City Building Objectives for the Sale or Transfer of City-Owned Real Estate

2. The "City Building" guidelines and principles applied when City lands are considered for potential transfer or sale (e.g., Council directed program outcomes). 3. The process, due diligence activities, stakeholder engagement, and collaboration that is undertaken before a Council recommendation for a land transfer or sale is made. The City generally prefers to retain the land or property it owns. However, the City is continuously assessing its mix of real estate assets, including buying, selling, and leasing properties to better enable the City's evolving service needs, drive 'City building opportunities', and be fiscally prudent. This includes instances where properties are declared surplus (i.e. lands the City intends to sell or otherwise dispose of) which can contribute to long-term "City building" benefits through targeted objectives (e.g. new housing supply). The City of Toronto's Official Plan, generally describes 'City Building' as the process of shaping the physical, social, environmental and economic development of the city to support and enhance its livability, competitiveness, sustainability and quality of life for all residents. The City is able to further define city building objectives by considering specific Council directions and policy objectives, City Planning frameworks, program goals of City Divisions, Agencies and Corporations, and local community needs. City building outcomes include, but are not limited to, developing affordable and social housing, enabling complete communities with diversified mobility options, driving net zero climate and energy goals, activating public spaces, supplying modernized and accessible facilities for City services, supporting cultural diversity, and fostering a vibrant economy through economic growth, job creation and attracting new investments to the City. City building is a broad concept with the ambition of meeting the full potential and liveability of our communities and neighborhoods. This requires flexibility to consider a range of possibilities for a real estate site based on a number of factors (i.e., land use potential, Council priorities, community needs, fiscal sustainability, market/development achievability, etc). As a result, defining the best city building outcome(s) for a particular City-owned property requires a thorough process that includes significant real estate analysis, input and collaboration with City stakeholders, and ultimately Council direction or delegated approval. Further details regarding the processes, principles and guidelines to support city building outcomes upon the sale or transfer of real estate are provided in this report.