SALE OF SURPLUS SPADINA PROPERTY AT 41 GLOUCESTER GROVE

Ward 28, York Eglinton

Acting Commissioner of Corporate Services

(September 28, 1999)

Purpose:

To authorize the disposal of the property municipally known as 41 Gloucester Grove.

Financial Implications:

Revenue of $245,000.00, 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 that:

(1)the Acting Commissioner of Corporate Services or the Executive Director of Facilities and Real Estate be authorized to accept the highest offer in the amount of $245,000.00 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. CA700CA2523;

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

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

Background:

The Province of Ontario is the owner of 41 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 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 and July 8, 9 and 10, 1998 authorities, the property was listed with Wakefield Realty Corporation on August 3, 1999 at an asking price of $234,900.00. As a result the following offers were received:

Purchaser:DepositPurchase Price Terms:

Laura Lynn Colligan$12,000.00$245,000.00 (no conditions)

Fradell Epstein$12,000.00$240,500.00 (no conditions)

Samuel Harry Nash$12,000.00$240,000.00 (no conditions)

The highest offer is recommended for acceptance:

Property Address:41 Gloucester Grove

Legal Description:Part of Lots 87, 88, 89 and 90, Registered Plan 2339, City of Toronto (formerly City of York), designated as part 18 on Expropriation Plan No. 7777

Approximate Lot Size:8.02 metres (26.32 feet) fronting onto Gloucester Grove, 30.48 metres (100 feet) depth

Location:South side of Gloucester Grove, west of Everden Road

Improvements:Detached, 2-bedroom brick bungalow

Right of Way:Subject to a mutual right of way

Occupancy Status:Vacant

Recommended Sale Price:$245,000.00

Deposit:$12,000.00 (certified cheque)

Purchaser:Laura Lynn Colligan

Closing Date:December 1, 1999

Terms:Cash on closing, less the usual adjustments

Listing Broker:Wakefield Realty Corporation

Selling Broker:Harvey Kalles Real Estate Limited

Commission:Four (4) percent, plus GST, 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 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:

Sheryl A. Badin,

Tel.: 392-8142Fax: 392-1880

E-mail address: Sheryl_Badin@metrodesk.metrotor.on.ca (ycc99142)

APPENDIX "A"

 41 Gloucester Grove - Comparable Sales Data

The following three addresses represent comparables 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.

Address:Lot Size:Sale Price:Date of Sale

126 Everden Road25 x 132$215,000.00current

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

106 Everden Road30 x 105$235,750.00March 26, 1999