August 17,1999

To:Scarborough Community Council

From:Commissioner of Corporate Services

Subject:Sale of Surplus Scarborough Transportation Corridor Property

at 230 Clonmore Drive

(Ward 13 - Scarborough Bluffs)

Purpose:

To authorize the disposal of the property municipally known as 230 Clonmore Drive.

Funding Sources, Financial Implications and Impact Statement:

Revenue of $170,100.00, less closing costs and the usual adjustments is anticipated.

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 $170,100.00 as detailed herein;

(2)Council, pursuant to Clause No. 14, of Report No. 22 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. CA700CA2479;

(4)the City Solicitor be authorized and directed to take the appropriate action, in 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 City of Toronto is the owner of 230 Clonmore Drive. By its adoption of Clause No. 1 of Report No. 11 of The Corporate Administration Committee on May 22, 1996, the former 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 May 22, 1996 authority, the property was listed with ReMax Hallmark Real Estate Ltd. on July 15, 1999 at an asking price of $159,000.00 and offered through the Multiple Listing Service of the Toronto Real Estate Board. The following offers were received:

PurchaserPurchase PriceDepositTerms

Mary Carroll$170,100.00$8,505.00Balance on closing

Jaswant Kaur Singh $169,900.00$8,500.00Balance on closing

Jose Carlos Tomas$168,000.00$9,000.00Balance on closing

Donna Martin

Craig Taylor$167,080.00$8,350.00Balance on closing

Sean D. Gladney$164,300.00$8,500.00Balance on closing

Nghia Huynh

Tracey Do$164,000.00$8,200.00Balance on closing

Paul D. McIntyre$163,501.00$8,200.00Balance on closing

Michael Stanley Bell$161,250.00$8,100.00Balance on closing

Maureen Elizabeth Sunter$160,100.00$8,005.00Balance on closing

Karen and Bryan Sewell$150,000.00$7,500.00Balance on closing

The highest offer is recommended for acceptance:

Property Address:230 Clonmore Drive

Legal Description:Part of Lot 8, Registered Plan 1756, City of Toronto (formerly City of Scarborough)

Approximate Lot Size:10.06 metres (33 feet) fronting on Clonmore Drive

30.48 metres (100 feet) depth

Location:North side of Clonmore Drive, west of Warden Avenue, north of Kingston Road

Improvements:Detached, 3 bedroom, 2 storey dwelling

Occupancy Status:Vacant

Recommended Sale Price:$170,100.00

Deposit:$8,505.00 (certified cheque)

Purchaser:Mary Carroll

Closing Date:October 29,1999

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

Listing Broker:Sutton Group-Estates (2000) Ltd.

Selling Broker:Sutton Group-Estates (2000) Ltd.

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

Accounts (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 sales commissions, surveying and registration. 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)392-4828, E-Mail Address: @metrodesk.metrotor.on.ca (scc99130.doc)

Brenda Glover

Acting Commissioner of Corporate Services