Sale of Surplus Spadina Project Property at

36 Gloucester Grove (Ward 28 - York Eglinton)

The Corporate Services Committee recommends the adoption of the following report (March12, 1999) from the Commissioner of Corporate Services:

Purpose:

To authorize the disposal of the property municipally known as 36 Gloucester Grove.

Funding Sources, Financial Implications and Impact Statement:

Revenue of $293,700.00, 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 or the Executive Director of Facilities and Real Estate be authorized to accept the highest offer in the amount of $293,700.00 as detailed herein;

(2)Council, pursuant to Clause No. 14 of 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. CP300J56177;

(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 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 Province of Ontario is the owner of 36 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 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 February 12 and 13, 1997 authority, the property was listed with Coldwell Banker Pinnacle Real Estate on January 28, 1999 at an asking price of $274,900.00. As a result, the following offers were received: