Transfer of 2530 Gerrard Street East to Build Toronto Inc.

Portions of the Property were historically used as a landfill and, as a result, are contaminated. In 2016, CreateTO obtained approval of an Official Plan Amendment (OPA 288), Rezoning, and Draft Plan of Subdivision for the Property and authorization for the transfer of the City Property to Build Toronto Inc. (Build Toronto) in accordance with OPA 288 and the eventual reconveyance of a portion of the Property back to the City for park purposes (the Proposed Park). Subsequently, it was determined that the development concept for the Property should be revised, including the relocation of the Proposed Park. This revised development concept will require further Official Plan and Zoning By-law Amendments. A developer has agreed to acquire the property and redevelop the land as a new community with affordable housing and the Proposed Park and is prepared to go through the time, expense, and risk of obtaining these required planning amendments if they can first acquire the land. Given that the development concept has changed since City Council approved the transfer of the City Property to Build Toronto, staff are seeking confirmation from City Council before proceeding with the transfer to Build Toronto. Further, while CreateTO and the developer will remediate the Proposed Park, which is contaminated (as is the City Property), staff are seeking City Council approval to accept the transfer of the Proposed Park, as it will not comply with the City's Policy for Accepting Potentially Contaminated Lands to be Conveyed to the City under the Planning Act.

2. City Council authorize the City of Toronto to enter into a parkland reconveyance agreement substantially on the terms and conditions set out in Attachment 7, in a form satisfactory to the City Solicitor, notwithstanding that portions of the parkland reconveyed will not comply with the City of Toronto's Policy for Accepting Potentially Contaminated Lands to be Conveyed to the City under the Planning Act. 3. City Council grant authority to fund the City of Toronto's expenses related to the transfer of the Proposed Park to the City which are not the responsibility of Build Toronto from Corporate Real Estate Management's Council Approved Operating Budget funded from the Land Acquisition Reserve Fund (XR1012), with appropriate adjustments to Corporate Real Estate Management's Council Approved Operating Budget, as necessary, through subsequent Quarterly Variance Reports. 4. City Council authorize the Deputy City Manager, Corporate Services, to execute any further transaction required to complete the transactions authorized in this report on behalf of the City of Toronto, including the execution of any required consents, approvals, or permissions. 5. City Council authorize the City Solicitor to complete the transactions provided for in this report on behalf of the City of Toronto, including making payment of any necessary expenses, amending the closing and other dates, and amending or waiving terms and conditions, as the City Solicitor may from time to time consider reasonable.