Re-allocating dormant Section 37 funds within Ward 11

No community benefit is provided by holding s. 37 funds from these old bylaws in the City's bank account year after year while they lose much of their purchasing power. In the last decade, s. 37 bylaws contained a provision authorizing reallocation of the funds if they are not used for the originally intended purpose within three years of the bylaw. This avoids waste by allowing precious public funds to be reallocated to current priorities. However, zoning bylaws from 2013 and earlier did not contain this provision. Amending them now will allow long-dormant funds to be put to use for climate smart affordable housing within Ward 11. This motion directs staff to bring forward a City-initiated Zoning By-law Amendment to the first possible Toronto and East York Community Council meeting for a statutory public meeting to amend the zoning by-laws identified in Attachment 1 to the motion to reallocate dormant funds to climate smart affordable housing and TTC Station improvements within Ward 11, and to update the terms of the bylaws.

reallocate the remaining unspent section 37 funds identified in Attachment 1 to this letter for climate smart affordable housing within Ward 11, University-Rosedale; and c. include in the amended bylaws the same reallocation authority as in other bylaws, i.e. to authorize reallocation of unspent funds at the discretion of the Chief Planner and Executive Director, City Planning, in consultation with the Ward Councillor, provided that the purpose is identified in the Toronto Official Plan and will benefit the community in Ward 11, University-Rosedale.