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←Executive Committee · 2022-03-30 · 2022.EX31.4

The filed record

Strategic Acquisition of 214 to 230 Sherbourne Street to Support City-Building

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The decision

2022-04-06 · Toronto City Council · amended

As filed

City Council on April 6 and 7, 2022 adopted the following: 1. City Council direct the Chief Planner and Executive Director, City Planning, in consultation with the Executive Director, Housing Secretariat, to establish a pre-application working group with community stakeholders for the pending development of 214-230 Sherbourne Street and adjacent properties to establish terms of reference and to identify affordable housing priorities for the site.

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2. City Council authorize the public release of Confidential Attachments 1 and 2 to the report (March 18, 2022) from the Deputy City Manager, Corporate Services, the Executive Director, Corporate Real Estate Management, and the Chief Executive Officer, CreateTO, following closing of the acquisition transaction of 214 to 230 Sherbourne Street. Confidential Attachments 1 and 2 to the report (March 18, 2022) from the Deputy City Manager, Corporate Services, the Executive Director, Corporate Real Estate Management, and the Chief Executive Officer, CreateTO remain confidential at this time in accordance with the provisions of the City of Toronto Act, 2006, as they contain information about a proposed or pending acquisition or sale of land for municipal or local board purposes. Confidential Attachments 1 and 2 to the report (March 18, 2022) from the Deputy City Manager, Corporate Services, the Executive Director, Corporate Real Estate Management, and the Chief Executive Officer, CreateTO will be made public following the closing of the acquisition transaction of 214 to 230 Sherbourne Street.

The vote

Amend Item (Additional) · Carried, 26-0

For (26)Ana Bailão, Anthony Perruzza, Brad Bradford, Cynthia Lai, Denzil Minnan-Wong, Frances Nunziata, Gary Crawford, Gord Perks, James Pasternak, Jaye Robinson, Jennifer McKelvie, Joe Cressy, John Filion, John Tory, Josh Matlow, Kristyn Wong-Tam, Mark Grimes, Michael Ford, Michael Thompson, Mike Colle, Mike Layton, Nick Mantas, Paul Ainslie, Paula Fletcher, Shelley Carroll, Stephen Holyday
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On the agenda

As the city filed it

On February 17, 2022, through Item EX30.2 - "2022 Capital and Operating Budgets", City staff were directed to: (a) review feasibility on leveraging the 214 to 230 Sherbourne Street property with the intention to achieve Dan Harrison Revitalization and Housing Now objectives and report back directly to City Council meeting of March 9, 2022 on the outcome at the earliest convenience; and (b) explore available Section 37, Land Acquisition Reserve Fund, and other Provincial and Federal government affordable housing funding, and subject to funding availability, seek authority and necessary capital budget adjustments to submit an Offer to Purchase at the appraised market valuation for the lands at 214 to 230 Sherbourne Street (the "Subject Property").

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With this direction, staff conducted a review of the opportunity, developed a plan, including identifying funding source(s) and submitted a non-binding offer to acquire the Subject Property. This report provides City Council details on the offer and the outcome as outlined in Confidential Attachment 1 and 2.

Staff recommended

The Deputy City Manager, Corporate Services, Executive Director, Corporate Real Estate Management, and Chief Executive Officer, CreateTO recommends that: 1. City Council authorize the public release of the information contained in Confidential Attachments 1 and 2 to this report following closing of the acquisition transaction of the Subject Property.

Considered

  • 2022-03-30 · Executive Committee · adopted

    Decision as filed

    The Executive Committee recommends that: 1. City Council authorize the public release of Confidential Attachments 1 and 2 to the report (March 18, 2022) from the Deputy City Manager, Corporate Services, Executive Director, Corporate Real Estate Management, and Chief Executive Officer, CreateTO, following closing of the acquisition transaction of the Subject Property.

  • 2022-04-06 · Toronto City Council · amended

On the record

The item as the City filed it

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