Redevelopment of 260 Adelaide Street West

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The decision

2021-10-01 · Toronto City Council · adopted

As filed

City Council on October 1 and 4, 2021, adopted the following: 1. City Council authorize the City to enter into a joint development agreement and any related agreement with the owner of 254 Adelaide Street West to jointly rezone and sell 254 Adelaide Street West and 260 Adelaide Street West substantially on the terms and conditions set out in Confidential Attachment 1 to the report (June 24, 2021) from the Executive Vice President, Development, CreateTO, and such other amended terms and conditions deemed appropriate by the Executive Director, Corporate Real Estate Management and in consultation with the Executive Vice President, Development, CreateTO, and in a form satisfactory to the City Solicitor.

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2. City Council direct the Executive Director, Corporate Real Estate Management and Chief Executive Officer, CreateTO to report back to Executive Committee in the first quarter of 2022 for approval of the business plan for the redevelopment of 229 Richmond Street and Metro Hall funded by the redevelopment and sale of 260 Adelaide. 3. City Council direct the Executive Director, Corporate Real Estate Management and Chief Executive Officer, CreateTO to report back to Executive Committee detailing the sale of 260 Adelaide and any changes to the business plan, including costs and funding sources, when the joint sale of 254 Adelaide Street West and 260 Adelaide Street West is complete. 4. City Council authorize the public release of Confidential Attachment 1 to the report (June 24, 2021) from the Executive Vice President, Development, CreateTO, following the closing of the sale of the transaction referenced in Part 1 above, at the discretion of the City Solicitor. Confidential Attachment 1 to the report (June 24, 2021) from the Executive Vice President, Development, CreateTO, remains confidential at this time in accordance with the provisions of the City of Toronto Act, 2006, as it pertains to a proposed disposition of land by the City of Toronto. Confidential Attachment 1 to the report (June 24, 2021) from the Executive Vice President, Development, CreateTO, will be released publicly following the closing of the sale of the transaction referenced in Part 1 above, at the discretion of the City Solicitor.

On the agenda

As the city filed it

The purpose of this report is to provide additional information requested by the Board of Directors of CreateTO (the "Board") regarding the business plan related to the redevelopment of the City-owned property at 260 Adelaide Street West ("260 Adelaide") and receive approval from the Board on the negotiated joint development agreement with the adjacent landowner based on the terms and conditions set out in Confidential Attachment 1.

Staff recommended

The Board of Directors of CreateTO recommends that: 1. City Council approve the negotiated joint development agreement with the adjacent landowner to 260 Adelaide Street West to jointly rezone and sell the sites based on the terms and conditions set out in Confidential Attachment 1 to the report (June 24, 2021) from the Executive Vice President, Development, CreateTO. 2. City Council direct that Confidential Attachment

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1 to the report (June 24, 2021) from the Executive Vice President, Development, CreateTO remain confidential in its entirety as it contains information regarding the proposed disposition of land.

Considered

2021-09-23 · Executive Committee · amended
Decision as filed
The Executive Committee recommends that: 1. City Council authorize the City to enter into a joint development agreement and any related agreement with the owner of 254 Adelaide Street West to jointly rezone and sell 254 Adelaide Street West and 260 Adelaide Street West substantially on the terms and conditions set out in Confidential Attachment 1 to the report (June 24, 2021) from the Executive Vice President, Development, CreateTO, and such other amended terms and conditions deemed appropriate by the Executive Director, Corporate Real Estate Management and in consultation with the Executive Vice President, Development, CreateTO, and in a form satisfactory to the City Solicitor.
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2. City Council direct the Executive Director, Corporate Real Estate Management and Chief Executive Officer, CreateTO to report back to Executive Committee in the first quarter of 2022 for approval of the business plan for the redevelopment of 229 Richmond Street and Metro Hall funded by the redevelopment and sale of 260 Adelaide. 3. City Council direct the Executive Director, Corporate Real Estate Management and Chief Executive Officer, CreateTO to report back to Executive Committee detailing the sale of 260 Adelaide and any changes to the business plan, including costs and funding sources, when the joint sale of 254 Adelaide Street West and 260 Adelaide Street West is complete. 4. City Council authorize the public release of Confidential Attachment 1 to the report (June 24, 2021) from the Executive Vice President, Development, CreateTO, following the closing of the sale of the transaction referenced in Recommendation 1 above, at the discretion of the City Solicitor.
2021-10-01 · Toronto City Council · adopted

On the record

The item as the City filed it

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