Sale and Redevelopment of 254 and 260 Adelaide Street West

The Public Gallery wrote no story on this item. What follows is the city’s own record of what happened to it, as filed: nothing on this page is summarised or scored by us.

The decision

2023-03-27 · CreateTO · amended

As filed

The Board of Directors of CreateTO: 1. Approved the sale of 260 Adelaide Street West based on the negotiated terms and conditions set out in Confidential Attachment 1 to the report (March 9, 2023) from the Chief Executive Officer, CreateTO. 2. Authorized the Chief Executive Officer, CreateTO and the Chief Legal Counsel and Corporate Secretary, CreateTO to negotiate and execute such transaction agreements, including an

Show the rest of As filed, 3,211 more characters as filed

Agreement of Purchase and Sale, joint venture agreements, and such other documents as may be necessary to finalize the arrangements with the proponent for 260 Adelaide Street West (the "Agreements"), substantially on the terms set out in Confidential Attachment 1 to the report (March 9, 2023) from the Chief Executive Officer, CreateTO, and such other terms and conditions deemed appropriate by the Chief Executive Officer, CreateTO and the Chief Legal Counsel and Corporate Secretary. 3. Authorized the Chief Executive Officer, CreateTO and the Chief Legal Counsel and Corporate Secretary, CreateTO to elect either: i. not to participate in the limited partnership contemplated in the Agreements, or ii. to participate in the limited partnership contemplated in the Agreements with a minimum interest of ten percent and a maximum interest of twenty-five percent participation. 4. Authorized the Chief Executive Officer, CreateTO and the Chief Legal Counsel and Corporate Secretary, CreateTO to negotiate such agreements and instruments and take such actions as may be required to close the transactions contemplated in the Agreements and, if applicable, to effect the election to participate in the limited partnership contemplated in the Agreements. 5. Approved the business case as set out in Confidential Attachment 1 to the report (March 9, 2023) from the Chief Executive Officer, CreateTO for the acquisition of 229 Richmond Street West and relocations within Metro Hall funded by the redevelopment and sale of 260 Adelaide Street West. 6. Recommended that City Council transfer 260 Adelaide Street West to CreateTO or to Build Toronto Inc. or an affiliate of Build Toronto Inc. as determined by the Chief Legal Counsel and Corporate Secretary, CreateTO at nominal value. 7. Authorized the Chief Executive Officer, CreateTO and the Chief Legal Counsel and Corporate Secretary, CreateTO, to negotiate and execute all agreements, including a transfer agreement and all closing documents, register any required documents on title, and take all other necessary steps to accept the transfer of the property. 8. Recommended that City Council approve the business case and sale of 260 Adelaide Street West based on the terms and conditions set out in Confidential Attachment 1 to the report (March 9, 2023) from the Chief Executive Officer, CreateTO. 9. Recommended that City Council authorize the public release of Confidential Attachment 1 to the report (March 9, 2023) from the Chief Executive Officer, CreateTO following the closing of all the transactions contemplated in the Agreements and at the discretion of the Chief Executive Officer, CreateTO. 10. Requested the Board Secretary to transmit the Board's decision, together with the report (March 9, 2023) and Confidential Attachment 1 from the Chief Executive Officer, to City Council for consideration when the City staff report is submitted. 11. Authorized the public release of Confidential Attachment 1 and the Confidential Presentation to the report (March 9, 2023) from the Chief Executive Officer, CreateTO, following the closing of the transactions contemplated in the Agreements and at the discretion of the Chief Executive Officer, CreateTO.

On the agenda

As the city filed it

The purpose of this report is to receive Board approval to sell 260 Adelaide Street West (the "Site") with an option to enter into a joint venture to redevelop the Site based on the negotiated terms and conditions set out in Confidential Attachment 1. Management is further seeking approval on the updated business case to achieve significant city building including a new at-grade public park at 229 Richmond Street West and the construction of other important City facilities across several City-owned properties.

Show the rest of As the city filed it, 587 more characters as filed

The business case will fund the relocation of Fire Station 332 from 260 Adelaide Street West to Metro Hall. It will also repay approximately half of the City's acquisition costs of the adjacent property at 229 Richmond Street West and pay for the relocation of existing City tenants to free up space for the new Fire Station at Metro Hall. The redevelopment of 260 Adelaide and the resulting revenue generated will contribute to other significant city building benefits including a minimum of 20 per cent affordable housing, a new Toronto Paramedic Services post and new community space.

Staff recommended

The Chief Executive Officer, CreateTO recommends that the Board of Directors of CreateTO: 1. Approve the sale of 260 Adelaide Street West based on the negotiated terms and conditions set out in Confidential Attachment 1. 2. Authorize the Chief Executive Officer, CreateTO and the Chief Legal Counsel and Corporate Secretary, CreateTO to negotiate and execute such transaction agreements, including an Agreement of Purchase and Sale, joint venture agreements, and such other documents as may be necessary to finalize the arrangements with the proponent for 260 Adelaide Street West (the "Agreements"), substantially on the terms set out in Confidential Attachment 1, and such other terms and conditions deemed appropriate by the Chief Executive Officer, CreateTO and the Chief Legal Counsel and Corporate Secretary.

Show the rest of Staff recommended, 2,295 more characters as filed

3. Authorize the Chief Executive Officer, CreateTO and the Chief Legal Counsel and Corporate Secretary, CreateTO to elect either: (i) not to participate in the limited partnership contemplated in the Agreements, or (ii) to participate in the limited partnership contemplated in the Agreements with a minimum interest of ten percent and a maximum interest of twenty-five percent participation. 4. Authorize the Chief Executive Officer, CreateTO and the Chief Legal Counsel and Corporate Secretary, CreateTO to negotiate such agreements and instruments and take such actions as may be required to close the transactions contemplated in the Agreements and, if applicable, to effect the election to participate in the limited partnership contemplated in the Agreements. 5. Approve the business case as set out in Confidential Attachment 1 for the acquisition of 229 Richmond Street West and relocations within Metro Hall funded by the redevelopment and sale of 260 Adelaide Street West. 6. Recommend that City Council transfer 260 Adelaide Street West to CreateTO or to Build Toronto Inc. or an affiliate of Build Toronto Inc. as determined by the Chief Legal Counsel and Corporate Secretary, CreateTO at nominal value. 7. Authorize the Chief Executive Officer, CreateTO and the Chief Legal Counsel and Corporate Secretary, CreateTO, to negotiate and execute all agreements, including a transfer agreement and all closing documents, register any required documents on title, and take all other necessary steps to accept the transfer of the property. 8. Recommend that City Council approve the business case and sale of 260 Adelaide Street West based on the terms and conditions set out in Confidential Attachment 1. 9. Recommend that City Council authorize the public release of Confidential Attachment 1 following the closing of all the transactions contemplated in the Agreements and at the discretion of the Chief Executive Officer, CreateTO. 10. Request the Board Secretary to transmit the Board's decision to City Council for consideration when the City staff report is submitted. 11. Authorize the public release of Confidential Attachment 1 to this report following the closing of the transactions contemplated in the Agreements and at the discretion of the Chief Executive Officer, CreateTO.

On the record

The item as the City filed it

More from this meeting

The whole meeting