Alterations to a Heritage Property and Authority to Enter into a Heritage Easement Agreement - 250 University Avenue

This report recommends City Council approve the alterations proposed under S. 33 of the Ontario Heritage Act for the heritage property in connection with a proposed development, and grant authority to enter into a Heritage Easement Agreement for the subject property. The Site is located on the southwest corner of Queen Street West and University Avenue. The property identified as 250 University Avenue contains the Bank of Canada Building, also known as the Toronto Agency, constructed in 1958 and designed by the architectural firm of Marani & Morris. A Zoning By-Law Amendment application was submitted to the City to permit a 54-storey residential mixed-use building in 2018. A revised proposal was submitted on August 27, 2021 that involves a 47 storey mixed-use building and the full retention of 250 University Avenue, including its office lobby, while introducing a TTC Osgoode subway entrance at the northeast corner of the building.

Architects, dated August 13, 2021 and on file with the Senior Manager, Heritage Planning, all subject to and in accordance with a Conservation Plan satisfactory to the Senior Manager, Heritage Planning and subject to the following additional conditions: a. That the related site-specific Zoning By-law Amendment permitting the proposed alterations has been enacted by City Council and has come into full force and effect in a form and with content acceptable to City Council, as determined by the Chief Planner and Executive Director, City Planning, in consultation with the Senior Manager, Heritage Planning. b. That prior to the introduction of the bills for such Zoning By-law Amendment by City Council, the owner shall: 1. Enter into a Heritage Easement Agreement with the City for the property at 250 University Avenue in accordance with the plans and drawings dated August 16, 2021, prepared by IBI Group Architects, and on file with the Senior Manager, Heritage Planning, and the Heritage Impact Assessment prepared by Goldsmith Borgal Ltd. Architects, dated August 13, 2021, and in accordance with the Conservation Plan required in Recommendation 1.b.2, to the satisfaction of the Senior Manager, Heritage Planning including registration of such agreement to the satisfaction of the City Solicitor. 2. Provide a detailed Conservation Plan, prepared by a qualified heritage consultant that is consistent with the conservation strategy set out in the Heritage Impact Assessment for 250 University Avenue prepared by Goldsmith Borgal Ltd. Architects, dated August 13, 2021, to the satisfaction of the Senior Manager, Heritage Planning. c. That prior to final Site Plan approval for the proposal, for the property located at 250 University Avenue, the owner shall: 1. Provide final Site Plan drawings substantially in accordance with the approved Conservation Plan required in Recommendation 1.b.2 to the satisfaction of the Senior Manager, Heritage Planning. 2. Provide a Heritage Lighting Plan that describes how the exterior of the heritage property will be sensitively illuminated to enhance its heritage character to the satisfaction of the Senior Manager, Heritage Planning and thereafter shall implement such Plan to the satisfaction of the Senior Manager, Heritage Planning. 3. Submit a Signage Plan to the satisfaction of the Senior Manager, Heritage Planning. 4. Provide an Interpretation Plan for the subject property, to the satisfaction of the Senior Manager, Heritage Planning and thereafter shall implement such Plan to the satisfaction of the Senior Manager, Heritage Planning. d. That prior to the issuance of any permit for all or any part of the property at 250 University Avenue, including a heritage permit or a building permit, but excluding permits for repairs and maintenance and usual and minor works for the existing heritage building as are acceptable to the Senior Manager, Heritage Planning, the owner shall: 1. Provide building permit drawings, including notes and specifications for the conservation and protective measures keyed to the approved Conservation Plan required in Recommendation 1.b.2, including a description of materials and finishes, to be prepared by the project architect and a qualified heritage consultant to the satisfaction of the Senior Manager, Heritage Planning. 2. Provide a Letter of Credit, including provision for upwards indexing, in a form and amount and from a bank satisfactory to the Senior Manager, Heritage Planning, to secure all work included in the approved Conservation Plan, Lighting Plan and Interpretation Plan. 3. Provide full documentation of the existing heritage property, including two (2) printed sets of archival quality 8" x 10" colour photographs with borders in a glossy or semi-gloss finish and one (1) digital set on a CD in tiff format and 600 dpi resolution keyed to a location map, elevations and measured drawings, and copies of all existing interior floor plans and original drawings as may be available, to the satisfaction of the Senior Manager, Heritage Planning. e. That prior to the release of the Letter of Credit required in Recommendation 1.d.2, the owner shall: 1. Provide a letter of substantial completion prepared and signed by a qualified heritage consultant confirming that the required conservation work and the required interpretive work has been completed in accordance with the Conservation Plan and Interpretation Plan and that an appropriate standard of conservation has been maintained, all to the satisfaction of the Senior Manager, Heritage Planning. 2. Provide replacement Heritage Easement Agreement photographs to the satisfaction of the Senior Manager, Heritage Planning. 2. City Council authorize the entering into of a Heritage Easement Agreement under Section 37 of the Ontario Heritage Act with the owner of 250 University Avenue in a form and content satisfactory to the City Solicitor and the Chief Planner and Executive Director, City Planning. 3. City Council authorize the City Solicitor to introduce the necessary Bill in Council authorizing the entering into of a heritage easement agreement for the property at 250 University Avenue.