1978-2002 Lake Shore Boulevard West - Terms and Conditions for Sale and Delivery of Affordable Housing

These properties are collectively referred to as the "Property". On May 23, 2017, the Board of Directors of Build Toronto approved the sale of the Property to Marlin Spring (the "Purchaser") and the transaction closed on December 5, 2017. At closing, Marling Spring entered into a Development Agreement and a Density Participation Agreement with Build Toronto (the "Post-Closing Agreements") and an Affordable Housing Delivery Agreement with the City. Subsequent to the closing, the Purchaser, working with the local councillor and City Planning, has engaged in a process of community consultation through public meetings and workshops. In November 2021, City Planning, the Housing Secretariat, the local councillor and the community arrived at consensus on a built form and the delivery of affordable rental units which include: · total gross floor area (GFA) of 504,408 square feet; · two towers, 20 and 36 storeys on a 5-storey podium; · 611 residential units; · 262 parking spaces; and · Open Door Affordable Rental Housing Program incentives to deliver 61 new affordable rental units. To facilitate construction of the mixed-use development including the 61 affordable housing rental units on the Property, CreateTO management have proposed several actions contained within the report to the Build Toronto Inc. Board of Directors to be considered on June 20, 2022. The purpose of this report is to advise the Board that, subject to the decision of the Build Toronto Inc. Board of Directors, the Chief Executive Officer will provide a further report to the June 20, 2022 CreateTO Board meeting with additional information, and a recommendation to City Council on the proposed actions.