Sale of Surplus Spadina Project Property at

111 Everden Road (Ward 28 - York Eglinton)

The Corporate Services Committee recommends the adoption of the following report (March31, 1999) from the Commissioner of Corporate Services:

Purpose:

To authorize the disposal of the property municipally known as 111 Everden Road.

Funding Sources, Financial Implications and Impact Statement:

Revenue of $267,850.00, 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 or the Executive Director of Facilities and Real Estate be authorized to accept the highest offer in the amount of $267,850.00 as detailed herein;

(2)Council, pursuant to Clause No. 14 of Report No. 22 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. CP300J56138;

(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 City 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 111 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 the only requirement is set out below.

Comments and/or Discussion and/or Justification:

Pursuant to the February 12 and 13, 1997 authority, the property was listed with Paul Slavens Real Estate Inc. on March 9, 1999 at an asking price of $244,900.00. As a result, the following offers were received:

The highest offer is recommended for acceptance:

Property Address:111 Everden Road.

Legal Description:Part of Lots 117 and 118, Registered Plan 2339, City of Toronto, together with and subject to rights-of-way.

Approximate Lot Size:9.14 metres (30 feet) fronting onto Everden Road,

40.23 metres (132 feet) depth.

Easement:Subject to an easement in favour of the City of Toronto for subway purposes registered on Part 7, Reference Plan 64R-7314.

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

Improvements:Detached, 2 bedroom, brick bungalow.

Occupancy Status:Vacant.

Recommended Sale Price:$267,850.00.

Deposit:$14,500.00 (certified cheque).

Purchaser:Bill Iuele and Jennifer Pitt.

Closing Date:June 25, 1999.

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

Listing Broker:Paul Slavens Real Estate Inc.

Selling Broker:Homelife/Cimerman Real Estate Ltd.

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:

Michelle DeVey, Valuator-Negotiator, Real Estate Services, (416)392-8160, Fax No.: (416)392-4828, E-Mail Address: michelle_devey@metrodesk.metrotor.on.ca.

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Appendix "A"

111 Everden Road - Comparable Sales

The following three addresses represent comparable sales of properties that are quite similar to the residence which forms the subject matter of this report. These three properties consist of detached, two bedroom bungalows.

(A copy of the map attached to the foregoing report was forwarded to all Members of Council with the April19, 1999, agenda of the Corporate Services Committee, and a copy thereof is also on file in the office of the City Clerk.)