55 Yonge Street - Designation of a Portion of the Property Used by the Toronto Transit Commission (TTC) as a Municipal Capital Facility

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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 pass a By-law pursuant to Section 252 of the City of Toronto Act, 2006, providing authority to: a. enter into a Municipal Capital Facility Agreement with 55 Yonge Portfolio Inc, which leases approximately 6,622 square feet at 55 Yonge Street to the Toronto Transit Commission (TTC), all space (the "Leased Premises") related to the provision of telecommunications, transit and transportation systems; and b.

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exempt the Leased Premises from taxation for municipal and school purposes, with the tax exemption being effective from the latest of: 1. the commencement date of the Lease; 2. the date the Municipal Capital Facility Agreement is entered into; and 3. the date the Tax Exemption By- law is enacted. 2. City Council direct the City Clerk to give written notice of the By-law to the Minister of Finance, the Municipal Property Assessment Corporation, the Toronto District School Board, the Toronto Catholic District School Board, le Conseil scolaire Viamonde, and le Conseil scolaire catholique MonAvenir.

On the agenda

As the city filed it

This report seeks Council's authority for the adoption of the necessary by-law to designate a portion of a property leased and occupied by the Toronto Transit Commission (TTC) as a Municipal Capital Facility and to provide an exemption for municipal taxes and education taxes. The municipal capital facility agreement authorized by the by-law will provide an exemption for approximately 3,234 square feet of space for suite 103 and approximately 3,388 square feet of space for suite 104 which totals 6,622 square feet of combined space.

Staff recommended

The Controller recommends that: 1. City Council pass a By-law pursuant to Section 252 of the City of Toronto Act, 2006, providing authority to: a. enter into a Municipal Capital Facility Agreement with 55 Yonge Portfolio Inc, which leases approximately 6,622 square feet at 55 Yonge Street to the Toronto Transit Commission (TTC), all space (the "Leased Premises") related to the provision of telecommunications, transit and transportation systems.

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b. exempt the Leased Premises from taxation for municipal and school purposes, with the tax exemption being effective from the latest of (1) the commencement date of the Lease, (2) the date the Municipal Capital Facility Agreement is entered into, and (3) the date the Tax Exemption By- law is enacted. 2. City Council direct the City Clerk to give written notice of the By-law to the Minister of Finance, the Municipal Property Assessment Corporation, the Toronto District School Board, the Toronto Catholic District School Board, le Conseil scolaire Viamonde, and le Conseil scolaire catholique MonAvenir.

Considered

2020-07-07 · General Government and Licensing Committee · adopted
Decision as filed
The General Government and Licensing Committee recommends that: 1. City Council pass a By-law pursuant to Section 252 of the City of Toronto Act, 2006, providing authority to: a. enter into a Municipal Capital Facility Agreement with 55 Yonge Portfolio Inc, which leases approximately 6,622 square feet at 55 Yonge Street to the Toronto Transit Commission (TTC), all space (the "Leased Premises") related to the provision of telecommunications, transit and transportation systems; and b.
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exempt the Leased Premises from taxation for municipal and school purposes, with the tax exemption being effective from the latest of: 1. the commencement date of the Lease; 2. the date the Municipal Capital Facility Agreement is entered into; and 3. the date the Tax Exemption By- law is enacted. 2. City Council direct the City Clerk to give written notice of the By-law to the Minister of Finance, the Municipal Property Assessment Corporation, the Toronto District School Board, the Toronto Catholic District School Board, le Conseil scolaire Viamonde, and le Conseil scolaire catholique MonAvenir.
2020-07-28 · Toronto City Council · adopted

On the record

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