Sale of 120 Grangeway Avenue to Metrolinx - Scarborough Subway Extension Project

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The decision

2024-07-24 · Toronto City Council · adopted

As filed

City Council on July 24 and 25, 2024, adopted the following: 1. City Council authorize the Executive Director, Corporate Real Estate Management to accept the agreement of purchase and sale / Offer to Purchase from Metrolinx on behalf of the City, for the sale of the property municipally known as 120 Grangeway Avenue (the "Property") to Metrolinx, and convey a temporary easement over portions of the Property (collectively, the "Transaction"), and subject to any reservation specified in Attachment 1 of the report (June 17, 2024) from the Executive Director, Corporate Real Estate Management, and substantially on the major terms and conditions set out in Attachment 2 to the report (June 17, 2024) from the Executive Director, Corporate Real Estate Management.

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2. City Council authorize a portion of the proceeds of closing be directed to pay the City's outstanding expenses related to the said portions of the Property and the completion of the Transaction. 3. City Council authorize the City Solicitor to complete the Transaction in Part 1 above, on behalf of the City, including making payment of any necessary expenses and amending the closing and other dates to such earlier or later date(s) and on such terms and conditions as they may from time to time consider reasonable; and the appropriate City officials be authorized to take the necessary action to give effect to City Council's decision.

On the agenda

As the city filed it

The purpose of this report is to obtain Council authority to sell a fee simple portion of the City-owned property municipally known as 120 Grangeway Avenue (the "Property") and to convey a temporary easement over other portion(s) of the Property to Metrolinx. Metrolinx requires the portions of the Property to facilitate the construction of the new Toronto Transit Commission's Scarborough Centre Subway Station, as part of the Scarborough Subway Extension Project.

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The Scarborough Subway Extension Project Project is being delivered by Metrolinx, on behalf of the Province.

Staff recommended

The Executive Director, Corporate Real Estate Management recommends that: 1. City Council authorize the Executive Director, Corporate Real Estate Management to accept the agreement of purchase and sale / Offer to Purchase from Metrolinx on behalf of the City, for the sale of the property municipally known as 120 Grangeway Avenue (the "Property") to Metrolinx, and convey a temporary easement over portions of the Property (collectively, the "Transaction"), and subject to any reservation specified in Attachment 1 of this report, and substantially on the major terms and conditions set out in Attachment 2 of this report.

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2. City Council authorize a portion of the proceeds of closing be directed to pay the City's outstanding expenses related to the said portions of the Property and the completion of the Transaction. 3. 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 and other dates to such earlier or later date(s) and on such terms and conditions as they may from time to time consider reasonable; and the appropriate City officials be authorized to take the necessary action to give effect thereto.

Considered

2024-07-02 · General Government Committee · adopted
Decision as filed
The General Government Committee recommends that: 1. City Council authorize the Executive Director, Corporate Real Estate Management to accept the agreement of purchase and sale / Offer to Purchase from Metrolinx on behalf of the City, for the sale of the property municipally known as 120 Grangeway Avenue (the "Property") to Metrolinx, and convey a temporary easement over portions of the Property (collectively, the "Transaction"), and subject to any reservation specified in Attachment 1 of the report (June 17, 2024) from the Executive Director, Corporate Real Estate Management, and substantially on the major terms and conditions set out in Attachment 2 to the report (June 17, 2024) from the Executive Director, Corporate Real Estate Management.
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2. City Council authorize a portion of the proceeds of closing be directed to pay the City's outstanding expenses related to the said portions of the Property and the completion of the Transaction. 3. 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 and other dates to such earlier or later date(s) and on such terms and conditions as they may from time to time consider reasonable; and the appropriate City officials be authorized to take the necessary action to give effect thereto.
2024-07-24 · Toronto City Council · adopted

On the record

The item as the City filed it

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