8 Elm Street and 348 to 354 Yonge Street - Conveyance of Community Arts and Culture Space - by Councillor Mike Layton, seconded by Councillor Kristyn Wong-Tam

Under the terms of section 3 of the Section 37 agreement, once the applicant has given written notice of its intention to apply for Site Plan approval, the City has 90 days to elect whether it wishes to take the 471 square metres of space as a fee simple conveyance, or alternatively whether the City will require payment of the cash contribution in the amount of $5,000,000 to be paid upon the issuance of the first above grade building permit. On August 20, 2021, the applicant served notice on the City that it intends to submit a Site Plan application. Accordingly, the deadline for making the election under the agreement is November 19, 2021. If no election is made, the City is deemed to have elected to require the cash payment of $5,000,000.00. The councillor has consulted with City staff, and have determined that it is in the best interests of the City to take the conveyance of the community space. Although the space will likely not be available for a number of years, there a number of community uses of the space that that have been identified that will be of great benefit to the City.