Disposal of Property - 561 Arlington Avenue

(York Eglinton - Ward 28)

The Corporate Services Committee recommends the adoption of the following report (December 23, 1998) from the Commissioner of Corporate Services:

Purpose:

To authorize the disposal of the property municipally known as 561 Arlington Avenue.

Funding Sources, Financial Implications and Impact Statement:

Revenue of $161,000.00, less closing costs and the usual adjustments, subject to the revenue sharing agreement with the Province pursuant to Clause No. 1 of Report No. 25 of the former Metropolitan Corporate Administration Committee, approved on December 4, 1996.

Recommendations:

It is recommended, subject to Provincial concurrence, that:

(1)the Commissioner of Corporate Services be authorized to accept the offer in the amount of $161,000.00 as detailed herein;

(2)Council, pursuant to Clause No. 14 of Report No. 27 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. CP300J56109;

(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 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.

Council Reference/Background/History:

The Province of Ontario is the owner of 561 Arlington Avenue, 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 TheCorporate 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 the only requirement is set out below.

Comments and/or Discussion and/or Justification:

Pursuant to the February 12 and 13, 1997 authority, negotiations were conducted with the tenant, Fiona Melkioty, and the following offer was received:

Property Address:561 Arlington Avenue.

Legal Description:Part of Lots 195 and 196, Plan 2339, City of Toronto, designated as Parts 22 and 7, Plan 64R-15549.

Approximate Lot Size:9.75 metres (32.0 feet) fronting onto Arlington Avenue,

26.35 metres (86.45 feet) depth.

Easement:Subject to an easement in favour of the City of Toronto for sewer purposes identified as Part 7 on Plan 64R-15549.

Location:East side of Arlington Avenue, south of Eglinton Avenue West.

Improvements:Detached, 2 bedroom brick bungalow.

Occupancy Status:Tenanted.

Recommended Sale Price:$161,000.00.

Deposit:$8,000.00.

Purchaser:Fiona Melkioty and Fionnuala Martin.

Closing Date:March 2, 1999.

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

It is noted this is a sale to the existing tenant and is based on a current market value appraisal. 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.

Conclusion:

Completion of this transaction detailed above is considered fair and reasonable and reflective of market value.

Contact Name:

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

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Appendix "A"

561 Arlington Avenue - Comparable Sales

The following three addresses represents recent comparable sales of properties that are quite similar to the residence which forms the subject matter of this report. These three properties consist of detached, 2 bedroom brick bungalows.

Approximate

AddressLot SizeSale PriceDate of Sale

565 Arlington Avenue28' x 94'$161,000.00July 29, 1998

509 Winona Drive25' x 146'$150,000.00February 2, 1998

71 Belvidere Avenue30' x 72'$156,500.00June 19, 1998