Toronto Atmospheric Fund TowerWise Direct Investment Request

At the time of Council's approval, TAF outlined a funding arrangement for the use of these funds, which included seeking additional capital from other government funding programs and potentially third-party investors. The four multi-residential buildings to be retrofitted with these funds were not yet determined. On February 5, 2021, the TAF Board of Directors approved funding of $2,841,800 net and $3,363,600 gross from the FCM loan to support the planned energy retrofits in a Toronto multi-residential building. The building owner and project details are outlined in a Confidential Attachment included with the TAF Board decision. Under the City's Relationship Framework with TAF, Council must authorize "loans, guarantees or security on loans or lines of credit in excess of $2,000,000." Although Council approved TAF's receipt of the original FCM loan and grant in 2018, the full arrangements and specific buildings to benefit from this funding were unknown at that time. Now that such details are available, TAF's Board has requested Council approval if deemed necessary by the Chief Financial Officer and Treasurer.

3. City Council authorize that the confidential attachment to the January 22, 2021 report from the Toronto Atmospheric Fund, included in this report as Confidential Attachment 1, remain confidential in its entirety as it contains commercial and financial information, supplied in confidence to the Toronto Atmospheric Fund, which, if disclosed, could reasonably be expected to significantly prejudice the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.