Authority to Fund Off-site Parkland Dedications within the Vicinity of the Development at 1500 St. Clair Avenue West

Clair Caledonia Partnership, in accordance with Section 42 of the Planning Act and as a legal convenience under the future Section 37 Agreement. The off-site parkland dedications are composed of three properties which have been acquired by St. Clair Caledonia Partnership. On July 19, 2022, City Council adopted Item MM47.83 - Amend the 2022-2031 Capital Budget and Plan for Parks, Forestry and Recreation to Fund Off-site Parkland Dedications within the Vicinity of the Development at 1500 St. Clair Avenue West, which amended the Parks, Forestry and Recreation 2022-2031 Capital Budget and Plan to create a new capital sub-project known as Acquisition of Land in Vicinity of 1500 St. Clair Avenue West sub-project in the Land Acquisition project, to be funded by Section 42 Above 5% Cash-in-lieu (XR2213). Since the adoption of MM47.83, St. Clair Caledonia Partnership has finalized the acquisitions and confirmed that the total cost exceeds the preliminary cost that was previously provided to Parks, Forestry and Recreation. This report recommends that City Council amend the Parks, Forestry and Recreation 2022-2031 Capital Budget and Plan for the Acquisition of Land in Vicinity of 1500 St. Clair Avenue West sub-project, in order to complete the transaction, with additional funding from the Section 42 First 5% South District Parkland Acquisition Cash-in-lieu reserve fund (Account XR2208), as outlined in the Confidential Attachment.

Clair Caledonia Partnership the value in excess of the total required parkland dedication value for the purchase of three properties within the vicinity of the development at 1500 St. Clair Avenue West as an obligation of the off-site parkland dedication. 2. City Council authorize the General Manager, Parks, Forestry and Recreation to reimburse the value in excess of the total required parkland dedication value for the purchase of three properties by St. Clair Caledonia Partnership, as described in Confidential Attachment 1 of this report from the Parks, Forestry and Recreation 2022-2031 Council Approved Capital Budget and Plan from the Acquisition of Land in Vicinity of 1500 St. Clair Avenue West sub-project to St. Clair Caledonia Partnership, upon completion of the purchase and conveyance to the City of all three properties within the vicinity of the development at 1500 St. Clair Avenue West as an obligation of the off-site parkland dedication requirement. 3. City Council authorize the General Manager, Parks, Forestry and Recreation and the Executive Director, Corporate Real Estate Management, in consultation with the City Solicitor, to secure the terms and conditions related to the reimbursement in the Section 37 Agreement, on terms and conditions acceptable to the Executive Director, Corporate Real Estate Management, and in a form satisfactory to the City Solicitor. 4. City Council authorize the public release of Confidential Attachment 1 upon completion of the conveyance to the City of all three properties within the vicinity of the development at 1500 St. Clair Avenue West, and upon the issuance of the reimbursement, to the satisfaction of the General Manager, Parks, Forestry and Recreation and the Executive Director, Corporate Real Estate Management, in consultation with the City Solicitor.