Direct Investment Request (Update) - 2020 - No. 3.1

The Public Gallery wrote no story on this item. What follows is the city’s own record of what happened to it, as filed: nothing on this page is summarised or scored by us.

The decision

2021-02-05 · Board of Directors of the Toronto Atmospheric Fund · amended

As filed

The Board of Directors of the Toronto Atmospheric Fund: 1. Approved an investment of up to net $2,841,800 and gross $3,363,800 subject to the terms and conditions outlined by the Investment Committee at its meeting of 10 December 2020 and as set out in Confidential Attachment 1 to the report (January 22, 2021) from the Vice President, Impact Investing. 2. Directed the Vice President, Impact Investing to implement the investment to the satisfaction of Toronto Atmospheric Fund's Solicitor.

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3. If deemed necessary by the Chief Financial Officer and Treasurer, in consultation with the City Solicitor, requested, via the City Manager, Council approval for the investment as it exceeds $2,000,000. 4. Directed that the confidential information contained in Confidential Attachment 1 to the report (January 22, 2021) from the Vice President, Impact Investing remain confidential in its entirety, as it contains commercial and financial information, supplied in confidence to The 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.

On the agenda

As the city filed it

The Investment Committee recommends increasing the previously-approved investment from $2,500,000 Net to $2,841,800 Net ($3,363,800 Gross). The increase is based on similar potential for risk-adjusted return and an increased potential for impact aligned with Toronto Atmospheric Fund's mandate.

Staff recommended

The Chair of Toronto Atmospheric Fund's Investment Committee recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Approve an investment of up to net $2,841,800 and gross $3,363,800 subject to the terms and conditions outlined by the Investment Committee at its meeting of 10 December 2020 and as set out in Confidential Attachment 1. 2. Direct the Vice President, Impact Investing to implement the investment to the satisfaction of Toronto Atmospheric Fund's Solicitor.

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3. Request, via the City Manager, Council approval for the investment as it exceeds $2,000,000. 4. Direct that the confidential information contained in Confidential Attachment 1 remain confidential in its entirety, as it contains commercial and financial information, supplied in confidence to The 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.

On the record

The item as the City filed it

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