Transfer of 260 Adelaide Street West to Build Toronto Inc.

3. City Council authorize the Executive Director, Corporate Real Estate Management, to enter into an agreement to transfer 260 Adelaide Street West, including agreements related thereto, to a CreateTO managed corporation known as Build Toronto Inc., or an affiliate of Build Toronto Inc., substantially on the terms and conditions set out in Confidential Attachment 1 to the report (April 18, 2023) from the Executive Director, Corporate Real Estate Management and such other and amended terms and conditions that are acceptable to the Executive Director, Corporate Real Estate Management and in a form satisfactory to the City Solicitor. 4. City Council authorize severally each of the Executive Director, Corporate Real Estate Management and the Director, Transaction Services to execute the documents required to complete the transfer transaction. 5. City Council transfer $5,775,000 from under the following listed Section 37 (Planning Act Reserve Fund) community benefits collected accounts to the Capital Revolving Reserve Fund for Affordable Housing (XR1058) for the purpose of creating new affordable rental housing at 254-260 Adelaide Street West: a. 400 Front Street West, secured for affordable housing, in the amount of $3,000,000 (XR3026-3701227); b. 64-86 Bathurst Street. secured for affordable housing in the amount of $335,311 (XR3026- 370127) c. 357-363 King Street West and 62 Peter Street, secured for a variety of benefits including public housing improvements, in the amount of $1,639,810 (XR3026-3701038) (XR3026-3701038); and d. 64-86 Bathurst Street, secured for community services and facilities, in the amount $799,879 (XR3026-3701279). 6. City Council authorize the Executive Director, Housing Secretariat, to provide capital funding in the amount of $5,775,000 from the Capital Revolving Reserve Fund for Affordable Housing (XR1058) to the owner of 254-260 Adelaide Street West for the purposes of funding affordable housing, with such funding to be secured through a municipal housing facility agreement. 7. City Council authorize the public release of Confidential Attachment 1 to the report (March 9, 2023) from the Chief Executive Officer, CreateTO following the closing of all the transactions contemplated in the Agreements and at the discretion of the Chief Executive Officer, CreateTO. 8. City Council authorize the public release of Confidential Attachment 1 to the report (April 18, 2023) from the Executive Director, Corporate Real Estate Management following the closing of the transactions contemplated in Confidential Attachment 1 to the report (April 18, 2023) from the Executive Director, Corporate Real Estate Management. Confidential Attachment 1 to the report (March 9, 2023) from the Chief Executive Officer, CreateTO remains confidential at this time in accordance with the provisions of the City of Toronto Act, 2006, as it pertains to a proposed or pending acquisition or disposition of property belonging to CreateTO and/or the City. Confidential Attachment 1 to the report (March 9, 2023) from the Chief Executive Officer, CreateTO will be made public following the closing of all the transactions contemplated in the Agreements and at the discretion of the Chief Executive Officer, CreateTO. Confidential Attachment 1 to the report (April 18, 2023) from the Executive Director, Corporate Real Estate Management remains confidential at this time in accordance with the provisions of the City of Toronto Act, 2006, as it pertains to a proposed or pending acquisition or disposition of land by the City of Toronto. Confidential Attachment 1 to the report (April 18, 2023) from the Executive Director, Corporate Real Estate Management will be made public following the closing of the transactions contemplated in Confidential Attachment 1 to the report (April 18, 2023) from the Executive Director, Corporate Real Estate Management.