The filed record
Annual Report on the City's Loan and Loan Guarantee Portfolio
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The decision
2020-07-28 · Toronto City Council · adopted
As filed
City Council on July 28 and 29, 2020, adopted the following: 1. City Council approve the renewal of the following lines of credit guarantees and capital loan: a. the line of credit guarantee issued by the City on behalf of Canadian Stage Company to its lender in the amount of $820,000 (inclusive of all interest payable by Canadian Stage Company) be renewed for a three-year period commencing on November 1, 2020 and ending October 31, 2023; b.
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the line of credit guarantee issued by the City on behalf of Young People Theatre to its lender in the amount of $175,000 (inclusive of all interest payable by Young People Theatre) be renewed for a three-year period commencing on January 1, 2021 and ending December 31, 2023; and c. the capital loan issued by the City on behalf of the Lakeshore Arena Corporation in the amount of $4,047,660 (interest payments only) be renewed for a one-year period commencing on November 1, 2020 and ending October 31, 2021.
On the agenda
As the city filed it
This report provides an annual update on the City's loan and loan guarantee portfolios for the year ending in 2019. The City currently guarantees three operating lines of credit and eight capital loan guarantees under Council approved policies for line of credit and loan guarantees for cultural and community-based organizations. In addition to the guarantees, the City currently has outstanding a total of seven direct loans: six to City agencies and corporations, plus one to an external organization.
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All loans and guarantees are in good standing as at the 2019 year end. The effects of COVID-19 and related closure of many of the not-for-profit and City agency venues associated with these loans and guarantees has occurred in the current 2020 calendar year and are therefore beyond the scope of this report. The City will continue to monitor the status of these loans and guarantees and bring forward any necessary actions for Council consideration that may arise from any future loan servicing deficiencies. This report recommends extending lines of credit guarantees, set to expire later in 2020, with two not-for profit theatre groups for an additional three year term as well as extending the loan term for a City loan, also set to expire later in 2020, to a City services corporation for an additional one year term. The subject lines of credit and loan are all currently in good standing.
Staff recommended
The Chief Financial Officer and Treasurer recommends that: 1. City Council approve the renewal of the following lines of credit guarantees and capital loan: a. the line of credit guarantee issued by the City on behalf of Canadian Stage Company to its lender in the amount of $820,000 (inclusive of all interest payable by Canadian Stage Company) be renewed for a three-year period commencing on November 1, 2020 and ending October 31, 2023; b.
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the line of credit guarantee issued by the City on behalf of Young People Theatre to its lender in the amount of $175,000 (inclusive of all interest payable by Young People Theatre) be renewed for a three-year period commencing on January 1, 2021 and ending December 31, 2023; and c. the capital loan issued by the City on behalf of the Lakeshore Arena Corporation in the amount of $4,047,660 (interest payments only) be renewed for a one-year period commencing on November 1, 2020 and ending October 31, 2021.
Considered
2020-07-21 · Executive Committee · adopted
Decision as filed
The Executive Committee recommends that: 1. City Council approve the renewal of the following lines of credit guarantees and capital loan: a. the line of credit guarantee issued by the City on behalf of Canadian Stage Company to its lender in the amount of $820,000 (inclusive of all interest payable by Canadian Stage Company) be renewed for a three-year period commencing on November 1, 2020 and ending October 31, 2023; b.
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the line of credit guarantee issued by the City on behalf of Young People Theatre to its lender in the amount of $175,000 (inclusive of all interest payable by Young People Theatre) be renewed for a three-year period commencing on January 1, 2021 and ending December 31, 2023; and c. the capital loan issued by the City on behalf of the Lakeshore Arena Corporation in the amount of $4,047,660 (interest payments only) be renewed for a one-year period commencing on November 1, 2020 and ending October 31, 2021.
2020-07-28 · Toronto City Council · adopted
On the record
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