Authorization to Release Section 37 Funds from the Development at 900 and 980 Lansdowne Avenue and 30 Powerhouse Street to Magellan Community Charities for 640 Lansdowne Avenue - by Councillor Alejandra Bravo, seconded by Councillor Paula Fletcher

In 2018, City Council included the opportunity for development of long-term care beds within the affordable housing development planned for a portion of the Toronto Transit Commission property at 640 Lansdowne Avenue, recognizing the growing urgency to provide both affordable rental and long-term care homes for seniors. Magellan Community Charities was selected as the proponent and construction has begun on the site. The building will contain 256 long-term care beds and 57 affordable rental dwelling units. Through this project, Magellan Community Charities will also offer culturally sensitive care to aging members of Portuguese-Canadian communities.

2. City Council increase the 2023 Operating Budget for the Housing Secretariat by $1,616,085.79 gross, $0 net, to be payable to Magellan Community Charities, subject to the following conditions: a. the transfer of the designated funds from XR3026-3701318 to the Capital Revolving Reserve Fund for Affordable Housing (XR1058); b. approval of a business case for the property outlining the management plan, management qualifications and financial viability of the project, satisfactory to the Executive Director, Housing Secretariat; and c. Magellan Community Charities and/or a related corporation entering into a municipal housing facility agreement (the "Contribution Agreement") with the City, on terms and conditions satisfactory to the Executive Director, Housing Secretariat. 3. City Council authorize the Executive Director, Housing Secretariat to negotiate and enter into a municipal housing facility agreement (the "Contribution Agreement') with Magellan Community Charities and/or a related corporation, on terms and conditions satisfactory to the Executive Director, Housing Secretariat and in a form acceptable to the City Solicitor, to secure the property as long-term care beds and affordable rental homes for seniors for tenants at the 640 Lansdowne Avenue affordable rental property, subject to Recommendation 2 above. 4. City Council exempt the property at 640 Lansdowne Avenue from taxation for municipal and school purposes for the term of the City's Contribution Agreement with Magellan Community Charities, which will be 99 years. 5. City Council authorize the Controller to cancel or refund any taxes paid after the effective date of the exemption from taxation for municipal and school purposes. 6. City Council authorize the Executive Director, Housing Secretariat or designate, to execute, on behalf of the City, any security or financing documents required by the non-profit housing provider, including any postponement, confirmation of status, discharge or consent documents where and when required during the term of the municipal housing facility agreement, as required by normal business practices, and provided that such documents do not give rise to financial obligations on the part of the City that have not been previously approved by City Council, subject to Recommendation 2 above.