Housing Now - Approval of Renegotiated Documents for Bloor-Kipling (Six Points), Block 1 (5207 Dundas Street West)

The proponent selection and the negotiated agreements were approved by senior City management on July 11, 2022. The proponent has been diligently advancing the Site Plan application following Board approvals in April 2021. The first site plan submission was submitted in September 2022; on September 15, 2022, the proposal was successfully considered by the Design Review Panel; and a public meeting was held on December 13, 20022 where the development was positively received. While the proponent has been diligently advancing their site plan application, several economic factors have impacted the proponent's proposal. In September 2022, the proponent approached CreateTO to resolve these issues to maintain project schedules and the delivery of affordable housing. These factors and an approach to resolve these issues are outlined in Confidential Attachment 1. This report recommends that the CreateTO Board of Directors approve the approach outlined in Confidential Attachment 1, which responds to the significant change in the development and financing markets over the past year and ensures the project's viability and delivery of 217 affordable housing units. The report also recommends that the CreateTO Board of Directors direct the Chief Executive Officer, CreateTO to request the necessary City of Toronto authorities to execute the amended Agreements and such other documents as may be necessary to finalize the arrangement with the proponent partners for 5207 Dundas Street W. as described in Confidential Attachment 1. Subject to approval of this report, CreateTO will collaborate with City legal to make the amendments to the Agreements and prepare for execution of the documents. Pending rezoning and site plan approvals, the proponent's current schedule is to start site servicing construction in Third Quarter, 2023.

2. Direct the Chief Executive Officer, CreateTO to request the necessary City of Toronto authorities required to execute the Agreements and such other documents as may be necessary to finalize the arrangement with the proponent partners for 5207 Dundas Street West based on the approach described in Confidential Attachment 1. 3. Direct that the names of the proponents be made public at the discretion of the Chief Executive Officer following execution of the Agreements and that the remainder of the information in Confidential Attachment 1 to this report remain confidential as it deals with a proposed or pending disposition of land by the Board of Directors of CreateTO and the City of Toronto.