SALE OF SURPLUS SPADINA PROPERTY AT 126 EVERDEN ROAD

Ward 28-York Eglinton

Acting Commissioner of Corporate Services

(August 16,1999)

Purpose:

To authorise the disposal of the property municipally known as 126 Everden Road.

Financial Implications:

Revenue of $215,000.00, 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 Acting Commissioner of Corporate Services or the Executive Director of Facilities and Real Estate be authorised to accept the offer in the amount of $215,000.00 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 percent. 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. CA700CA2505

(4)the City Solicitor be authorised and directed to take the appropriate action, in conjunction with the Province of Ontario Officials and/or agents, to complete the transaction on behalf of the City of Toronto and be further authorised to amend the closing date to such earlier or later date as considered reasonable; and

(5)the appropriate City officials be authorised and directed to take the necessary action to give effect thereto.

Background:

The Province of Ontario is the owner of 126 Everden 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 authorised its disposal. The processes 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:

Pursuant to the February 12 and 13, 1997 Authority, the property was listed with Savvy Realty Corp. on June 2, 1999 at an asking price of $224,900.00. As a result the following offer was received:

Property Address:126 Everden Road

Legal Description:Lot 91, registered Plan 2339, City of Toronto, together with and subject to a right of way and easement as shown on Plan 64R-7314

Approximate Lot Size:7.62 metres (25 feet) fronting onto Everden Road 40.23 metres (132 feet) depth

Location:West Side of Everden Road, west of Strathearn Road, south of Eglinton Avenue West

Improvements:Detached, 2-bedroom brick bungalow

Occupancy Status:Vacant

Recommended Sale

Price:$215,000.00

Deposit:$12,000.00 (certified cheque)

Purchaser:Ron Chichora

Closing Date:December 16,1999

Terms:cash on closing, less the usual adjustments

Listing Broker:Savvy Realty Corp.

Selling Broker:Sutton Group-Central Realty Inc.

Commission:Four (4) percent, plus GST, payable on closing of the transaction.

The purchaser has disclosed he is also the selling agent.

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 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.

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 must 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 the 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 (ycc99100.doc)

APPENDIX "A"

126 Everden Road-Comparable Sales Data

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 properties are 5 room, detached, brick bungalows with 2 bedrooms.

Approximate

Address lot SizeSale PriceDate of sale

376 Winnett Avenue29 x 133$195,000.00June 21, 1999

30 Flanders Road30 x 95$236,250.00May 6, 1999

496 Atlas Avenue28 x 100'$190,500.00June 30, 1999