Sale of Surplus Scarborough Transportation

Corridor Property 230 Clonmore Drive

(Ward 13 - Scarborough Bluffs)

The Corporate Services Committee recommends the adoption of the following report (April29, 1999) from the Commissioner of Corporate Services:

Purpose:

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

Funding Sources, Financial Implications and Impact Statement:

Revenue of $165,700.00, less closing costs and the usual adjustments is anticipated.

Recommendations:

It is recommended that:

(1)the Commissioner of Corporate Services or the Executive Director of Facilities and Real Estate be authorized to accept this offer in the amount of $165,700.00 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 April 9, 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

James D'Altroy and$165,700.00$8285.00 (bank draft)No Conditions

Jacqueline D'Altroy

Paul D. McIntyre$165,501.00$8200.00 (certified cheque)No Conditions

Michael Stanley Bell$159,100.00$7,955.00 (certified cheque)No Conditions

Craig Anthony Keough$120,000.00$6,000.00 (certified cheque)No Conditions

The highest offer is recommended for acceptance:

Property Address:230 Clonmore Drive.

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

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

30.48 metres (100 feet) depth (irregular).

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:$165,700.00.

Deposit:$8,285.00 (bank draft).

Purchaser:James D'Altroy and Jacqueline D'Altroy

Closing Date:September 16, 1999.

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

Listing Broker:Re/Max Hallmark Real Estate Ltd.

Selling Broker:Re/Max Hallmark Real Estate Ltd.

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

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.

(A copy of the map attached to the foregoing report was forwarded to all Members of Council with the May20, 1999, agenda of the Corporate Services Committee and a copy thereof is also on file in the office of the City Clerk.)