Item - 2017.GM23.13

The Government Management Committee recommends that:

1.  City Council authorize the Deputy City Manager, Internal Corporate Services to enter into an agreement of purchase and sale with the Toronto Lands Corporation (the "Owner") to acquire 925 Albion Road (the "Property"), substantially on the terms outlined in Appendix A to the report (October 24, 2017) from the Deputy City Manager, Internal Corporate Services, the Deputy City Manager, Cluster A and the Acting Chief Financial Officer, and such other terms and conditions and such related documents as may be acceptable to the Deputy City Manager, Internal Corporate Services and in a form satisfactory to the City Solicitor.

2.  City Council amend the 2017 Council Approved Capital Budget for Facilities, Real Estate, Environment and Energy (FREEE) by adding a new capital project "925 Albion Road Multi-Service Centre and Parkland Acquisition " with total project cost of $10.507 million ($0.05 million in 2017, $10.457 million in 2018), representing the purchase price and associated costs as identified in Appendix A to the report (October 24, 2017) from the Deputy City Manager, Internal Corporate Services, the Deputy City Manager, Cluster A, for the acquisition of the property, to be funded $5.1 million from the Land Acquisition Reserve Fund (XR1012) allocated to the School Lands Acquisition Framework and $5.407 million from Parkland Acquisition - City-Wide Land Acquisition Fund (XR2210).

3.  City Council authorize severally each of the Deputy City Manager, Internal Corporate Services and the Director, Real Estate Services to execute the agreement on behalf of the City.

4.  City Council authorize the Deputy City Manager, Internal Corporate Services to administer and manage the transaction relating to the acquisition of the Property, including the provision of any consents, approvals, waivers and notices, provided that the Deputy City Manager, Internal Corporate Services may, at any time, refer consideration of any such matters (including their content) to City Council for its consideration and direction.

5.  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 the City Solicitor considers reasonable.

The purpose of this report is to obtain authority to acquire a 4.84 acre (1.96 ha) surplus Toronto District School Board property located at 925 Albion Road which is currently leased by the City for multi-service centre and parkland purposes.  The subject property to be acquired by the City is shown on Appendix B.