Item - 2017.GM20.11
Tracking Status
- City Council adopted this item on May 24, 2017 without amendments and without debate.
- This item was considered by the Government Management Committee on May 1, 2017 and adopted without amendment. It will be considered by City Council on May 24, 2017.
GM20.11 - Acquisition of 1810 Markham Road
- Decision Type:
- ACTION
- Status:
- Adopted on Consent
- Ward:
- 41 - Scarborough-Rouge River
City Council Decision
City Council on May 24, 25 and 26, 2017, adopted the following:
1. City Council authorize the City to enter into an agreement of purchase and sale with 1240060 Ontario Limited (the "Owner") to acquire 1810 Markham Road (the "Property"), substantially on the terms outlined in Appendix B and Confidential Attachment 1 to the report (April 13, 2017) from the Chief Corporate Officer, and such other and amended terms as may be acceptable to the Chief Corporate Officer, or designate.
2. City Council authorize severally each of the Chief Corporate Officer and the Director of Real Estate Services to execute the agreement on behalf of the City.
3. City Council authorize the City Solicitor to complete the transaction 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.
4. City Council authorize the public release of the confidential information in Confidential Attachment 1 to the report (April 13, 2017) from the Chief Corporate Officer following the closing of any purchase transaction.
Confidential Attachment 1 to the report (April 13, 2017) from the Chief Corporate Officer remains confidential in its entirety at this time in accordance with the provisions of the City of Toronto Act, 2006, as it relates to a proposed or pending land acquisition by the City or one of its agencies or corporations. Confidential Attachment 1 to the report (April 13, 2017) from the Chief Corporate Officer will be made public following the closing of any purchase transaction.
Confidential Attachment - This report is about a proposed or pending land acquisition by the City or one of its agencies or corporations.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2017/gm/bgrd/backgroundfile-103003.pdf
Confidential Attachment 1
GM20.11 - Acquisition of 1810 Markham Road
- Decision Type:
- ACTION
- Status:
- Adopted
- Ward:
- 41 - Scarborough-Rouge River
Confidential Attachment - This report is about a proposed or pending land acquisition by the City or one of its agencies or corporations.
Committee Recommendations
The Government Management Committee recommends that:
1. City Council authorize the City to enter into an agreement of purchase and sale with 1240060 Ontario Limited (the "Owner") to acquire 1810 Markham Road (the "Property"), substantially on the terms outlined in Appendix B and Confidential Attachment 1 to the report (April 13, 2017) from the Chief Corporate Officer, and such other and amended terms as may be acceptable to the Chief Corporate Officer, or her designate.
2. City Council authorize severally each of the Chief Corporate Officer and the Director of Real Estate Services to execute the agreement on behalf of the City.
3. City Council authorize the City Solicitor to complete the transaction 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.
4. City Council authorize the public release of the confidential information in Confidential Attachment 1 to the report (April 13, 2017) from the Chief Corporate Officer following the closing of any purchase transaction.
Origin
Summary
The purpose of this report is to seek authority to acquire the property at 1810 Markham Road from 1240060 Ontario Limited, for the expansion of the Toronto Transit Commission ("TTC") Malvern Maintenance & Storage Facility.
Background Information
https://www.toronto.ca/legdocs/mmis/2017/gm/bgrd/backgroundfile-103003.pdf
Confidential Attachment 1