Charles Hastings Co-operative Inc. - Postponement of Registered Assisted Housing Agreement to the Prospective Lender's Mortgage

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The decision

2019-07-16 · Toronto City Council · adopted

As filed

City Council on July 16, 17 and 18, 2019, adopted the following: 1. City Council consent, pursuant to subsection 453.1(6) of the City of Toronto Act 2006: a. to the transfer of title from 175 Elm St. Developments Ltd to Charles Hastings Co-operative Inc. pursuant to the option to purchase under the lease between the parties; and b. to Charles Hastings Co-operative Inc. granting a mortgage or charge to First National Financial LP with respect to 175 Elm Street, Toronto to secure repayment of a loan on the terms and conditions described in the report (June 12, 2019) from the General Manager, Shelter, Support and Housing Administration.

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2. City Council direct the City Clerk to provide a certificate, in registerable form, to First National Financial LP pursuant to subsection 453.1(9) of the City of Toronto Act, 2006. 3. City Council authorize the General Manager, Shelter, Support and Housing Administration to execute a Priority, Postponement and Standstill Agreement postponing the rights of the City under the Assisted Housing Agreement to the rights of the mortgagee and providing the City with an opportunity to cure any mortgage defaults or to locate a housing provider acceptable to the lender that will cure such defaults and operate the housing in accordance with the Assisted Housing Agreement, upon such terms and conditions as the General Manager, Shelter, Support and Housing Administration may deem appropriate.

On the agenda

As the city filed it

This report recommends that City Council provide the necessary consents to enable Charles Hastings Co-operative Inc. (the Co-op) to secure freehold ownership of its property and continue to provide long-term affordable housing at 175 Elm Street, Ward 11. Council authority is required to postpone the City's interest in a long-term Assisted Housing Agreement that would enable the Co-op to finance the purchase of its currently leased building and land and to perform necessary capital upgrades.

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If the Co-op is unable to secure financing to purchase the property, the resulting lease costs may require the Co-op to increase rents for residents resulting in the potential loss of affordable housing.

Staff recommended

The General Manager, Shelter, Support and Housing Administration, recommends that: 1. City Council consent pursuant to subsection 453.1(6) of the City of Toronto Act 2006: a. to the transfer of title from 175 Elm St. Developments Ltd to Charles Hastings Co-operative Inc. pursuant to the option to purchase under the lease between the parties; and b. to Charles Hastings Co-operative Inc. granting a mortgage or charge to First National Financial LP with respect to 175 Elm Street, Toronto to secure repayment of a loan on the terms and conditions described in the report dated June 12, 2019 from the General Manager, Shelter, Support & Housing Administration.

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2. City Council direct the City Clerk to provide a certificate, in registerable form, to First National Financial LP pursuant to subsection 453.1(9) of the City of Toronto Act, 2006. 3. City Council authorize the General Manager, Shelter, Support and Housing Administration, to execute a Priority, Postponement and Standstill Agreement postponing the rights of the City under the Assisted Housing Agreement to the rights of the mortgagee and providing the City with an opportunity to cure any mortgage defaults or to locate a housing provider acceptable to the lender that will cure such defaults and operate the housing in accordance with the Assisted Housing Agreement, upon such terms and conditions as the General Manager may deem appropriate.

Considered

2019-07-03 · Planning and Housing Committee · adopted
Decision as filed
The Planning and Housing Committee recommends that: 1. City Council consent pursuant to subsection 453.1(6) of the City of Toronto Act 2006: a. to the transfer of title from 175 Elm St. Developments Ltd to Charles Hastings Co-operative Inc. pursuant to the option to purchase under the lease between the parties; and b. to Charles Hastings Co-operative Inc. granting a mortgage or charge to First National Financial LP with respect to 175 Elm Street, Toronto to secure repayment of a loan on the terms and conditions described in the report (June 12, 2019) from the General Manager, Shelter, Support and Housing Administration.
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2. City Council direct the City Clerk to provide a certificate, in registerable form, to First National Financial LP pursuant to subsection 453.1(9) of the City of Toronto Act, 2006. 3. City Council authorize the General Manager, Shelter, Support and Housing Administration, to execute a Priority, Postponement and Standstill Agreement postponing the rights of the City under the Assisted Housing Agreement to the rights of the mortgagee and providing the City with an opportunity to cure any mortgage defaults or to locate a housing provider acceptable to the lender that will cure such defaults and operate the housing in accordance with the Assisted Housing Agreement, upon such terms and conditions as the General Manager may deem appropriate.
2019-07-16 · Toronto City Council · adopted

On the record

The item as the City filed it

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