Housing Now - 251 Esther Shiner Boulevard

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The decision

2021-05-11 · CreateTO · adopted

As filed

The Board of Directors of CreateTO: 1. Directed the Chief Executive Officer, CreateTO, in consultation with the Executive Director, Corporate Real Estate Management and the Chief Planner and Executive Director, City Planning, to negotiate a non-binding Memorandum of Understanding with the party identified in Confidential Attachment 1 to the report (April 29, 2021) from the Senior Vice President, Development, CreateTO for an air rights lease or sublease to be incorporated into the Redevelopment Site at 251 Esther Shiner Boulevard, based on the terms outlined in Confidential Attachment 1, and to report to the Board once negotiated.

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2. Authorized the public release of the confidential information contained in Confidential Attachment 1 to the report (April 29, 2021) from the Senior Vice President, Development, CreateTO upon completion of any negotiations, and at the discretion of the Chief Executive Officer, CreateTO.

On the agenda

As the city filed it

The purpose of this report is to provide an update to the Board of Directors of CreateTO (the "Board") on the progress that has been made on a Housing Now site at 251 Esther Shiner Boulevard (the "Redevelopment Site") and receive approval from the Board to proceed with negotiations for a non-binding Memorandum of Understanding (MOU) with a party interested in leasing air rights at the Redevelopment Site based on the business terms outlined in the Confidential Attachment 1.

Staff recommended

The Senior Vice President, Development recommends that the Board of Directors of CreateTO: 1. Direct the Chief Executive Officer, CreateTO, in consultation with the Executive Director, Corporate Real Estate Management and the Chief Planner and Executive Director, City Planning, to negotiate a non-binding Memorandum of Understanding with the party identified in Confidential Attachment 1 for an air rights lease or sublease to be incorporated into the Redevelopment Site at 251 Esther Shiner Boulevard, based on the terms outlined in Confidential Attachment 1, and to report to the Board once negotiated.

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2. Authorize the public release of the confidential information contained in Confidential Attachment 1 upon completion of any negotiations, and at the discretion of the Chief Executive Officer, CreateTO.

On the record

The item as the City filed it

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