Updating Funding Sources for Rooming House Property Acquisition and Modernization in Ward 4 (formerly Ward 14) Parkdale High-Park - by Councillor Gord Perks, seconded by Councillor Ana Bailão

City Council also approved an increase in the 2018 Operating Budget for Shelter, Support and Housing Administration by $1,500,000 gross, $0 net, for transfer to the Capital Revolving Reserve Fund for Affordable Housing (XR1058), to be payable to the selected non-profit, fully funded by Section 37 (Planning Act Reserve Fund) community benefits for this purpose. The proposal call process has now been completed and a non-profit proponent was selected. However, in order to finalize the transaction, updates to the funding sources for the approved $1,500,000 are required. There will be no change to the total amount of $1,500,000 being transferred to the Capital Revolving Reserve Fund for Affordable Housing (XR1058). The previously approved funding is unchanged and the updated developments are eligible for by Section 37 (Planning Act Reserve Fund) for these purposes. This matter is time sensitive and relates to the financial and legal matters related to a property acquisition, and as such must be addressed at the next Council meeting.

for Shelter, Support and Housing Administration by $1,500,000 gross, $0 net, fully funded by community benefits received from the developments at: 24-66 Howard Park ($258,382.98); 1110 King Street West ($140,875.01); 1110 King Street West ($719,799.33); 383 Sorauren Avenue ($115,682.04); and 51-57 Quebec Avenue ($265,260.64); with the Source Account numbers XR3026-3700589; XR3026-3700637; XR3026-3700639; XR3026-3700632; and XR3026-3700854, respectively.