December 8, 1999

To: Etobicoke Community Council

From: Acting Commissioner of Corporate Services

Subject: Sale of Surplus Vacant Lands at Dundas Street

West and Viking Road - Request for Extension

Ward 4 - Markland-Centennial

Purpose:

To authorize an extension of the purchaser's conditional period in the Agreement of Purchase and Sale between the City as vendor and Calcorp Inc. as purchaser for the vacant land on the south side of Dundas Street West and north side of Viking Road, west of Kipling Avenue.

Financial Implications and Impact Statement:

Revenue of $400,000.00, less closing costs and the usual adjustments will be received on closing.

Recommendations:

It is recommended that:

(1) the Acting Commissioner of Corporate Services or the Executive Director of Facilities and Real Estate be authorized to extend the conditional period of the Agreement of Purchase and Sale between Calcorp Inc., and the City of Toronto for up to an additional six months by way of three successive two-month extensions to be granted at the discretion of the Acting Commissioner of Corporate Services or the Executive Director of Facilities and Real Estate on the same terms and conditions as set out in the Agreement of Purchase and Sale save and except for any further rights of extension; and

(2) the appropriate City officials be authorized and directed to take the necessary action to give effect thereto.

Background:

By its adoption of Clause No. 6 of Report No. 5 of the Corporate Services Committee on May 11 and 12, 1999, City Council authorized acceptance of an offer in the amount of $400,000.00 to purchase an 18,008 square foot parcel of vacant land on the south side of Dundas Street West and the north side of Viking Road, west of Kipling Avenue designated as Part 2 on Reference Plan No. 64R-11556. The agreement of purchase and sale was conditional, for 180 days following acceptance by the City, on the purchaser obtaining site plan approval for its proposed residential/commercial development with provision for three 30-day extensions of the conditional period, if required. The extensions were granted at the discretion of the Commissioner of Corporate Services. The last 30-day extension, if granted, will expire on February 21, 2000. Thereafter the purchaser was allowed 90 days to complete Due Diligence Investigations, including an environmental assessment.

Comments:

The rezoning application has not been processed due to concerns over sanitary sewer capacity which has now been scheduled for expansion. Hence the rezoning application can now proceed. In light of the delay in processing the application the Purchaser has requested a further extension of the conditional period.

Conclusions:

For the above-noted reasons the request for a further extension is deemed reasonable.

Contact:

Sheryl A. Badin

Tel.: (416) 392-8142; Fax: (416) 392-1880

E-mail address: sbadin@toronto.ca (ecc99187)

Brenda Glover

Acting Commissioner, Corporate Services

SAB/ps