Sale of Surplus Scarborough Transportation Corridor

Property at 2 Norwood Terrace

(Ward 26 - East Toronto)

The Corporate Services Committee recommends the adoption of the following report (November 23, 1998) from the Commissioner of Corporate Services:

Purpose:

To authorize the disposal of the property municipally known as 2 Norwood Terrace.

Financial Implications:

Revenue of $127,200.00, less closing costs and the usual adjustments is anticipated.

Recommendations:

It is recommended that:

(1)the Commissioner of Corporate Services be authorized to accept this offer in the amount of $127,200.00 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 per cent. 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. CP300J56084;

(4)the City Solicitor be authorized and directed to take the appropriate action 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 City of Toronto is the owner of 2 Norwood Terrace. By its adoption of Clause No. 1 of Report No. 11 of The Corporate Administration Committee on May 22, 1996, 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 May 22, 1996 authority, the property was listed with Homelife Cimerman Real Estate Limited on October 30, 1998 at an asking price of $129,900.00 and offered through the Multiple Listing Service of the Toronto Real Estate Board. As a result, the following offer was received:

Property Address:2 Norwood Terrace.

Legal Description:Part of Lots 20 and 22, Block 5, Plan 635, designated as Parts 1 and 2 on Reference Plan 64R-16065 together with a right-of-way.

Approximate Lot Size:6.64 metres (21.78 feet) fronting onto Norwood Terrace,

18.09 metres (59.35 feet) depth.

Location:North side of Norwood Terrace east of Woodbine Avenue.

Improvements:Detached, 2-storey, 2 bedroom, house.

Recommended Sale Price:$127,200.00 (conditional on financing - 3 days following vendor acceptance).

Deposit:$6,000.00 (bank draft).

Purchaser:Osra Naomi Lindo

Closing Date:January 27, 1999.

Occupancy Status:Vacant.

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

Listing Broker:Homelife Cimerman Real Estate Limited.

Selling Broker:Homelife New World Realty Inc.

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

Conclusion:

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

Contact Name:

Mrs. Melanie Hale Carter, Valuator-Negotiator, Real Estate Services, (416)397-0585, Fax No.:(416)392-4828, E-Mail Address: melanie_halecarter@metrotor.on.ca.