Servicing Agreement between Lesspeak Investments Ltd. and

The City of Toronto (formerly City of Scarborough)

1281 Meadowvale Road - Ward 18 - Scarborough Malvern

The Scarborough Community Council recommends the adoption of the following report (April13, 1999) from the City Solicitor:

Purpose:

Lesspeak Investments Limited entered into a Servicing Agreement with the former City of Scarborough dated October 31, 1990 to service their lands on the east side of Meadowvale Road, north of Sheppard Avenue, known as 1281 Meadowvale Road. We are in receipt of a request from the Owner's agent to terminate the agreement and to release the performance guarantee as the owner is not pursuing the development of the site at this time.

Funding Sources, Financial Implications and Impact Statement:

Not applicable.

Recommendations:

It is recommended that:

(1)the Servicing Agreement dated October 31, 1990 between Lesspeak Investments Limited and City of Toronto (formerly City of Scarborough) be terminated; and

(2)the performance guarantee held by the City be released.

Comments and/or Discussion:

Lesspeak Investments Limited entered into a Servicing Agreement with the former City of Scarborough dated October 31, 1990 to service their lands on the east side of Meadowvale Road, north of Sheppard Avenue, known as 1281 Meadowvale Road.

Staff of Works and Emergency Services and City Planning Departments have reviewed the Owner's request and have no objections to the termination of the agreement and release of the securities.

Contact Name:

Anna Kinastowski, Director, Planning and Administrative Tribunal Law

Tel: (416) 392-0080 Fax: (416) 392-0530