Waterfront Toronto Consent to Borrow and Encumber Assets Extension Request

The extension requires approval from the City, and the Federal and Provincial governments. Waterfront Toronto has requested an extension to its Consent to Borrow and Encumber Assets, executed by the City and the governments of Canada and Ontario on August 12, 2015, as authorized pursuant to Subsections 4(5) and 4(6) of the Toronto Waterfront Revitalization Corporation Act, 2002. The current Consent, which allows for up to $40 million in borrowing, expires on March 31, 2020. An extension to the Consent would allow Waterfront Toronto to continue to bridge cash flow gaps between infrastructure investments and revenues. Further, the extension would allow Waterfront Toronto to continue to use this financial tool to secure letters of credit for construction work, including work associated with the Port Lands Flood Protection project. City staff are of the view that Waterfront Toronto's request for an extension to its Consent to Borrow and Encumber Assets is reasonable.

2. City Council authorize the Deputy City Manager, Infrastructure and Development Services to further extend from time to time the term length contained in the draft Amendment to the Consent to Borrow Money and Encumber Assets for Projects in the Designated Waterfront Area and for Bridge Financing as the Deputy City Manager shall deem necessary or desirable but to no later than May 15, 2028, in a form approved by the City Solicitor.