Direct Investment Request 2023 E

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The decision

2023-11-21 · Toronto Atmospheric Fund · amended

As filed

The Board of Directors of the Toronto Atmospheric Fund: 1. Approved an investment of up to $3,500,000 in a warehouse debt facility and unfunded credit enhancements, subject to the conditions outlined by the Direct Investment Committee at its meeting on October 17, 2023, and set out in Confidential Attachment 1 to the report (November 7, 2023) from the Vice President, Impact Investing, Toronto Atmospheric Fund. 2. Delegated final approval of the terms and conditions of the investment to the Direct Investment Committee.

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3. Directed Toronto Atmospheric Fund's Vice President, Impact Investing to implement the investment to the satisfaction of Toronto Atmospheric Fund's Solicitor. 4. Directed staff to ensure that funds under this facility be made available only to individuals who drive vehicles for hire and not to any ride-sharing companies. 5. Directed that the confidential information contained in Confidential Attachment 1 to the report (November 7, 2023) from the Vice President, Impact Investing, Toronto Atmospheric Fund remain confidential in its entirety, as it contains commercial and financial information, supplied in confidence to the Toronto Atmospheric Fund, which, if disclosed, could reasonably be expected to significantly prejudice the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.

The vote

Adopt Item as Amended · Carried, 7-1

For (2)Dianne Saxe, Shelley Carroll

Against (1)Josh Matlow

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On the agenda

As the city filed it

The Direct Investment Committee recommends an investment of up to $3,500,000 in an innovative financing structure designed to enable Vehicle-for-Hire (VFH) drivers to purchase electric vehicles (EVs). This investment is strongly aligned with Toronto Atmospheric Fund's mandate to mobilize capital for low-carbon solutions and accelerate EV adoption. The proposed allocation complies with Toronto Atmospheric Fund's investment policy and target portfolio.

Staff recommended

The Vice President, Impact Investing, recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Approve an investment of up to $3,500,000 in a warehouse debt facility and unfunded credit enhancements, subject to the conditions outlined by the Direct Investment Committee at its meeting on October 17, 2023, and set out in Confidential Attachment 1. 2. Delegate final approval of the terms and conditions of the investment to the Direct Investment Committee.

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3. Direct Toronto Atmospheric Fund's Vice President, Impact Investing to implement the investment to the satisfaction of Toronto Atmospheric Fund's Solicitor. 4. Direct that the confidential information contained in Confidential Attachment 1 remain confidential in its entirety, as it contains commercial and financial information, supplied in confidence to the Toronto Atmospheric Fund, which, if disclosed, could reasonably be expected to significantly prejudice the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.

On the record

The item as the City filed it

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