Agreement with the University of Toronto for Voluntary Payments Relating to its Revenue-Producing Properties

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The decision

2023-12-13 · Toronto City Council · adopted

As filed

City Council on December 13, 14, and 15, 2023, adopted the following: 1. City Council authorize the Controller to enter into an agreement with the University of Toronto to extend the existing agreement pursuant to which the University makes voluntary payments to the City on its revenue-producing properties, on substantially the same terms as the existing agreement, including the following: a. that the University agree to continue to make voluntary payments to the City on all revenue producing properties for which it collects payments on account of taxes; b.

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that the term of the agreement be for 10 years, covering the taxation years 2024 to 2033, inclusive; and c. such other terms and conditions satisfactory to the City Solicitor and the Controller, and in a form satisfactory to the City Solicitor. 2. City Council request the Minister of Finance and the Minister of Colleges and Universities to review the legislation governing exemptions from taxation and the treatment of tenants occupying university lands that would otherwise be taxable to ensure that the assessment and taxation provisions are consistent, both within Toronto and across Ontario

On the agenda

As the city filed it

This report seeks authority to extend an existing agreement with the University of Toronto (the "University") regarding voluntary payments to be made by the University on its revenue-producing properties, substantially on the same terms as the previous agreement approved by Council in 2013.

Staff recommended

The Controller recommends that: 1. City Council authorize the Controller to enter into an agreement with the University of Toronto to extend the existing agreement pursuant to which the University makes voluntary payments to the City on its revenue-producing properties, on substantially the same terms as the existing agreement, including the following: a. that the University agree to continue to make voluntary payments to the City on all revenue producing properties for which it collects payments on account of taxes; b.

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that the term of the agreement be for 10 years, covering the taxation years 2024 to 2033, inclusive; and c. such other terms and conditions satisfactory to the City Solicitor and the Controller, and in a form satisfactory to the City Solicitor. 2. City Council request that the Minister of Finance and the Minister of Colleges and Universities review the legislation governing exemptions from taxation and the treatment of tenants occupying university lands that would otherwise be taxable to ensure that the assessment and taxation provisions are consistent, both within Toronto and across Ontario

Considered

2023-12-06 · General Government Committee · adopted
Decision as filed
The General Government Committee recommends that: 1. City Council authorize the Controller to enter into an agreement with the University of Toronto to extend the existing agreement pursuant to which the University makes voluntary payments to the City on its revenue-producing properties, on substantially the same terms as the existing agreement, including the following: a. that the University agree to continue to make voluntary payments to the City on all revenue producing properties for which it collects payments on account of taxes; b.
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that the term of the agreement be for 10 years, covering the taxation years 2024 to 2033, inclusive; and c. such other terms and conditions satisfactory to the City Solicitor and the Controller, and in a form satisfactory to the City Solicitor. 2. City Council request that the Minister of Finance and the Minister of Colleges and Universities review the legislation governing exemptions from taxation and the treatment of tenants occupying university lands that would otherwise be taxable to ensure that the assessment and taxation provisions are consistent, both within Toronto and across Ontario
2023-12-13 · Toronto City Council · adopted

On the record

The item as the City filed it

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