Sale of Surplus Spadina Project Property

at 141 Everden Road (Ward 28 - York Eglinton)

 The Corporate Services Committee recommends the adoption of the following report (June 8, 1998) from the Corporate Services Committee:

 Purpose:

 To authorize the disposal of the property municipally known as 141 Everden Road.

 Funding Sources, Financial Implications and Impact Statement:

 Revenue of $281,600.00, 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 Agreement of Purchase and Sale in the amount of $281,600.00 as detailed herein;

 (2)Council, pursuant to Clause No. 14 of Report No. 27 of the former Metropolitan 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. CP300J56157;

 (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 141 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 Prudential Sadie Moranis Realty on May 8, 1998, at an asking price of $274,900.00 and offered through the Multiple Listing Service of the Toronto Real Estate Board. As a result, the following offer was received:

 PurchaserDepositPurchase Price/Terms

 Benny Tal and Alisa Siegel $15,000.00 (bank draft) $281,600.00 (non-conditional)

 This offer is being recommended for acceptance:

 Property Address:141 Everden Road, City of Toronto.

 Legal Description:Plan 2339, Lot 25, City of Toronto.

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

40.23 metres (132 feet) depth.

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

 Improvements:Detached, two storey, brick dwelling.

 Occupancy Status:Vacant.

 Recommended Sale Price:$281,600.00.

 Deposit:$15,000.00 (certified cheque).

 Purchaser(s):Benny Tal and Alisa Siegel.

 Closing Date:August 17, 1998.

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

 Listing Broker:Prudential Sadie Moranis Realty.

 Selling Broker:Forest Hill Real Estate Inc.

 Commission:Four (4) percent, 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.)