August 16, 1999
To:North York Community Council
From:Acting Commissioner of Corporate Services
Subject:Sale of Surplus Vacant Lands on the north east corner of Wilson Heights Boulevard and Reiner Road
(Ward 8 - North York Spadina)
Purpose:
To authorize the disposal of the vacant parcel on the north east corner of Wilson Heights Boulevard and Reiner Road.
Financial Implications:
Revenue of $140,000.00 plus GST, less closing costs and the usual adjustments.
Recommendations:
It is recommended that:
(1)the Acting Commissioner of Corporate Services or the Executive Director of Facilities and Real Estate be authorized
to accept this offer in the amount of $140,000.00 as detailed herein;
(2)Council, pursuant to Clause No.14, 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. CA600CA6532;
(4)the City Solicitor be authorized and directed to take the appropriate action 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.
Background:
By its adoption of Clause No. 2 of Report No. 25 of Corporate Administration Committee December 4, 1996 the former
Metropolitan Corporation declared the property surplus. Further, by its adoption of Clause No. 19 of Report No. 13 of the
Corporate Services Committee on October 1 and 2, 1998, City Council released the surplus property from a list of
properties considered for affordable housing, pursuant to By-law No. 551-1998 authorized its disposal, subject to easement
protection for utilities, by offering the property for sale at market value on the open market by direct sale or by use of the
Multiple Listing Service of the Toronto Real Estate Board. The procedures with respect to the by-law have been complied
with, a utility canvass has been completed and no requirements have been identified.
The subject lands, located on the north east corner of Wilson Heights Blvd. and Reiner Road, were acquired for and in
connection with the proposed Spadina Road Extension along Wilson Heights Boulevard. The remnant lands were declared
surplus to the City and listed for sale on July 6, 1999 with Sutton Group-Admiral Realty Inc. on the Toronto Real Estate
Board MLS Service.
Comments:
Pursuant to the October 1 and 2, 1998 authority, the following offers were received:
| Purchaser |
Purchase Price |
Deposit |
Terms |
| Irving Babb |
$140,000.00 |
$7,000.00 |
No
conditions |
| Michael Bohbot |
$110,000.00 |
$6,000.00 |
No
conditions |
The highest offer is recommended for acceptance:
Subject Property:Part of Lots 34, 35 and 36, Plan 3457, designated as Part 1 on Plan RS-1059, City of Toronto
(formerly City of North York).
Easements:none
Location:North east corner of Wilson Heights Boulevard and Reiner Road
Approximate
Dimensions:47.87 metres (157.06 feet) of frontage on Wilson Heights Boulevard with an average depth of 17.04
metres (55.89 feet)
Approximate
Site Area:816.15 square metres (8,785 square feet).
Property Type:Vacant Land
Zoning:R4 - Single Family Detached
Official Plan:Residential, Density one
Recommended Sale Price:$140,000.00
Deposit:$7,000.00
Purchaser:Irving Babb
Closing Date:January 14, 2000
Terms:Certified cheque on closing plus GST, subject to the usual adjustments.
Listing Broker:Sutton Group - Admiral Realty Inc.
Selling Broker:Sutton Group - Admiral Realty Inc.
Commission:Four (4) per cent, plus GST, payable on closing of the transaction.
Accounting (Costing Units) have been put in place to charge costs directly related to the maintenance and sale of
City-owned properties, and include such items as sale commissions, surveying and registration of the sale. A
recommendation is included in this report to direct a portion of the sale proceeds to close out the account for this property.
Conclusion:
Completion of this transaction detailed above is considered fair and reasonable and reflective of market value.
Contact Name:
Melanie Hale-Carter, Valuator-Negotiator, Real Estate Services, (416) 397-0585, Fax No.: (416)392-1880, E-Mail
Address: melanie_halecarter@metrodesk.metrotor.on.ca (nyc99120.doc)
Brenda Glover
Acting Commissioner of Corporate Services
