Item - 2015.GM5.25
Tracking Status
- City Council adopted this item on July 7, 8 and 9, 2015 without amendments and without debate.
- This item was considered by the Government Management Committee on June 15, 2015 and adopted without amendment. It will be considered by City Council on July 7, 8 and 9, 2015.
GM5.25 - Acquisition of 1220 and 1222 Wilson Avenue
- Decision Type:
- ACTION
- Status:
- Adopted on Consent
- Ward:
- 9 - York Centre
City Council Decision
City Council on July 7, 8 and 9, 2015, adopted the following:
1. City Council authorize the acquisition by the City of the property known municipally as 1220 and 1222 Wilson Avenue (the "Property") from Old Orchard Properties (1222 Wilson Ave.) Inc. (the "Vendor") for the purchase price of $2,750,000 and substantially on the terms and conditions contained in Appendix A to the report (May 29, 2015) from the President, Toronto Parking Authority, plus the additional expenditure of approximately $1,100,000 for construction and associated costs such as land transfer tax, appraisal fees, environmental studies, legal fees for a total acquisition cost estimate of $3,850,000.
2. City Council, upon acquisition, designate the Property for municipal parking purposes, to be managed by the Toronto Parking Authority.
3. City Council authorize the City Solicitor to complete the purchase transaction, deliver any notices, pay any expenses and amend the closing and other dates to such earlier or later date(s), on such terms and conditions, as the City Solicitor may determine from time to time.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2015/gm/bgrd/backgroundfile-80961.pdf
GM5.25 - Acquisition of 1220 and 1222 Wilson Avenue
- Decision Type:
- ACTION
- Status:
- Adopted
- Ward:
- 9 - York Centre
Committee Recommendations
The Government Management Committee recommends that:
1. City Council authorize the acquisition by the City of the property known municipally as 1220 and 1222 Wilson Avenue (the "Property") from Old Orchard Properties (1222 Wilson Ave.) Inc. (the "Vendor") for the purchase price of $2,750,000 and substantially on the terms and conditions contained in Appendix A to the report (May 29, 2015) from the President, Toronto Parking Authority, plus the additional expenditure of approximately $1,100,000 for construction and associated costs such as land transfer tax, appraisal fees, environmental studies, legal fees for a total acquisition cost estimate of $3,850,000.
2. City Council, upon acquisition, designate the Property for municipal parking purposes, to be managed by the Toronto Parking Authority (the "TPA").
3. City Council authorize the City Solicitor to complete the purchase transaction, deliver any notices, pay any expenses and amend the closing and other dates to such earlier or later date(s), on such terms and conditions, as she may, from time to time, determine.
Origin
Summary
The purpose of this report is to obtain Council's authorization to purchase the property municipally known as 1220 and 1222 Wilson Avenue from the owner, Old Orchard Properties (1222 Wilson Ave.) Inc. in order to construct and operate a surface parking facility having approximately 66 spaces in order to service the short term parking needs of the surrounding Wilson-Keele BIA neighbourhood.
Background Information
https://www.toronto.ca/legdocs/mmis/2015/gm/bgrd/backgroundfile-80961.pdf