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Parkland Dedication Requirement
Granite Peak Developments Inc.
East Side of Upwood Avenue
File No. 96-001-S UDSB-1220 (North York Humber - Ward 6)
The Corporate Services Committee recommends the adoption of the following report (January 19, 1998) from the Commissioner of Corporate Services:
Purpose:
To accept payment in lieu of parkland for a property appraised at more than $1 million, according to the procedures of the former municipality of North York, for lands north or Lawrence Avenue West, west of Black Creek Drive, see map in Appendix >A=.
Recommendations:
It is recommended that:
(1) the City accept the sum of $84,500.00 from the developer to satisfy the five percent cash in lieu requirement;
(2) these funds be credited to Account No. 007-420-0001-9110 (five percent cash contribution in-lieu of land);
(3) the Commissioner of Parks and Recreation of the former municipality of North York advise the applicant and the Building Commissioner accordingly; and
(4) the appropriate City officials be authorized to do all things necessary to give effect thereto.
Comments:
In accordance with the administrative procedures of the former municipality of North York to be used for Section 51 of the Planning Act, Council must approve the five percent and two percent cash-in-lieu contribution where the appraised value is in excess of one million dollars.
The subject property comprises 2.984 acres and is proposed to be subdivided into twelve semi-detached single family residential lots for a total of 24 residences.
An appraisal report has been prepared by Rudi Pestl AACI, staff appraiser. The standard cash-in-lieu contribution of five percent of the market value of the vacant land, for the proposed residential subdivision is $84,500.00. The cash-in-lieu contributions are based upon an estimated value of $1,690,000.00 for the subject property as of December 8, 1997, being one day prior to draft approval.
The value expressed herein is valid for a period of three months from the date of acceptance of this report, after which time the value is subject to review and possible revision by this Department.
Contact Name:
Rudi Pestl, Telephone 395-6846, fax 395-6703
(A copy of Appendix AA@ referred to in the foregoing report is on file in the office of the City Clerk.)
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