Saving at Risk Affordable Housing Units - Tippett Road Regeneration Area

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The decision

2019-10-29 · Toronto City Council · adopted

As filed

City Council on October 29 and 30, 2019, adopted the following: 1. City Council direct that Confidential Attachment 1 to the supplementary report (October 22, 2019) from the City Solicitor and the Executive Director, Corporate Finance remain confidential at the discretion of the City Solicitor, as it contains advice that is subject to solicitor-client privilege. Confidential Attachment 1 to the supplementary report (October 22, 2019) from the City Solicitor and the Executive Director, Corporate Finance remains confidential at this time in accordance with the provisions of the City of Toronto Act, 2006, as it contains advice that is subject to solicitor-client privilege.

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Confidential Attachment 1 to the supplementary report (October 22, 2019) from the City Solicitor and the Executive Director, Corporate Finance will be made public at the discretion of the City Solicitor.

On the agenda

As the city filed it

City Council on October 2 and 3, 2019, referred Motion MM10.35 to the Executive Committee. The lands municipally known as 30 Tippett Road are being developed in accordance with the City of Toronto's vision for the Tippett Road Regeneration Area, including the provision of 50 affordable purpose-built rental units and 50 affordable ownership units as part of the Investment in Affordable Housing Program. This iteration of the Investment in Affordable Housing Program began in 2014 and expires at the end of this year.

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The federal and provincial component of funding is time-limited and will be surrendered by the City if it is not utilized by the end of the year. Tippett South Inc. is under contract to deliver the loan funding for the City. The funding is secured from the Province by way of an agreement of purchase and sale with eligible purchasers, and all units are now under firm and binding agreements of purchase and sale. The mortgage approvals for all firm and binding agreements of purchase and sale for the 50 affordable ownership units were issued under a pricing model that reflects current development charge rates. If these units are subject to the scheduled development charge rate increase on November 1, 2019, these units' price will increase and the mortgages will not hold.

Staff recommended

Councillor James Pasternak, seconded by Councillor Shelley Carroll, recommends that: 1. City Council authorize the execution of a development charge agreement between the City of Toronto and Tippett South Inc., the owner of 30 Tippett Road, in a form satisfactory to the City Solicitor, to allow all of the development charges for the 30 Tippett Road project [Building Permit File No. 19 156908 BLD 00NB (Building A) and 19 15 7198 BLD 00 NB (Building B)] to be paid before such charges would otherwise be payable and prior to November 1, 2019, pursuant to Section 415-8C of the City of Toronto Municipal Code.

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2. City Council direct that Tippett South Inc. advance the financial contribution in the amount of One Million Nine Hundred and Fifty Thousand Dollars ($1,950,000.00) per the registered Section 37 Agreement payable to the City prior to issuance of the first below-grade building permit.

Considered

2019-10-23 · Executive Committee · amended
Decision as filed
The Executive Committee recommends that: 1. City Council direct that Confidential Attachment 1 to the supplementary report (October 22, 2019) from the City Solicitor and the Executive Director, Corporate Finance remain confidential at the discretion of the City Solicitor, as it contains information that is subject to solicitor-client privilege.
2019-10-29 · Toronto City Council · adopted

On the record

The item as the City filed it

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