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Toronto City Council · 2020-11-25 · 2020.MM26.9

The filed record

250 Year Old Oak Tree - 76 Coral Gable Drive - by Councillor Anthony Perruzza, seconded by Councillor Joe Cressy

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The decision

2020-11-25 · Toronto City Council · amended

As filed

City Council on November 25 and 26, 2020, adopted the following: 1. City Council authorize the Executive Director, Corporate Real Estate Management to waive the condition precedent contained in the Agreement of Purchase and Sale between the City and the owners of 76 Coral Gable Drive to allow the purchase transaction to proceed and City Council authorize the Director, Toronto Office of Partnerships to continue with its fundraising toward the development of the parkette.

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2. City Council authorize the Executive Director, Corporate Real Estate Management to complete the contemplated transaction set out in the Agreement of Purchase and Sale between the City and the owners of 76 Coral Gable Drive 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 they consider reasonable. 3. City Council amend the Approved 2020 Parks, Forestry and Recreation Capital Budget and 2021-2029 Capital Plan to create a new capital sub-project called "76 Coral Gable Drive Acquisition" in the Parkland Acquisition project as outlined in Confidential Attachment 1 to the report (November 18, 2020) from the Executive Director, Corporate Real Estate Management, including all fees and disbursements, to be funded from donations received and the Parkland Acquisition West District Local Land Acquisition Reserve Fund (XR2202). 4. City Council authorize the public release of Confidential Attachment 1 to the report (November 18, 2020) from the Executive Director, Corporate Real Estate Management once the funding goal is reached. Confidential Attachment 1 to the report (November 18, 2020) from the Executive Director, Corporate Real Estate Management remains confidential at this time in accordance with the provisions of the City of Toronto Act, 2006 as it pertains to a proposed or pending acquisition or disposition of land. Confidential Attachment 1 to the report (November 18, 2020) from the Executive Director, Corporate Real Estate Management will be made public once the funding goal is reached.

The vote

Adopt Item as Amended · Carried, 17-5

Against (5)Cynthia Lai, Denzil Minnan-Wong, Gary Crawford, Michael Ford, Stephen Holyday
Absent (3)Ana Bailão, Brad Bradford, James Pasternak
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On the agenda

As the city filed it

The City entered into an Agreement of Purchase and Sale with the owners of the property known as 76 Coral Gable Drive on December 12, 2019 with a condition, imposed by the City, that the City would have to successfully fundraise one-half of the purchase price within one year of the City's execution of the Agreement of Purchase and Sale, failing which the Agreement of Purchase and Sale would terminate. The Agreement also provides that the City may waive this condition.

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The condition will expire on December 11, 2020 and the fundraising goal has not been met. Consequently, it is urgent that City Council review the current campaign progress and make a determination with respect to the purchase before December 11, 2020.

Staff recommended

Councillor Anthony Perruzza, seconded by Councillor Joe Cressy, recommends that: 1. City Council consider the report (November 18, 2020) from the Executive Director, Corporate Real Estate Management.

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