Housing Now - Selection of Proponent for 705 Warden Avenue

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The decision

2020-12-04 · CreateTO · adopted

As filed

The Board of Directors of CreateTO: 1. Approved the recommended proponents identified in Confidential Attachment 1 to the report (November 20, 2020) from the Vice President, Development, CreateTO, for the development of the Housing Now project at 705 Warden Avenue. 2. Directed the Interim Chief Executive Officer, CreateTO, in collaboration with the Executive Director, Housing Secretariat and the City Solicitor, to negotiate

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transaction agreements, including a ground lease, project agreement and contribution agreement, and such other documents as may be necessary to finalize the arrangements with the proponents for 705 Warden Avenue (the "Agreements"), substantially on the terms set out in Confidential Attachment 3 to the report (November 20, 2020) from the Vice President, Development, CreateTO, and such other terms and conditions deemed appropriate by the Interim Chief Executive Officer, CreateTO and the City Solicitor, subject to the necessary City of Toronto approvals. 3. Directed the Interim Chief Executive Officer to report back to the Board of Directors when management has settled the Agreements with the proponent for approval of the Agreements. 4. Directed that the identity of the final selected proponent be made public after the Agreements are executed, at the discretion of the Interim Chief Executive Officer. 5. Directed that the remainder of the information in Confidential Attachments 1, 2 and 3 to the report (November 20, 2020) from the Vice President, Development, CreateTO remain confidential as they relate to a proposed or pending disposition of land by the Board of Directors of CreateTO and the City and a plan to be applied to negotiations carried on or to be carried on by or on behalf of the Board of Directors of CreateTO.

On the agenda

As the city filed it

This report provides an update on the market offering held for 705 Warden Avenue. On Aug 10, 2020 CBRE, on behalf of the Housing Secretariat and CreateTO, launched a marketing process for 705 Warden Ave. Bids were received on Oct 7, 2020. Under the direction of a fairness monitor, bids were reviewed, scored, and shortlisted. The selection process concluded with the determination of a final bidder. CreateTO negotiated a term sheet with the selected bidder which is the subject of this report.

Staff recommended

The Vice President, Development, CreateTO recommends that the Board of Directors of CreateTO: 1. Approve the recommended proponents identified in Confidential Attachment 1, for the development of the Housing Now project at 705 Warden Avenue. 2. Direct the Interim Chief Executive Officer, CreateTO, in collaboration with the Executive Director, Housing Secretariat and the City Solicitor, to negotiate transaction agreements,

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including a ground lease, project agreement and contribution agreement, and such other documents as may be necessary to finalize the arrangements with the proponents for 705 Warden Avenue (the "Agreements"), substantially on the terms set out in Confidential Attachment 3, and such other terms and conditions deemed appropriate by the Interim Chief Executive Officer, CreateTO and the City Solicitor, subject to the necessary City of Toronto approvals. 3. Direct the Interim Chief Executive Officer to report back to the Board of Directors when management has settled the Agreements with the proponent for approval of the Agreements. 4. Direct that the identity of the final selected proponent be made public after the Agreements are executed, at the discretion of the Interim Chief Executive Officer. 5. Direct that the remainder of the information in Confidential Attachments 1, 2 and 3 remain confidential as they relate to a proposed or pending disposition of land by the Board of Directors of CreateTO and the City and a plan to be applied to negotiations carried on or to be carried on by or on behalf of the Board of Directors of CreateTO.

On the record

The item as the City filed it

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