Direct Investments

3. Approved a Direct Investment of up to $2,000,000 in a renewable energy project, conditional on the Investment Committee's satisfaction with the final term sheet and financial model (including the split returns to the developer and investors) and the capital structure, as set out in Confidential Attachment 3 to the report (October 25, 2019) from the Vice President, Impact Investing. 4. Approved a Direct Investment of up to $2,000,000 in take out financing for an institutional thermal heat recovery and supply system as set out in Confidential Attachment 4 to the report (October 25, 2019) from the Vice President, Impact Investing, conditional on the Investment Committee's satisfaction with the final term sheet (including the priority and allotment of return between the investors and the developer and financial models); final due diligence including qualified third-party reviews of the technologies and engineering; review of the senior debt financing and insurance agreements and contracts; understanding of the City of Toronto's approval; and evidence that all required permits are in place. 5. Directed staff to implement the investments as set out in Confidential Attachments 1, 2, 3 and 4 to the report (October 25, 2019) from the Vice President, Impact Investing, once any conditions are met, to the satisfaction of TAF's Solicitor. 6. Directed that the confidential information contained in Confidential Attachments 1, 2, 3 and 4 to the report (October 25, 2019) from the Vice President, Impact Investing remain confidential in their entirety, as they involve the security of the property of the Toronto Atmospheric Fund, and contain commercial and financial information, supplied in confidence to the Toronto Atmospheric Fund, 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 organization.