Housing Now - Business Case Update for 705 Warden Avenue

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The decision

2020-07-23 · CreateTO · adopted

As filed

The Board of Directors of CreateTO: 1. Endorsed the revisions to the business case for 705 Warden Avenue as presented in Attachment 1 and Confidential Attachment 1 to the report (July 8, 2020) from the Chief Executive Officer, CreateTO; and, subject to further approvals required by the Deputy City Manager, Corporate Services, the Chief Financial Officer and Treasurer and the Executive Director, Housing Secretariat, directed

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CreateTO management to: - Proceed in accordance with previously CreateTO Board approved recommendations from September 2019 referenced in Attachment 5 to the report (July 8, 2020) from the Chief Executive Officer, CreateTO; - Market 705 Warden Avenue in the third quarter of 2020 including entering into agreements conditional on approval by relevant City authorities; and - Include limitations on annual rent increases for market renters, with annual increases in rent not to exceed the Provincial Guideline amount plus 2 percent, with a goal of achieving the lowest possible annual rent increases for market renters while maintaining the economic feasibility of the project. 2. Directed that the information in Confidential Attachment 1 to the report (July 8, 2020) from the Chief Executive Officer, CreateTO remain confidential at this time, as they relate to a plan to be applied to any negotiations carried on or to be carried on by or on behalf of the Board of Directors of CreateTO; contains financial information that belongs to the Board of Directors of CreateTO; and has monetary value or potential monetary value, and direct that the information be made public at the discretion of the Chief Executive Officer following the execution of the agreements.

On the agenda

As the city filed it

This report recommends that the CreateTO Board of Directors endorse the revised business case and market offering for 705 Warden Avenue. In February 2020, the Planning and Housing Committee ("PHC") considered a Final Report on the 705 Warden Housing Now site. PHC requested the Chief Planner and Executive Director, City Planning, in consultation with the Chief Executive Officer, CreateTO and the Executive Director, Housing Secretariat, to review potential revisions to the development concept with the objective of providing additional housing opportunities on the site.

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The Committee also directed staff to consult with the Ward Councillor and local community on this matter and report back to the PHC. In response to PHC's request, City staff and CreateTO prepared an updated development concept, which was presented to the community in an online public information session on May 13, 2020. The updated development concept permits 60,000 square metres of development, which would include up to 600 residential units, an increase of 100 residential units from what was originally proposed. Of the potential 600 units, 250 would be affordable residential units delivered through the Housing Now Initiative. A Supplementary Report on this updated development concept was considered and adopted by the Planning and Housing Committee at its meeting on June 15, 2020. City Council (June 29, 2020) adopted the proposed Zoning By-law Amendment, intention to approve the Draft Plan of Subdivision. Following the market offering process, City and CreateTO staff will report to the CreateTO Board prior to finalizing sale or lease agreements. The CreateTO Board will review for approval the terms and conditions for the proposed agreements with the successful proponent.

Staff recommended

The Chief Executive Officer recommends that the Board of Directors of CreateTO: 1. Endorse the revisions to the business case for 705 Warden Avenue as presented in Attachment 1 and Confidential Attachment 1; and, subject to further approvals required by the Deputy City Manager, Corporate Services, the Chief Financial Officer and Treasurer and the Executive Director, Housing Secretariat, direct CreateTO management to:

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- Proceed in accordance with previously CreateTO Board approved recommendations from September 2019 referenced in Attachment 5; - Market 705 Warden Avenue in the third quarter of 2020 including entering into agreements conditional on approval by relevant City authorities; and - Include limitations on annual rent increases for market renters, with annual increases in rent not to exceed the Provincial Guideline amount plus 2 percent, with a goal of achieving the lowest possible annual rent increases for market renters while maintaining the economic feasibility of the project. 2. Direct that the information in Confidential Attachment 1 remain confidential at this time, as they relate to a plan to be applied to any negotiations carried on or to be carried on by or on behalf of the Board of Directors of CreateTO; contains financial information that belongs to the Board of Directors of CreateTO; and has monetary value or potential monetary value, and direct that the information be made public at the discretion of the Chief Executive Officer following the execution of the agreements.

On the record

The item as the City filed it