Item - 2013.GM20.10

The Government Management Committee recommended to the Budget Committee that:

1.         City Council grant authority to negotiate acquisition of the Property with the Toronto District School Board ("TDSB") at a purchase price of  $1,104,560.00,  plus applicable taxes  registration fees and environmental assessments, estimated at $57,500.00, substantially on the terms outlined in Appendix "A" to this report and on such other terms and conditions as may be acceptable to the Chief Corporate Officer and the Director of Real Estate Services and in a form satisfactory to the City Solicitor.

2.         City Council amend the 2013 Capital Budget of Parks, Forestry and Recreation by the addition of a project "1100 Briar Hill Avenue Parkland Acquisition" for $1,162,060.00 with funding provided from the Parkland Acquisition – North District Local Parkland Reserve Fund (XR-2206).

3.         City Council authorize severally each of the Chief Corporate Officer and the Director of Real Estate Services to execute the Offer to Sell on behalf of the City.

4.         City Council authorize the City Solicitor to complete the transaction contemplated in the Offer to Sell on behalf of the City, including paying any necessary expenses, amending the closing, due diligence and other dates, and amending and waiving terms and conditions, on such terms as she considers reasonable.

5.         City Council authorize the appropriate City officials be directed to take the necessary action to give effect thereto.