Direct Investment Recommendation

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The decision

2019-02-22 · Board of Directors of the Toronto Atmospheric Fund · amended

As filed

The Board of Directors of the Toronto Atmospheric Fund: 1. Rescinded its approval of the confidential instructions in Confidential Attachment 1 to the report (January 26, 2018) from the Vice President, Impact Investing (2018.TA19.7). 2. Approved an investment of up to $1,150,000 in subordinated debt as set out in Confidential Attachment 1 to the report (February 8, 2019) from the Vice President, Impact Investing, to be advanced once final terms, amount, structure, conditions and required due diligence outlined by the Investment Committee are met, and upon approval of the final Binding Offer to Finance by the designated Investment Committee sub-committee.

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3. Directed that the confidential information contained in Confidential Attachment 1 to the report (February 8, 2019) from the Vice President, Impact Investing remain confidential in its entirety, as it involves the security of property belonging to the Toronto Atmospheric Fund (TAF) and contains commercial and financial information, supplied in confidence to TAF, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons or organizations.

On the agenda

As the city filed it

A Direct Investment of up to $1,150,000 is recommended. The proposed investment will not be advanced unless it meets risk/reward and greenhouse gas (GHG) impact expectations, and appropriate terms, including security and other conditions, are approved by the Investment Committee.

Staff recommended

The Vice President, Impact Investing recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Approve an investment of up to $1,150,000 in subordinated debt as set out in Confidential Attachment 1, to be advanced once final terms, amount, structure, conditions and required due diligence outlined by the Investment Committee are met, and upon approval of the final Binding Offer to Finance by the designated Investment Committee sub-committee.

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2. Direct that the confidential information contained in Confidential Attachment 1 remain confidential in its entirety, as it involves the security of property belonging to the Toronto Atmospheric Fund (TAF) and contains commercial and financial information, supplied in confidence to TAF, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons or organizations.

On the record

The item as the City filed it

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