5 Eireann Quay - Designation of a Portion of the Property Used by Ireland Park Foundation as a Municipal Capital Facility

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The decision

2019-12-17 · Toronto City Council · adopted

As filed

City Council on December 17 and 18, 2019, adopted the following: 1. City Council pass a By-law pursuant to Section 252 of the City of Toronto Act, 2006, providing authority to: a. enter into a Municipal Capital Facility Agreement with Ireland Park Foundation, with whom the City of Toronto has a lease for the property known as 5 Eireann Quay, for approximately 7,420 square feet of space (the "Leased Premises") owned by the City of Toronto, with respect to a facility used for cultural purposes; and b.

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exempt the Leased Premises from taxation for municipal and school purposes, with the tax exemption being effective from the latest of: 1. the commencement date of the lease; 2. the date the Municipal Capital Facility Agreement is entered into; and 3. the date the Tax Exemption By-law is enacted. 2. City Council pass a resolution that the Municipal Capital Facility referenced in Part 1 above is for the purposes of the City of Toronto and is for public use. 3. City Council direct the City Clerk to give written notice of the By-law to the Minister of Finance, the Municipal Property Assessment Corporation, the Toronto District School Board, the Toronto Catholic District School Board, le Conseil scolaire Viamonde and le Conseil scolaire catholique MonAvenir.

On the agenda

As the city filed it

This report seeks City Council's authority for the adoption of the necessary By-law to designate a portion of the property owned by the City of Toronto and leased to Ireland Park Foundation as a Municipal Capital Facility and to provide an exemption for municipal taxes and education taxes. The Municipal Capital Facility Agreement authorized by the By-law will provide an exemption for approximately 7,420 square feet at 5 Eireann Quay which is leased to Ireland Park Foundation.

Staff recommended

The Controller recommends that: 1. City Council pass a By-law pursuant to Section 252 of the City of Toronto Act, 2006, providing authority to: a. enter into a Municipal Capital Facility Agreement with Ireland Park Foundation, with whom the City of Toronto has a lease, for the property known as 5 Eireann Quay, for approximately 7,420 square feet of space (the "Leased Premises") owned by the City of Toronto, with respect to a facility used for cultural purposes; and b.

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exempt the Leased Premises from taxation for municipal and school purposes, with the tax exemption being effective from the latest of: 1. the commencement date of the lease; 2. the date the Municipal Capital Facility Agreement is entered into; and 3. the date the Tax Exemption By-law is enacted. 2. City Council pass a resolution that the Municipal Capital Facility referenced in Recommendation 1 is for the purposes of the City of Toronto and is for public use. 3. City Council direct the City Clerk to give written notice of the By-law to the Minister of Finance, the Municipal Property Assessment Corporation, the Toronto District School Board, the Toronto Catholic District School Board, le Conseil scolaire Viamonde, and le Conseil scolaire catholique MonAvenir.

Considered

2019-12-02 · General Government and Licensing Committee · adopted
Decision as filed
The General Government and Licensing Committee recommends that: 1. City Council pass a By-law pursuant to Section 252 of the City of Toronto Act, 2006, providing authority to: a. enter into a Municipal Capital Facility Agreement with Ireland Park Foundation, with whom the City of Toronto has a lease for the property known as 5 Eireann Quay, for approximately 7,420 square feet of space (the "Leased Premises") owned by the City of Toronto, with respect to a facility used for cultural purposes; and b.
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exempt the Leased Premises from taxation for municipal and school purposes, with the tax exemption being effective from the latest of: 1. the commencement date of the lease; 2. the date the Municipal Capital Facility Agreement is entered into; and 3. the date the Tax Exemption By-law is enacted. 2. City Council pass a resolution that the Municipal Capital Facility referenced in Recommendation 1 is for the purposes of the City of Toronto and is for public use. 3. City Council direct the City Clerk to give written notice of the By-law to the Minister of Finance, the Municipal Property Assessment Corporation, the Toronto District School Board, the Toronto Catholic District School Board, le Conseil scolaire Viamonde, and le Conseil scolaire catholique MonAvenir.
2019-12-17 · Toronto City Council · adopted

On the record

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