Supplementary Transaction Update on City-Owned 50 Cumberland Street/37 Yorkville Avenue (Municipal Car Park 15)

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The decision

2020-07-24 · Toronto Parking Authority · adopted

As filed

The Board of Directors of Toronto Parking Authority: 1. Directed that the information contained in Confidential Attachment 1 to the report (July 8, 2020) from the City Solicitor remain confidential in its entirety at the discretion of the City Solicitor, as it pertains to potential litigation involving Toronto Parking Authority and the City of Toronto and contains advice that is subject to solicitor-client privilege.

The vote

Adopt Item · Carried, 6-0

For (2)Brad Bradford, Cynthia Lai

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Brad BradfordFor
Cynthia LaiFor

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On the agenda

As the city filed it

This report is to provide the Board of Directors of Toronto Parking Authority with further information and updates regarding the insolvency proceeding commenced by the construction lenders bcIMC Construction Fund Corporation ("bcIMC") and Otera Capital Inc. ("Otera") against the owners of the property municipally known as 50 Cumberland Street/37 Yorkville Avenue (the "Property"), namely, 33 Yorkville Residences Inc. and 33 Yorkville Residences Limited Partnerships (the "33 Yorkville Cresford Subsidiaries").

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Information about this insolvency proceeding was first provided in a joint report from the Acting President, Toronto Parking Authority, and the City Solicitor entitled "Transaction Update on City-Owned 50 Cumberland Street/37 Yorkville Avenue (Municipal Car Park 15)" dated March 13, 2020 (Item PA14.4, the "First Report") and in a verbal update to the Board at its May 15, 2020 special meeting. The insolvency proceeding has continued since those dates. Confidential Attachment 1 contains information pertaining to potential litigation involving Toronto Parking Authority and the City of Toronto and contains advice that is subject to solicitor-client privilege.

Staff recommended

The City Solicitor recommends that: 1. The Board of Directors of Toronto Parking Authority direct that the information contained in Confidential Attachment 1 remain confidential in its entirety at the discretion of the City Solicitor, as it pertains to potential litigation involving Toronto Parking Authority and the City of Toronto and contains advice that is subject to solicitor-client privilege.

On the record

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