Sale of Surplus Spadina Project Property at

114 Everden Road (Ward 28 - York Eglinton)

The Corporate Services Committee recommends the adoption of the following report (June 6, 1998) from the Commissioner of Corporate Services:

 Purpose:

 To authorize the disposal of the property municipally known as 114 Everden Road.

 Funding Sources, Financial Implications and Impact Statement:

 Revenue of $222,000.00, less closing costs and the usual adjustments, subject to the revenue sharing agreement with the Province pursuant to Clause No. 1 of Report No. 25 of the former Metropolitan Corporate Administration Committee, approved on December 4, 1996.

 Recommendations:

 It is recommended, subject to Provincial concurrence that:

 (1)the Commissioner of Corporate Services be authorized to accept the highest offer in the amount of $222,000.00 as detailed herein;

 (2)Council, pursuant to Clause No. 14 of Report No. 27 of The Management Committee adopted on September 28, 1994, waive the minimum required deposit of 10 percent 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. CP300J56140;

 (4)the City Solicitor be authorized and directed to take the appropriate action in conjunction with Province of Ontario Officials and/or agents, to complete the transaction on behalf of the Corporation, and he be further authorized to amend the closing date to such earlier or later date as he considers reasonable; and

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

 Council Reference/Background/History:

 The Province of Ontario is the owner of 114 Everden Road, subject to a ninety-nine year lease in favour of the City of Toronto. By its adoption of Clause No. 1 of Report No. 3 of The Corporate Administration Committee on February 12 and 13, 1997, Metropolitan Council declared the property surplus pursuant to By-law No. 56-95 and authorized its disposal. The procedures 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 and/or Discussion and/or Justification:

 Pursuant to the February 12 and 13, 1997 authority, the property was listed with Savvy Realty Corp. on April 27, 1998, at an asking price of $229,900.00. As a result, the following offers were received:

 PurchaserDepositPurchase Price/Terms

 Zubaria Bukhari and Imran Bukhari$12,000.00 (bank draft)$205,000.00

(non-conditional)

 Laurence Alexander$12,000.00$222,000.00

($2,800.00-certified cheque)(non-conditional)

($9,200.00-bank draft)

 Sharon Attias$11,000.00(certified cheque)$218,600.00

(non-conditional)

 The highest offer is recommended for acceptance:

 Property Address:114 Everden Road, City of York.

 Legal Description:Lot 97, Plan 2339, City of York designated as Part 8, on Plan No. 7777, City of York.

 Lot Size:7.62 metres (25 feet) fronting onto Everden Road

0.2 metres (132 feet) depth.

 Location:East side of Everden Road, south of Eglinton Avenue West.

 Improvements:Detached, bungalow.

 Occupancy Status:Vacant.

 Right of Way:Subject to a mutual right-of-way.

 Easement:Title to the property will be conveyed subject to an easement in favour of the City of Toronto substantially as shown on Plan 64R-7314 for subway/sewer and other related municipal purposes.

 Recommended Sale Price:$222,000.00.

 Deposit:$12,000.00.

Purchaser:Laurence Alexander.

 Closing Date:August 27, 1998.

 Terms:Cash on closing, subject to the usual adjustments.

 Listing Broker:Savvy Realty Corp.

 Selling Broker:Century 21 Heritage Group Ltd.

 Commission:Four (4) per cent, plus G.S.T., payable on closing of the transaction.

 Conclusions:

 Completion of this transaction detailed above is considered fair and reasonable and reflective of market value.

 Contact Name:

 Mr. R. Mayr, AACI, Director, Real Estate Services, (416)396-4930, Fax No.: (416)396-4241, E-Mail Address: mayr@city.scarborough.on.ca

 (A copy the location map attached to the foregoing report was forwarded to all Members of Council with the June 22, 1998, agenda of the Corporate Services Committee, and a copy thereof is also on file in the office of the City Clerk.)