|
Land Acquisition - Purchase of
No. 4 Wynnview Court, Scarborough
The Community and Neighbourhood Services Committee recommends the adoption of the following report (January 19, 1998) from the Interim Functional Lead, Parks and Recreation, noting that the financing approval for the land acquisition was included in Clause No. 12 of Report No. 2 of The Strategic Policies and Priorities Committee, entitled A1998 Capital Budget Capital Projects Requiring Urgent Financing Approval@, adopted by City Council on February 4, 5 and 6, 1998:
Recommendations:
It is recommended that:
(1) financing in the amount of $250,000.00 be approved; this amount to be financed from the Parkland Acquisition Reserve;
(2) funding, to a maximum of $250,000.00, be made available to the Toronto and Region Conservation Authority (TRCA) for the purchase of No. 4 Wynnview Court, subject to TRCA approval of the purchase; and
(3) the appropriate City officials be authorized and directed to take the necessary action to give effect thereto.
Council Reference/Background/History:
The Parkland Acquisition Reserve was established in 1980 to provide financing for the acquisition of parkland.
Comments and/or Discussion and/or Justification:
The owners of No. 4 Wynnview Court in Scarborough, William and Vera Brady, have recently finalized discussions with the TRCA regarding the purchase of their property. The TRCA has an option to purchase these lands which expires on April 2, 1998. The property is the last remaining privately-owned parcel located along the top of the bluffs between Rosetta McClain Gardens and Scarborough Heights Park.
The location of this property on the waterfront functions as a critical park connection between Rosetta McClain Gardens and Scarborough Heights Park. The TRCA also considers it a suitable acquisition in accordance with their greenspace objectives, hence, it is proposed that the TRCA acquire the property with funding assistance from the City of Toronto. The property would be owned by the TRCA and managed by our Department.
The TRCA has obtained appraisals of the property and established a purchase price of $500,000.00 inclusive of legal fees, land transfer fees, and disbursements that is acceptable to the owner. Staff of the Real Estate Division of Corporate Services have reviewed the appraisals and consider this price acceptable.
The City of Toronto=s share of the acquisition, at 50 percent share of costs, will not exceed $250,000.00 based on the above-noted price. Funds are available in the Parkland Acquisition Reserve account.
On December 19, 1997, the TRCA approved a report recommending acquisition of the property on the terms outlined above.
Conclusions:
Sharing in the cost of the purchase of No. 4 Wynnview Court as outlined above will benefit the parks system and in achieving the realization of an integrated waterfront. This acquisition is complementary to the TRCA=s approved master plan for acquisition along the Lake Ontario shoreline.
The Chief Financial Officer and Treasurer agrees that the acquisition outlined in this report is consistent with the statement of purpose of the Parkland Acquisition Reserve and she concurs with the recommendations.
Contact Name and Telephone Number:
Frank Kershaw: 392-8199
|
