TORONTO, Ont. – At its first meeting since the summer, city council sold its stake in the Enwave Energy Corporation, but is divided on how it will spend the proceeds.

City council voted 38-6 in favour of the sale of Enwave, which provides heating and cooling to the city’s downtown core.

“There was a lot, a lot of interest in Enwave and a number of offers were made to purchase this company,” Mayor Rob Ford told 680News.

“In fact, the quality of these offers significantly exceeded our expectation,” he said.

“It’s a huge victory for the taxpayers.”

The city has a 43 per cent stake in the heating and cooling company.

Brookfield will take ownership of Enwave’s debt and equity, which is expected to close later this month. The city will receive approximately $168-million, which will be used for the 2013 Capital Plan requirements.

But council is divided on what to do with the windfall.

Ford argued that the proceeds in its entirety should be put toward paying off the new streetcars. Other councillors want to see funds distributed to repairing and maintaining Toronto community housing and repairs to sewers to combat basement flooding.

Proposals on how to spend the proceeds will be referred to the budget committee for review.

On Wednesday, city council will debate the surprise ban on plastic bags.

While some councillors want the plastic bag ban reversed, others including Ford allies are urging the mayor to seek more compromise with council.

Deputy mayor and veteran councillor Doug Holyday told 680News he has urged Mayor Ford to adopt a more conciliatory approach to council, and to offer more compromise in order to get the support of 23 of the 44 council votes that are needed to get anything passed.

Many of Ford’s allies are hoping the new session of council means a return to city business and not his personal or extracurricular activities.

“I think he understands what we’re faced with, and I’m just wanting him to not lead with his chin anymore it’s too distracting. There are a lot of things we have to do, and make sure that’s the news of the day, not what the mayor is up to personally,” Holyday said.

“It wasn’t just myself that spoke to him, and I guess we just have to wait and see how it plays out,” he added.

Council will resume at 9:30 a.m. on Wednesday.