Direct Investment Request - 2020 - Number 3

The Public Gallery wrote no story on this item. What follows is the city’s own record of what happened to it, as filed: nothing on this page is summarised or scored by us.

The decision

2020-07-27 · Board of Directors of the Toronto Atmospheric Fund · adopted

As filed

The Board of Directors of the Toronto Atmospheric Fund: 1. Approved an investment of up to net $2,500,000 and gross $3,120,000 subject to the terms and conditions outlined by the Investment Committee at its meeting of 18 June 2020 and as set out in Confidential Attachment 1 to the report (July 13, 2020) from the Chair, Investment Committee. 2. Approved, based on the final plan and energy savings estimates, the need to re-present the transaction to the Investment Committee / Board for approval prior to final commitment only if the final project returns to TAF fall below the outlined risk spread of 3 percent or the capital cost varies by greater than 5 percent over the net $2,500,000 investment.

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3. Directed the Vice President, Impact Investing to implement the investment to the satisfaction of Toronto Atmospheric Fund's Solicitor. 4. Directed that the confidential information contained in Confidential Attachment 1 to the report (July 13, 2020) from the Chair, Investment Committee remain confidential in its entirety, as it contains commercial and financial information, supplied in confidence to The Atmospheric Fund, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.

On the agenda

As the city filed it

Approval of a direct investment is recommended which demonstrates the potential for appropriate risk-adjusted return and strong alignment with Toronto Atmospheric Fund's mandate. The proposed investment of up to net $2,500,000 and gross $3,120,000.

Staff recommended

The Chair of Toronto Atmospheric Fund's Investment Committee recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Approve an investment of up to net $2,500,000 and gross $3,120,000 subject to the terms and conditions outlined by the Investment Committee at its meeting of 18 June 2020 and as set out in Confidential Attachment 1. 2. Approve, based on the final plan and energy savings estimates, the need to re-present the transaction to the Investment Committee / Board for approval prior to final commitment only if the final project returns to TAF fall below the outlined risk spread of 3 percent or the capital cost varies by greater than 5 percent over the net $2,500,000 investment.

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3. Direct Vice President, Impact Investing to implement the investment to the satisfaction of Toronto Atmospheric Fund's Solicitor. 4. Direct that the confidential information contained in Confidential Attachment 1 remain confidential in its entirety, as it contains commercial and financial information, supplied in confidence to The Atmospheric Fund, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.

On the record

The item as the City filed it