Item - 2017.GM23.12

The Government Management Committee recommends that:

1.  City Council approve the donation to the City from Clearwater Equity Leasehold Limited (the "Donor") of the property municipally known as 107 Comrie Terrace, Toronto, designated as Block 28 on the part of reference plan attached as Appendix C to the report (October 25, 2017) from the Deputy City Manager, Internal Corporate Services and the General Manager, Parks, Forestry and Recreation, including future and ongoing obligations arising from the donation, as detailed in the Financial Impact Statement section of the report (October 25, 2017) from the Deputy City Manager, Internal Corporate Services and the General Manager, Parks, Forestry and Recreation.

2.  City Council direct the Deputy City Manager, Internal Corporate Services and the Director, Real Estate Services to negotiate an Offer to Donate the property municipally known as 107 Comrie Terrace from Clearwater Equity Leasehold Limited substantially on the terms outlined in Appendix B to the report (October 25, 2017) from the Deputy City Manager, Internal Corporate Services and the General Manager, Parks, Forestry and Recreation, and authorize severally each of the Deputy City Manager, Internal Corporate Services and the Director, Real Estate Services to accept the offer on behalf of the City.

3.  City Council, in accordance with the Donation Policy, direct that on completion of the offer to donate, a receipt for income tax purposes be issued by the City to the Donor in the amount of $46,000.00.

4.  City Council authorize the City Solicitor to complete the transaction on behalf of the City including making payment of any necessary expenses, and amending the closing date and other dates to such earlier or later date(s) and on such terms and conditions as the City Solicitor may from time to time consider reasonable.

This report concerns a proposed donation to the City by Clearwater Equity Leasehold Limited (the "Donor") of the property municipally known as 107 Comrie Terrace in Toronto (the "Property"). The Property, which abuts City owned parkland is comprised of a vacant, triangular parcel of land located in a residential subdivision, the location of which is depicted in Schedule "A". The Property is approximately 242.8 square meters. This report seeks City Council's approval for the donation of the Property from the Donor to the City as required under the Policy on Donations to the City for Community Benefits (the "Donation Policy") described below, and to enter into an offer to donate with the Donor.

As proposed and outlined in this report, the donation of the Property will comply with the Donations Policy, and the terms of acquisition under the offer to donate are fair and reasonable.