Authorization to Approve a Development Charge Credit for the Design and Construction of the Future Park at 55 Lake Shore Boulevard East - by Councillor Ausma Malik, seconded by Councillor Alejandra Bravo

As a result the City entered a tri party Parkland Agreement with the respective owners to secure a one hectare park, to be located at the address municipally known as 55 Lake Shore Boulevard East, comprising on-site and off-site dedications and a City acquisition of land. The Owner has indicated a willingness to complete the buildout of the park, including completing above base park improvements. In order to do so, the Parks, Forestry and Recreation's component of the development charges, paid upon issuance of building permit, would be required to be directed to the above base park improvements. There is currently no City Council authority to direct the Parks and Recreation component of the development charges to the above base park improvements. This authority is recommended by way of this Motion. Parks, Forestry and Recreation is agreeable to having the owner design and build out the park, in consultation with Parks, Forestry and Recreation. The design and consultation process will be City-led, working with the local community and the Ward Councillor. This Motion is urgent as the Subdivision agreement with the developer will be finalized before the next Council meeting, and represents the last opportunity to incorporate the Above Base Park Improvement conditions into an agreement.

Street, all to the satisfaction of the General Manager, Parks, Forestry and Recreation; the development charge credit shall be in an amount that is the lesser of the cost to the owner of designing and constructing the Above Base Park Improvements, as approved by the General Manager, Parks, Forestry and Recreation, and the Parks and Recreation component of the Development Charges payable for the development in accordance with the City's Development Charges By-law, as may be amended from time to time.