Sale of Surplus STC Property -
84 Beach View Crescent (East Toronto)
The Toronto Community Council recommends the adoption of the following report (August 16, 1999) from the
Acting Commissioner, Corporate Services:
Purpose:
To authorize the disposal of the property municipally known as 84 Beach View Crescent
Financial Implications:
Revenue of $150,000.00, 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 authorized
to accept the offer in the amount of $150,000.00 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. CA700CA2474
(4)the City Solicitor be authorized and directed to take the appropriate action to complete the transaction on behalf of the
City of Toronto and be further authorized to amend the closing date to such earlier or later date as considered reasonable;
and
(5)the appropriate City officials be authorized and directed to take the necessary action to give effect thereto.
Background:
The City of Toronto is the owner of 84 Beach View Crescent, 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 authorized 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, negotiations were conducted with the tenants, Lindsay and Beth McQuade, and the
following offer was received:
Property Address:84 Beach View Crescent
Legal Description:Part of Lots 58 and 59 on the west side of Beach View
Crescent, Plan 444E together with and subject to a right of way as set out in Instrument No. 85565EX, City of
Toronto
Approximate Lot Size: 7.62 metres (25 feet) fronting onto Beach View Crescent
30.48 metres (100 feet) depth
Location;West side of Beach View Crescent, east of Woodbine Avenue, north of Gerrard Street
Improvements:Detached, 3-bedroom brick dwelling
Occupancy Status:Tenanted
Recommended Sale Price:$150,000.00
Deposit:$1,000.00 (money order)
Purchaser:Lindsay McQuade
Beth McQuade
Michael McQuade
Closing Date:November 15, 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 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
