Strategic Disposition of City Property to Fund City Building and Property Acquisition

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The decision

2019-09-24 · CreateTO · amended

As filed

The Board of Directors of CreateTO: 1. Endorsed the proposed plan for the strategic disposition of the City owned property and acquisition of the adjacent property identified in Confidential Attachment 1 to the report (September 17, 2019) from the Chief Executive Officer, CreateTO and directed the Chief Executive Officer, CreateTO to work with the Deputy City Manager, Corporate Services to take appropriate next steps to advance these transactions.

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2. Directed the Chief Executive Officer, CreateTO, to report back to the Board of CreateTO in the first quarter of 2020 on a business and funding plan for the property to be acquired, which will include which City of Toronto Divisions, Agencies or Corporations will activate the site and the proposed funding plan. 3. Directed the Chief Executive Officer, CreateTO, working with the Executive Director, Housing Secretariat to report back in 2020 with a plan, including the financial implications to deliver affordable housing as a portion of any development in a manner that is consistent with the approach used in Housing Now, including funding and financial incentives, at the Subject Property. 4. Directed the Chief Executive Officer, CreateTO, to report back in 2020 on a "Precinct Plan" for the combined Subject Property along with the adjacent property to be acquired, including how these sites will be activated with City uses such as affordable housing, parks, Toronto Parking Authority, childcare, and any other uses that may be suitable on these two properties. 5. Directed the Chief Executive Officer, CreateTO to consult with owners of adjacent properties on how their properties might contribute to any city building as a part of the "Precinct Plan", the results of these consultations to be included in that Plan. 6. Authorized the public release of Confidential Attachment 1 to the report (September 17, 2019) from the Chief Executive Officer, CreateTO following the closing of any purchase transaction. November 26, 2019 - Confidential Attachment 1 to the report (September 17, 2019) from the Chief Executive Officer, CreateTO is now public in its entirety. Confidential Attachment 1 can be accessed under Background Information

On the agenda

As the city filed it

The purpose of this report is to provide the Board of CreateTO with an update on the strategic disposition of City owned property located within Ward 10 - Spadina-Fort York and the corresponding acquisition of an adjacent piece of property, as outlined in the Confidential Attachment to this report. The City of Toronto ("the City") is the owner of a property located within Ward 10 - Spadina-Fort York (the "Subject Property").

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The Subject Property represents a significant city building opportunity due to its location and corresponding property value. For a number of years the Subject Property has been identified as a significant redevelopment opportunity for the City. CreateTO, working with their colleagues in City Real Estate Management ("CREM") and City Planning have developed a business case to strategically leverage its value to achieve significant city building on the Subject Property along with purchasing an adjacent piece of property. Unlocking the value of the Subject Property will work to fund significant city building. It will also fund the acquisition of the adjacent piece of property which itself could be used for significant city building opportunities. In addition to the acquisition, any residual value realized could be used to fund additional City building objectives including affordable rental housing, state of good repair of City infrastructure, new parks, a child care centre or other investments, as may be determined appropriate by City Council. Properties in the downtown with significant redevelopment potential are becoming increasingly rare. The value of the Subject Property will allow for strategic redeployment of stranded capital to acquire one of the few remaining significant pieces of property.

Staff recommended

The Chief Executive Officer, CreateTO recommends that: 1. The Board of CreateTO endorse the proposed plan for the strategic disposition of the City owned property and acquisition of the adjacent property identified in Confidential Attachment 1 and direct the CEO, CreateTO to work with the Deputy City Manager, Corporate Services to take appropriate next steps to advance these transactions; 2. The Board of CreateTO direct the Chief Executive Officer, CreateTO, to report back to the Board of CreateTO in the first quarter of 2020 on a business and funding plan for the property to be acquired, which will include which City of Toronto Divisions, Agencies or Corporations will activate the site and the proposed funding plan; 3.

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The Board of CreateTO direct the Chief Executive Officer, CreateTO, working with the Executive Director, Housing Secretariat to report back in 2020 with a plan to deliver affordable rental housing as a portion of any new residential development, including funding and financial incentives, at the Subject Property. 4. The Board of Directors of CreateTO authorize the public release of Confidential Attachment 1 following the closing of any purchase transaction.

On the record

The item as the City filed it