Authorization to Release Section 37 Funds from the Development at 480-494 Yonge Street and 3 Grosvenor Street to Ryerson University for the Implementation of the Campus Public Realm Plan and the YongeTOmorrow project - by Councillor Kristyn Wong-Tam, seconded by Councillor Mike Layton

The estimated value of the total public realm investments are approximately $13.0 million. This funding is the third, and final, instalment of a $7 million commitment of Section 37 funds to the Campus Public Realm Plan and $3,688,334.65 in Section 37 monies have already been allocated to the project. Ryerson University, in collaboration with the Downtown Yonge Business Improvement Area, has developed a visionary Campus Public Realm Plan that situates the institution as being seamlessly interwoven into the fabric of our downtown core. In consultation with City of Toronto Public Realm staff, Transportation Services and Urban Design staff, they have created a long-term plan that incorporates principles that align with the City's own goals of creating streets and open spaces that are engaging, vibrant, safe and accessible, through the YongeTOmorrow Environmental Assessment. Our post-secondary institutions are integral parts of our City and when they invest in the City's public realm, it is incumbent on City Council to support this work. Section 37 funds have been both secured and received by the City from the developments at 480-494 Yonge Street and 3 Grosvenor Street, for the purpose of local parklands and streetscape improvements, to the satisfaction the Chief Planner and Executive Director, City Planning, in consultation with the Ward Councillor. Of these funds, there currently remains sufficient funds for this Motion that has not been spent or is committed. City Planning staff advise that the proposed purposes of the funds as set out in the Recommendations of this Motion are in accordance with Council approved guidelines and protocols.

2. City Council direct that the $3,311,665.35 be forwarded to the Ryerson Public Realm Improvement Projects upon the signing of an Undertaking by Ryerson University governing the use of the funds and the financial reporting requirements.