Update on City Loan Guarantee for Hugh’s Room Live - by Councillor Paula Fletcher, seconded by Councillor Ana Bailão

At the time Council provided the Deputy City Manager, Community and Social Services the authority to extend the date to secure financing for the full purchase should an extension be necessary and justified. This Motion is to provide an update on the status of Hugh's Room's efforts, and to seek City Council's support for an extension of time for Hugh's Room Live to continue its efforts to acquire the property and setting a timeframe for City staff to report back to City Council on granting the loan guarantee. At the time of Council's approval Hugh's Room Live loan guarantee the matter was urgent as they were awaiting news of a Canadian Heritage Cultural Spaces grant to support acquiring the property at 296 Broadview Avenue. Unfortunately, Hugh's Room was unsuccessful in their application to Heritage Canada and they have now revised their business plan to acquire the property through other sources of funds, including major donors and commercial financing. This work will be conducted over the course of the next nine to twelve months. An extension is required in order to finalize funding opportunities with major donors and/or commercial financing; and is needed now to increase the likelihood of the success of those endeavours.

request the Deputy City Manager, Community and Social Services, in consultation with the Chief Financial Officer and Treasurer, to conduct the necessary due diligence on the City's loan guarantee to Hugh's Room Live and report directly to Council to obtain Council's approval of the terms and conditions, which will also to the satisfaction of the City Solicitor.