Housing Now - Selection of Proponent for Bloor-Kipling (Six Points), Block 1 (5207 Dundas Street West)

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The decision

2022-04-12 · CreateTO · amended

As filed

The Board of Directors of CreateTO: 1. Approved the recommended proponent identified in Confidential Attachment 2 to the report (March 28, 2022) from the Chief Executive Officer, CreateTO, for the development of the Housing Now project at 5207 Dundas Street West; 2. Directed the Chief Executive Officer, CreateTO, in collaboration with the Executive Director, Housing Secretariat and the City Solicitor, to negotiate transaction

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agreements, including a ground lease, project agreement and contribution agreement, and such other documents as may be necessary to finalize the arrangements with the proponent for 5207 Dundas Street West (the "Agreements"), substantially on the terms set out in Confidential Attachment 3 to the report (March 28, 2022) from the Chief Executive Officer, CreateTO, and such other terms and conditions deemed appropriate by the Chief Executive Officer, CreateTO and the City Solicitor, subject to the necessary City of Toronto approvals. 3. Directed the Chief Executive Officer to report back to the Board of Directors when management has settled the Agreements with the proponent for approval of the Agreements. 4. Directed the Chief Executive Officer to consult with the Chief Legal Counsel and Corporate Secretary, CreateTO, and City of Toronto legal staff on any opportunity for a formal construction Community Benefit Agreement on this development and to report back with an update to May 17, 2022 meeting of the Board. 5. Directed the identity of the final selected proponent be made public after the Agreements are executed, at the discretion of the Chief Executive Officer. 6. Directed the remainder of the information in Confidential Attachments 1, 2 and 3 to the report (March 28, 2022) from the Chief Executive Officer, CreateTO remain confidential as they relate to a proposed or pending disposition of land by the Board of Directors of CreateTO and the City and a plan to be applied to negotiations carried on or to be carried on by or on behalf of the Board of Directors of CreateTO, and they contain financial information supplied in confidence to the CreateTO Board which, if disclosed, could reasonably be expected to significantly prejudice the competitive position or interfere with the contractual or other negotiations of a number of organizations.

On the agenda

As the city filed it

This report provides an update on the CreateTO led market offering and proponent selection for the development and operation of affordable and rental housing at the Housing Now, Bloor-Kipling (Six Points), Block 1 (5207 Dundas Street West) property (the "Property"). On October 11, 2021, CBRE, on behalf of the Housing Secretariat and CreateTO, launched a marketing process for Housing Now, Bloor-Kipling (Six Points), Block 1 (5207 Dundas Street West).

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Bids were received on December 14, 2021. Under the direction of a fairness monitor, bids were reviewed, scored and shortlisted. The selection process concluded with the determination of a final bidder. CreateTO negotiated a term sheet with the selected bidder, which is the subject of this report.

Staff recommended

The Chief Executive Officer, recommends that the Board of Directors of CreateTO: 1. Approve the recommended proponent identified in Confidential Attachment 2, for the development of the Housing Now project at 5207 Dundas Street West; 2. Direct the Chief Executive Officer, CreateTO, in collaboration with the Executive Director, Housing Secretariat and the City Solicitor, to negotiate transaction agreements, including a

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ground lease, project agreement and contribution agreement, and such other documents as may be necessary to finalize the arrangements with the proponent for 5207 Dundas Street West (the "Agreements"), substantially on the terms set out in Confidential Attachment 3, and such other terms and conditions deemed appropriate by the Chief Executive Officer, CreateTO and the City Solicitor, subject to the necessary City of Toronto approvals. 3. Direct the Chief Executive Officer to report back to the Board of Directors when management has settled the Agreements with the proponent for approval of the Agreements. 4. Direct the identity of the final selected proponent be made public after the Agreements are executed, at the discretion of the Chief Executive Officer. 5. Direct the remainder of the information in Confidential Attachments 1, 2 and 3 remain confidential as they relate to a proposed or pending disposition of land by the Board of Directors of CreateTO and the City and a plan to be applied to negotiations carried on or to be carried on by or on behalf of the Board of Directors of CreateTO, and they contain financial information supplied in confidence to the CreateTO Board which, if disclosed, could reasonably be expected to significantly prejudice the competitive position or interfere with the contractual or other negotiations of a number of organizations.

On the record

The item as the City filed it

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