Sale of Surplus Spadina Project Property at

106 Everden Road - (Ward 28 - York-Eglinton)

The Corporate Services Committee recommends the adoption of the following report (January29, 1999) from the Commissioner of Corporate Services; and reports having requested the Commissioner of Corporate Services, in the interim, to attempt to negotiate the severance of the rear portion of the property, and that this negotiation occur between the highest bidder and the residents of 220 Ava Road; and submit a further report thereon to the meeting of Council scheduled to be held on March 2, 1999:

Purpose:

To authorize the disposal of the property municipally known as 106 Everden Road.

Funding Sources, Financial Implications and Impact Statement:

Revenue of $235,750.00, 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 $235,750.00 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. CP300J56133;

(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 106 Everden Road, subject to a 99 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 the easement requirement detailed herein has been identified.

By its adoption of Clause No. 4 of Report No. 9 of The Corporate Services Committee on July 8, 9, and 10, 1998, Toronto Council authorized that properties listed in Schedule "A", including the subject property, be sold to Schedule "A" purchasers at market value determined as of the date of expression of their interest and should be further subject to an option to purchase at that purchase price (unadjusted). Accordingly, the tenant Elizabeth Harrington was advised as to the estimated fair market value at $210,000.00 effective July 22, 1997. Ms. Harrington subsequently advised that she was not prepared to proceed with the purchase of this property and alternatively, selected to vacate the property and accept the financial incentive of three months rent as a tenant with more than three years occupancy. The tenant vacated on December 17, 1998, and secured an incentive payment of $3,817.86 less the outstanding amount on her account.

Comments and/or Discussion and/or Justification:

Pursuant to the February 12 and 13, 1997 and July 8, 9 and 10, 1998 authorities, the property was listed with Wakefield Realty Corporation on January 6, 1999 at an asking price of $224,900.00. As a result, the following offers were received:

PurchaserDepositPurchase Price/Terms

Fenella Rawana$15,000.00$235,750.00 (no conditions)

(certified cheque)

Eron Chichora$12,000.00$225,200.00 (no conditions)

(bank draft)

Marianne Carole Samuel Rose$13,000.00$221,900.00 (no conditions)

(bank draft)

The highest offer is recommended for acceptance:

Property Address:106 Everden Road.

Legal Description:Part of Lots 101 and 102, Plan 2339, designated as Part 4 on Plan No.7777 former City of York.

Approximate Lot Size:9.1 metres (30 feet) fronting onto Everden Road,

32 metres (105 feet) depth.

Location:West side of Everden Road, north of Ava Road.

Improvements:Detached, bungalow.

Occupancy Status:Vacant.

Easement:Title to the property will be conveyed subject to an easement in favour of the City of Toronto substantially as shown on Plan64R-7314 for subway/sewer and other related municipal purposes.

Recommended Sale Price:$235,750.00.

Deposit:$15,000.00.

Purchaser:Fenella Rawana.

Closing Date:March 26, 1999.

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

Listing Broker:Wakefield Realty Corporation.

Selling Broker:Sutton Group - Bayview Realty Inc.

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

By the adoption of Clause No. 5 of Report No. 9 of The Corporate Services Committee, Council at the meeting held on July 8, 9, and 10, 1998 directed that comparable sales data be provided in future reports of property sales. Appendix "A" identifies three comparable properties located in the vicinity that have recently sold. While comparable sales information can be included as part of the staff report, this property was listed for sale on the TREB multiple listing service and the forces of the market place have determined the true market value.

Conclusion:

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

Contact Name:

S. Badin, Valuator-Negotiator, Real Estate Services, (416) 392-8142, Fax No. (416) 392-4828 E-Mail Address: sheryl_badin@metrodesk.metrotor.on.ca.

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Appendix "A"

106 Everden Road - Comparable Sales

The following three addresses represent recent comparable sales of properties that are quite similar to the residence which forms the subject matter of this report. These three properties consist of five room brick bungalows with two bedrooms.

Approximate

AddressLot SizeSale PriceDate of Sale

109 Everden Road 30 x 132$250,100.00August 10, 1998

118 Everden Road25 x 133$238,100.00August 24, 1998

114 Everden Road25 x 133$222,000.00July 14, 1998

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The following persons appeared before the Corporate Services Committee respecting the Sale of Surplus Spadina Project Properties:

-Mr. Gilbert Zamonsky, and gave an overhead presentation in regard thereto;

-Ms. Judy Eversen;

-Ms. Eleanor Lavender, and submitted a brief in regard thereto;

-Ms. Maria Vertolli;

-Mr. Gabriel Heti, and submitted appraisal figures respecting 132 Everden Road; and

-Councillor Howard Moscoe - North York Spadina.

(A copy of the map attached to the aforementioned report was forwarded to all Members of Council with the February15, 1999, agenda of the Corporate Services Committee and a copy thereof is also on file in the office of the City Clerk.)