Supporting the Development of Affordable Housing - Assistance to Brenyon Way's Project at 25 Sewells Road - by Deputy Mayor Jennifer McKelvie, seconded by Councillor Mike Colle

The Brenyon Way Charitable Foundation has been advancing the development and is now ready to commence construction. The property abuts the Wickson Trail Park to the west therefore Brenyon Way Charitable Foundation is required to enter into a tie-back and crane swing agreements with the City to facilitate construction activities. Based on current City policy, the compensation to the City for encumbering City properties is estimated based on market value of the impacted area. The estimated value of the waived fees are $50,000 for the Tie Back Agreement and $65,000 for the Crane Swing (2.5 Year Term). Waiving the City fees and charges for the real estate agreements for this affordable housing project is crucial for the project to stay financially viable and proceed to construction in the near future. The City of Toronto provides various types of financial and non-financial support for the development of new affordable housing. The Open Door Program assists private and non-profit affordable housing organizations to reduce the cost of developing housing and improve housing affordability by providing City financial contributions including capital funding and/or incentives such as waiving planning and building permit fees, and exempting development charges and property taxes. The Open Door Program does not currently include fees and charges related to real estate agreements that apply on certain affordable housing projects. Through Member Motion 2023.MM8.25 , Housing Secretariat and Corporate Real Estate Management will be requested to investigate the feasibility of expanding the Open Door exemptions for construction-related real estate agreements between the affordable housing developers and the City of Toronto. This Motion is urgent as Brenyon Way Charitable Foundation is anticipating beginning construction immediately, and delays to their construction could impact the viability of the project.

with the value of the agreements to be secured in the Contribution Agreement between the City and the Brenyon Way Charitable Foundation for the first phase.