Providing New Affordable Rental Housing at 685 Queen Street East

This report recommends that the City enter into a pre-development agreement with Riverdale Co-operative Houses Inc. ("Riverdale Co-operative") to provide up to $500,000 in section 37 funds to conduct pre-development activities for the purpose of redeveloping Riverdale Co-operative's property located at 685 Queen Street East, adjacent to the 77-79 East Don Roadway and 661-677 Queen Street East site. The intent of the redevelopment is to revitalize the existing nine units and add up to 23 additional, accessible affordable rental units. Through the development review process and community consultation, an appropriate built form will be reached, which will ultimately determine the final number of affordable units. The pre-development activities will include but not be limited to securing consultants to undertake design development, tenant relocation activities, determining capital and operating cost requirements, and obtaining engineering and other reports needed to inform the redevelopment of 685 Queen Street East. Following the completion of pre-development activities, staff will report back to the Planning and Housing Committee before the end of 2019 on the capital cost and operating requirements needed to redevelop the property and ensure its long-term operating viability.

City Council approve an increase to the 2019 Approved Operating Budget for Shelter, Support and Housing Administration, in coordination with the Executive Director, Housing Secretariat, of $500,000 gross, $0 net for affordable housing at 685 Queen Street East funded from the Capital Revolving Reserve Fund for Affordable Housing (XR1058) to support pre-development activities pursuant to the redevelopment of 685 Queen Street East; 3. City Council authorize the Executive Director, Housing Secretariat to negotiate and enter into on behalf of the City, an agreement and any other documents deemed necessary, with Riverdale Co-operative Homes Inc. to fund the pre-development work necessary to inform the decisions to be made with respect to the redevelopment of 685 Queen Street East, on terms and conditions satisfactory to the Executive Director, Housing Secretariat, and in a form satisfactory to the City Solicitor; and 4. City Council direct the Executive Director, Housing Secretariat to report to the Planning and Housing Committee no later than the end of 2019 on the results of the pre-development work, including the capital and operating funding required to complete the redevelopment of 685 Queen Street East including the creation of net new affordable rental homes.