Item - 2016.GM15.14

City Council on November 8 and 9, 2016, adopted the following:

1.  City Council authorize the Chief Corporate Officer to enter into an agreement of purchase and sale (the Agreement) with 100 Ranleigh Inc. (the Vendor), for the property municipally known as 100 Ranleigh Avenue (the Property) substantially on the terms outlined in Appendix A and Confidential Attachment 1 to the report (October 5, 2016) from the Chief Corporate Officer and the General Manager, Parks, Forestry and Recreation and on such other or amended terms and conditions as may be acceptable to the Chief Corporate Officer and in a form satisfactory to the City Solicitor. 

2.  City Council amend the 2016 Parks, Forestry and Recreation Capital Budget to create a new capital project called "100 Ranleigh Avenue - Parkland Acquisition" as outlined in Confidential Attachment 1 to the report (October 5, 2016) from the Chief Corporate Officer and the General Manager, Parks, Forestry and Recreation to be funded with funding provided from the Alternative Parkland Dedication Reserve Fund (XR2213) for Ward 25 and borrowed funds from the Parkland Acquisition Reserve Fund - City Wide Land Acquisition (XR2210) which are to be paid back in full from future developments in Ward 25 from the Section 42 cash-in-lieu of parkland dedication monies. 

3.  City Council authorize severally each of the Chief Corporate Officer and the Director, Real Estate Services to execute the Agreement including any ancillary agreements and documents on behalf of the City.

4.  City Council authorize the City Solicitor to complete the purchase transaction, deliver any notices, pay any necessary expenses, amend the closing and other dates to such earlier or later date(s), on such terms as he or she considers reasonable.

5.  City Council authorize the public release of the information in Confidential Attachment 1 to the report (October 5, 2016) from the Chief Corporate Officer and the General Manager, Parks, Forestry and Recreation once the transaction has been completed.

Confidential Attachment 1 to the report (October 5, 2016) from the Chief Corporate Officer and the General Manager, Parks, Forestry and Recreation remains confidential in its entirety at this time in accordance with the provisions of the City of Toronto Act, 2006 as it pertains to a proposed or pending land acquisition by the City or one of its agencies or corporations. The confidential information in Confidential Attachment 1 to the report (October 5, 2016) from the Chief Corporate Officer and the General Manager, Parks, Forestry and Recreation will be made public once the transaction has been completed.