Tripartite and Lease Amending Agreement between the City, Woodsworth Housing Co-operative Incorporated and Peoples Trust Company with respect to 133 Wilton Street - by Councillor Joe Cressy, seconded by Councillor Kristyn Wong-Tam

29, as amended and adopted by former Toronto City Council at its meeting held on July 25 and 27, 1977, on the terms set out in Clause Nos. 70 and 71 of Executive Committee Report No. 29, Clause No. 60 of Executive Committee Report No. 30, as amended, Clause No. 58 of Executive Committee Report No. 30, as amended and Clause No. 115 of Executive Committee Report No. 30, as amended, all of which were adopted by former Toronto City Council at its meeting held on July 25 and 27, 1977. The terms of the Lease were subsequently amended by Clause No. 6 of Committee on Neighbourhoods, Housing, Fire and Legislation Report No. 21 in Executive Committee Report No 48, as amended and adopted by former Toronto City Council at its meeting held on November 21, 1977. The Lease provides that the Tenant shall construct a building to be used for the purposes of non-profit housing. In order to construct the building, the Tenant received financing from the Canada Mortgage and Housing Corporation ("CMHC"). The Tenant completed the construction of the building, which it owns separately from the City's land, and the building now requires capital investment to maintain and repair. In order to complete the required capital work, the Tenant requires financing and is seeking a loan from Peoples Trust Company (the "Leasehold Mortgagee"). The Leasehold Mortgagee has advised that in order to grant the loan to the Tenant, it requires that the City and the Tenant enter into the Agreement with the Leasehold Mortgagee, which includes certain material amendments to the Lease. Corporate Real Estate Management staff is currently finalizing the terms of the Agreement with the Tenant and the Leasehold Mortgagee and requires City Council's authority to approve and execute the Agreement substantially on the terms set out in Appendix A to the Motion. Corporate Real Estate Management staff and Housing Secretariat staff consider the terms and conditions of the Agreement to be fair and commercially reasonable. This Motion is urgent in order to permit the required capital repairs to be undertaken without further delay.

2. City Council authorize the Executive Director, Corporate Real Estate Management, or designate, to execute the Agreement, and any related documents on behalf of the City of Toronto, as required.