390 to 440 Dufferin St and 41 Alma Avenue - City-Initiated Zoning Amendment - Final Report

the owner shall, at the sole discretion of the Chief Planner and Executive Director, City Planning, in consultation with the local Councillor, the City Solicitor and the Executive Director, Corporate Real Estate Management, either: a. prior to Site Plan Approval, provide to the City a cash payment in the amount of $2,416,451.00 of which: i. $500,000.00 is to be allocated towards the Cultural Space at 32 Lisgar Street, provided that in the event the $500,000 is not used for the purpose of the Cultural Space at 32 Lisgar Street within 3 years of this Zoning By-law Amendment coming into full force and effect, the $500,000 may be allocated in the same fashion and for the same purposes as the funds in Section 2.a.ii. below; and ii. $1,916,451.00 is to be allocated towards services or facilities that will benefit the community in the vicinity of the lands, at the discretion of the Chief Planner and Executive Director, City Planning, in consultation with the Ward Councillor; or b. enter into a 25 year lease with the City for approximately 1,350 square metres of workspace, being all of the leasable workspace on the ground and second storeys of the building on Block B, to be used by the City to establish a small business incubation centre in the building. 2. City Council authorize the City Solicitor to submit the necessary Bill(s) to implement City Council's decision provided the City Solicitor is satisfied that the appropriate legal mechanisms are in place to ensure that no building permit will be issued until such time as the Section 37 Agreement is executed and registered. 3. City Council require the Owner to enter into an Agreement pursuant to Section 37 of the Planning Act to further amend the existing Section 37 Agreement to provide for the City to be able to exercise an option to accept a cash payment of $2,416,451.00 for local community benefits in the vicinity of the subject site. 4. City Council increase the 2022 Approved Capital Budget for Corporate Real Estate Management by $0.500 million gross, $0 net, for the purpose of the Cultural Space at 32 Lisgar Street, fully funded by Section 37 (Planning Act Reserve Funds) community benefits from the development at 390 to 440 Dufferin Street and 41 Alma Avenue, and create a new capital project account within Corporate Real Estate Management's 2022 Approved Capital Budget to direct the funds, subject to: a. the Chief Planner and Executive Director, City Planning exercising the option in Section 2.a. of Appendix 1 to the Zoning By-law Amendment to accept the cash payment; b. the cash payment of $2,416,415.00 having been received by the City; and c. the Zoning By-law Amendment coming into full force and effect. 5. City Council authorize the City Solicitor to make such stylistic and technical changes to the draft Zoning By-law Amendment as may be required. 6. City Council authorize the City's acquisition of the parcel of land described in Attachment 2, (the "WTRP Requirement") to the report (June 13, 2022) from the Director, Community Planning, Toronto and East York District, from 390 Dufferin GP Inc. in its capacity as general partner of 390 Dufferin Residences LP (the "Owner"), in exchange for the notional market value of the stratified parcels described in Attachment 2 (the "Balcony Encroachments") to the report (June 13, 2022) from the Director, Community Planning, Toronto and East York District, to be retained by the Owner, all substantially on the terms and conditions set out in Attachment 2 to the report (June 13, 2022) from the Director, Community Planning, Toronto and East York District, and including such other terms as deemed appropriate by the Executive Director, Corporate Real Estate Management or their designate, and in a form satisfactory to the City Solicitor. 7. City Council authorize the City to enter into a licence agreement with the Owner for the temporary use of the Future Road until dedicated a public highway, substantially on the terms set out in Attachment 4 to the report (June 13, 2022) from the Director, Community Planning, Toronto and East York District and including such other terms as deemed appropriate by the Executive Director, Corporate Real Estate Management or their designate, and in a form satisfactory to the City Solicitor. 8. City Council determine, pursuant to Section 34(17) of the Planning Act, that no further public notice is to be given with respect to the changes to the proposed Zoning By-law Amendment.