Authorization to release Section 37 funds for Artscape affordable housing and community facilities in Ward 10 - by Councillor Joe Cressy, seconded by Councillor Mike Layton

The City has secured funds under Section 37 of the Planning Act with the owner of the developments at 180 Queen Street West, authorized by site-specific Zoning By-law 355-2003(OMB), which shall be used for artist housing at Artscape; 96 St. Patrick Street, authorized by site-specific Zoning By-law 151-2002, which shall be used for artists' housing; and 57 Spadina Avenue, authorized by site-specific Zoning By-law 1061-2014, which shall be used for community services and facilities and public realm improvements. The use of these funds for these purposes complies with the by-laws and agreements. Artscape will be required to sign an Undertaking that will govern the use of the funds and financial reporting requirements, prior to the funds being released by the City.

2. City Council authorize the transfer of $446,651.31 in Section 37 funding to the Capital Revolving Reserve Fund for Affordable Housing (XR1058), fully funded from the developments at 180 Queen Street West and 96 St. Patrick Street as detailed below: a. 180 Queen Street West, secured for the provision of Artist housing at Artscape in the amount of $277,036.88 (Source Account: XR3026-3700029); and b. 96 St. Patrick Street, secured for the provision of artists' housing, through direct expenditure or through Toronto Artscape or such other agency as the City in its sole discretion may determine, in the amount of $169,614.43 (Source Account: XR3026-3700125). 3. City Council increase the Approved 2020 Operating Budget for Shelter, Support and Housing Administration by $446,651.31 gross, $0 net, for transfer to Artscape projects for the purpose of developing Affordable Housing in Ward 10. 4. City Council direct that the $1,846,651.31 be forwarded to Artscape subject to Artscape signing an Undertaking governing the use of the funds and the financial reporting requirements.