January 27, 2000

To: North York Community Council

From: Acting Commissioner of Corporate Services

Subject: Sale of surplus vacant land at the northeast corner

of Glengrove Avenue and Coldstream Avenue (Ward 8-North York Spadina)

Purpose:

To authorize the disposal of vacant land identified as Lot 21, Registered Plan 3687, shown as Parts 11 and 19 on Plan 64R-8442

Financial Implications and Impact Statement:

Revenue in the amount of $230,000.00 plus GST, 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 $230,000.00 as detailed herein;

(2) authority be granted to direct a portion of the sale proceeds on closing to fund the outstanding balance of Costing Unit No. CA700CA2816;

(3) the City Solicitor be authorised and directed to take the appropriate action to complete the transaction on behalf of the City of Toronto and further authorised to amend the closing date to such earlier or later date as considered reasonable; and

(4) 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 a vacant parcel of land at the northeast corner of Coldstream Avenue and Glengrove Avenue West, immediately east of the W. R. Allen Road and identified as part of Lot 21, Registered Plan 3687, shown as Parts 11 and 19 on Plan 64R-8442. The property was acquired by the former Municipality of Metropolitan Toronto in connection with the former Spadina Expressway now known as the W.R. Allen Road.

By its adoption of Clause No. 7 of Report No. 25 of the Corporate Administration Committee on October 11 and 12, 1995, the former Metropolitan Council declared the property surplus to the project 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 October 11 and 12, 1995 authority, the property was listed with Coldwell Banker Pinnacle Real Estate on December 14, 1999 at an asking price of $239,900.00. As a result, the following offers were received on January 25, 2000:

Purchaser Purchase Price Deposit Terms

945627 Ontario Limited $230,000.00 $23,000.00 unconditional

Adenat Corporation $100,000.00 $10,000.00 unconditional

The highest offer is recommended for acceptance:

Legal Description: Part of Lot 21, Registered Plan 3687, shown as Parts 11 and 19 on Plan 64R-8442

Approximate Lot Size: Irregular

8.99 metres (29.49 feet) fronting on Glengrove Avenue

39.59 metres (129.89 feet) fronting on Coldstream Avenue

Location: At the northeast corner of Glengrove Avenue and Coldstream Avenue

Property Type: Vacant land

Zoning: Unzoned

Official Plan: Major Transportation and Utility

Recommended Sale Price: $230,000.00

Deposit: $23,000.00

Purchaser: 945627 Ontario Limited

Closing Date: April 17, 2000

Terms: cash on closing, plus GST, subject to the usual adjustments

Listing Broker: Coldwell Banker Pinnacle Real Estate

Selling Broker: Andrew Nagy Real Estate

Commission: Three (3) per cent, plus GST, payable on closing of the transaction

Accounting (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 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 of this property.

Conclusions:

Completion of the transaction detailed herein is considered fair, reasonable, and reflective of the market value.

Contact:

Melanie Hale-Carter, Valuator/Negotiator, Telephone No.: 397-0585, Fax No.: 392-1880, E-mail address: mhale@city.toronto.on..ca (nyc0-007)

Brenda Glover

Acting Commissioner of Corporate Services