Sale of Surplus STC Property - 14 Norwood Terrace
(East Toronto)
The Toronto Community Council recommends the adoption of the following report (August 16, 1999) from the
Acting Commissioner, Corporate Services:
Purpose:
To authorise the disposal of the property municipally known as 14 Norwood Terrace.
Financial Implications:
Revenue of $135,500.00, less closing costs and the usual adjustments is anticipated.
Recommendations:
It is recommended that:
(1)the Acting Commissioner of Corporate Services or the Executive Director of Facilities and Real Estate be authorised
to accept the highest offer in the amount of $135,500.00 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 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. CA700CA2547
(4)the City Solicitor be authorised and directed to take the appropriate action to complete the transaction on behalf of the
City of Toronto and be further authorised to amend the closing date to such earlier or later date as considered reasonable;
and
(5)the appropriate City officials be authorised and directed to take the necessary action to give effect thereto.
Background:
The City of Toronto is the owner of 14 Norwood Terrace, Toronto. 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 authorised 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 May 22, 1996 authority, the property was listed with Realty World-Homeward on July 8,1999 at an asking
price of $129,900.00. As a result the following offers were received:
PurchaserPurchase PriceDepositTerms
Rachel Louise Gaskins$135,500.00$6,775.00 (certified cheque)no conditions
Margaret Mary Saxon$131,001.00$6,500.00 (certified cheque)no conditions
Elena Dubinski
Michael Dubinski$130,000.00$6,500.00 (certified cheque)no conditions
The highest offer is recommended for acceptance:
Property Address:14 Norwood Terrace
Legal Description:Part of Lots 20, 22 and 24 Block 5, Plan 635, City of Toronto
Approximate Lot Size: 4.95 metres (16 feet) fronting onto Norwood Terrace
33.09 metres (111 feet) depth
Location;North side of Norwood Terrace, east of Woodbine Avenue,
north of Gerrard Street
Improvements:Semi-detached, 2-bedroom brick veneer and aluminium
dwelling
Occupancy Status:Vacant
Recommended Sale Price:$135,500.00
Deposit:$6,775.00 (certified cheque)
Purchaser:Rachel Louise Gaskins
Closing Date:October 28, 1999
Terms:cash on closing, less the usual adjustments
Listing Broker:Realty World-Homeward
Selling Broker:Coldwell Banker Case Realty
Commission:Four (4) per cent, 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.
Conclusion:
Completion of the transaction detailed above is considered fair and reasonable and reflective of market value.
Contact Name:
Melanie Hale Carter, Valuator/Negotiator, Real Estate Services, (416) 397-0585, Fax No. (416) 392-1880, E-mail address
melanie_halecarter@metrodesk.metrotor.on.ca (tcc99115.doc)
