26.5' x 100'$275,320.00December 16, 1998

103 Everden Road25' x 132'$300,300.00August 5, 1998

141 Everden Road 25' x 132'$281,600.00July 15, 1998