Sale of Surplus Scarborough Transportation

Corridor Property at 18 Hollis Avenue

Ward 13 - Scarborough Bluffs

The Scarborough Community Council recommends the adoption of the following report (June17, 1999) from the Chief Administrative Officer:

Purpose:

To authorize the disposal of the property municipally known as 18 Hollis Avenue.

Funding Sources, Financial Implications and Impact Statement:

Revenue of $149,000.00, less closing costs and the usual adjustments is anticipated.

Recommendations:

It is recommended that:

(1)the Chief Administrative Officer or the Executive Director of Facilities and Real Estate be authorized to accept this offer in the amount of $149,000.00 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. CA700 CA2532;

(4)the City Solicitor be authorized and directed to take the appropriate action, 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 City of Toronto is the owner of 18 Hollis Avenue. 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, negotiations were conducted with the tenants, Joyce Maguire and Patrick Maguire, and based on an April 27, 1999 appraisal report valuing the property at $149,000.00, the following offer was received:

Property Address:18 Hollis Avenue

Legal Description:Lot 9, Plan M-587, City of Toronto

Approximate Lot Size:11.89 metres (39 feet) fronting onto Hollis Avenue

36.58 metres (120 feet) depth

Location:North side of Hollis Avenue, east of Warden Avenue, north of Kingston Road

Improvements:Detached, 2 bedroom brick bungalow

Occupancy Status:Tenanted

Recommended Sale Price:$149,000.00

Deposit:$1,000.00 (bank draft)

Purchaser:Joyce Maguire and Patrick Maguire

Closing Date:October 29, 1999

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

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. A recommendation is included in this report to direct a portion of the sale proceeds to close out the account for this property.

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 (ac99103.wpd)