Long-Term Financial Plan Update: Leveraging City-Wide Real Estate Opportunities for Affordable Housing, Complete Communities and Financial Sustainability

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The decision

2024-03-20 · Toronto City Council · amended

As filed

City Council on March 20 and 21, 2024, adopted the following: 1. City Council direct the Deputy City Manager, Corporate Services to work with the Deputy City Manager, Development and Growth Services, the Chief Executive Officer, CreateTO, the President, Toronto Parking Authority, the Executive Director, Housing Secretariat, the Chief Planner and Executive Director, City Planning, and the Executive Director, of Transit

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Expansion Division, to undertake a review of all off-street, transit oriented, City-owned parking facilities that may support Council's housing, community or fiscal goals and better align municipal parking services to City and Provincial planning policies, and to report back to City Council by the fourth quarter of 2024 with a list of priority sites, timelines and resource requirements for due diligence to determine 'parking-to-homes' and/or community infrastructure opportunities; such report to also include an evaluation of the year-round utilization of those facilities and prioritize for consideration the facilities functioning at a net operating loss. 2. City Council request the Deputy City Manager, Corporate Services to work with the Deputy City Manager, Development and Growth Services, the Chief Executive Officer, CreateTO, the Chief Executive Officer, Toronto Transit Commission, the Executive Director, Housing Secretariat, and the Chief Planner and Executive Director, City Planning, to undertake a review of all existing and future Toronto Transit Commission stations for redevelopment opportunities that may support Council's housing, community, transit service or fiscal goals, and to report back to City Council by the fourth quarter of 2024 with a list of priority sites, timelines and resource requirements for due diligence to determine better use of transit sites. 3. City Council request the Deputy City Manager, Corporate Services to work with the Deputy City Manager, Development and Growth Services, the Chief Executive Officer, CreateTO, the Executive Director, Housing Secretariat, the Executive Director, Transit Expansion, and the Chief Planner and Executive Director, City Planning, to identify City-owned real estate assets suitable to be included in Transit Oriented Communities along current or future transit expansion projects, and to report back to City Council by fourth quarter of 2024 with a list of priority sites, timelines and resource requirements for due diligence to maximize housing and community goals. 4. City Council direct the Deputy City Manager, Corporate Services to work with the Deputy City Manager, Development and Growth Services and the Chief Executive Officer, CreateTO, to identify funding and resource requirements to undertake the due diligence activities for the review of City-owned Transit-Oriented Parking Lots, City Lands adjacent to Provincial Transit Sites and the Intensification of Toronto Transit Commission stations, and submit the funding needs through the City's capital budget process. 5. City Council direct the Deputy City Manager, Corporate Services, in consultation with the Deputy City Manager, Development and Growth Services, the Chief Executive Officer, CreateTO, the General Manager, Parks, Forestry and Recreation, the Chief Planner and Executive Director, City Planning, and the Executive Director, Housing Secretariat, to undertake a review of Parks, Forestry and Recreation's facilities and relevant legislative, Official Plan and Municipal Code provisions to enable opportunities to co-locate housing, including rent-geared-to-income, affordable rental and rent-controlled market rental homes, and affordable commercial retail spaces, with community recreation facilities in support of City Council's housing goals, and to report back to City Council by the first quarter of 2025 with an outline of legislative and planning matters to be addressed, priority sites for potential housing opportunities and resource requirements for further due diligence. 6. City Council direct that the current and future list of any City-owned parking lots being considered for development include: a. the annual revenues and losses associated with each parking lot; b. any long term impact on City revenues; and c. the cost to replace any parking in new developments. 7. City Council direct that any current development planning underway or contemplated on a Toronto Parking Authority lot be required to include affordable housing. 8. City Council direct that the Toronto Parking Authority property at 596-598 Gerrard East be included as a top priority for redevelopment for affordable housing by the City.

The vote

Adopt Item as Amended · Carried, 21-1

Against (1)Stephen Holyday

Absent (4)James Pasternak, Jaye Robinson, Lily Cheng, Paula Fletcher

The whole record, all 26 members

Every name opens that member’s record.

On the agenda

As the city filed it

With the magnitude of the City's unfunded capital program and the cost of generational programs such as the housing plan and climate action initiatives, the Long-Term Financial Plan identified the City's real estate assets as a source for greater value potential. Specifically, evaluating underutilized real estate and deploying strategies to maximize the long-term value of assets for City benefits and fiscal sustainability.

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This includes fully leveraging the value from surplus lands no longer required for municipal services and from underutilized City properties with higher and better use and public benefit potential (i.e., for housing or mixed-uses). This report responds to recommendation 5.d. from item 2023.EX7.1 - Updated Long-Term Financial Plan that was adopted by City Council in September 2023: "…to report back in advance of City Council's consideration of the Mayor's proposed 2024 budget on a review of all City-wide surplus and underutilized real estate assets with a recommended strategy for disposition or change in use as required, with priority consideration given to opportunities which may: - Be leveraged to support affordable housing initiatives; - Enhance the City's revenue generating potential and/or contribute to the City's goals of long-term financial sustainability; or, - Allow for joint ventures or partnerships which benefit the local community". Through EX9.3 - Generational Transformation of Toronto's Housing System to Urgently Build More Affordable Homes, a list of 92 City-owned properties (both housing ready and with housing potential) were identified to support new affordable housing targets - which responds in part to this recommendation. In terms of additional real estate portfolio opportunities, the vast majority of City-owned real estate is operationally required by City Divisions, Agencies and Corporations to deliver municipal services. The City does not have an abundance of properties deemed 'surplus' that are both no longer required for municipal service delivery and prime for significant real estate development. However, the City does have many opportunities within its broader real estate portfolio of underutilized properties that can be leveraged and/or redeveloped for higher and better uses, including new housing and mixed uses, co-locating municipal services and/or monetization opportunities. Based on the City's real estate model, the mandates for CreateTO and the Corporate Real Estate Management (CREM) division include working together to continuously assess the City's mix of real estate assets (i.e., opportunities to buy, sell, lease, enter into partnerships, attract add-on investments, etc.) to enable the City's evolving service needs, drive 'City building opportunities' and be fiscally prudent. Through initiatives such as the workplace modernization program (ModernTO), the City's housing plan and the plan for a new Etobicoke Civic Centre as a complete community, the City is already making better use of its real estate. These strategies opened opportunities for new affordable housing, complete communities, broad-based partnerships and long-term fiscal sustainability, and there continue to be opportunities to further this work. This report identifies three broad real estate opportunities that could support city building, the City's housing plan and fiscal sustainability: 1. Transit-Oriented Parking Lots; 2. City-Owned Land Adjacent to Provincial Transit Sites; and 3. Intensification of Toronto Transit Commission (TTC) Stations. If approved, the Deputy City Manager, Corporate Services will collaboratively work with partners including the Deputy City Manager, Development and Growth Services, Chief Executive Officer, CreateTO, Chief Executive Officer, Toronto Transit Commission, President, Toronto Parking Authority, Executive Director, Housing Secretariat, Executive Director, Transit Expansion Division and the Chief Planner and Executive Director, City Planning, to identify and consider real estate opportunities that could support Council's housing, community and/or fiscal sustainability goals. This incudes prioritization and a multi-year plan with funding and resource requirements. Determining the best city building outcome for any City-owned property requires significant due diligence, planning analysis, financial analysis, stakeholder engagement and the development of appropriate business cases for a change in use before coming to Council for subsequent approvals. Further details regarding opportunities in the City-wide real estate portfolio are provided in this report.

Staff recommended

The Deputy City Manager, Corporate Services recommends that: 1. City Council direct the Deputy City Manager, Corporate Services to work with the Deputy City Manager, Development and Growth Services, Chief Executive Officer, CreateTO, President, Toronto Parking Authority, Executive Director, Housing Secretariat, Chief Planner and Executive Director, City Planning, and Executive Director of Transit Expansion Division, to

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undertake a review of all off-street, transit oriented, City-owned parking facilities that may support Council's housing, community or fiscal goals and better align municipal parking services to City and Provincial planning policies, and report back to Council by Q4 2024 with a list of priority sites, timelines and resource requirements for due diligence to determine 'parking-to-homes' and/or community infrastructure opportunities. 2. City Council request the Deputy City Manager, Corporate Services to work with the Deputy City Manager, Development and Growth Services, Chief Executive Officer, CreateTO, Chief Executive Officer, Toronto Transit Commission, Executive Director, Housing Secretariat, Chief Planner and Executive Director, City Planning, to undertake a review of all existing and future TTC stations for redevelopment opportunities that may support Council's housing, community, transit service or fiscal goals, and report back to Council by Q4 2024 with a list of priority sites, timelines and resource requirements for due diligence to determine better use of transit sites. 3. City Council request the Deputy City Manager, Corporate Services to work with the Deputy City Manager, Development and Growth Services, Chief Executive Officer, CreateTO, Executive Director, Housing Secretariat, Executive Director, Transit Expansion Division, Chief Planner and Executive Director, City Planning, to identify City-owned real estate assets suitable to be included in Transit Oriented Communities along current or future transit expansion projects, and report back to Council by Q4 2024 with a list of priority sites, timelines and resource requirements for due diligence to maximize housing and community goals. 4. City Council direct the Deputy City Manager, Corporate Services to work with the Chief Executive Officer, CreateTO, to identify funding and resource requirements to undertake the due diligence activities for the review of City-owned Transit-Oriented Parking Lots, City Lands adjacent to Provincial Transit Sites and the Intensification of TTC stations, and submit the funding needs through the City's capital budget process.

Considered

2024-02-29 · Executive Committee · amended
Decision as filed
The Executive Committee recommends that: 1. City Council direct the Deputy City Manager, Corporate Services to work with the Deputy City Manager, Development and Growth Services, the Chief Executive Officer, CreateTO, the President, Toronto Parking Authority, the Executive Director, Housing Secretariat, the Chief Planner and Executive Director, City Planning, and the Executive Director, of Transit Expansion Division,
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to undertake a review of all off-street, transit oriented, City-owned parking facilities that may support Council's housing, community or fiscal goals and better align municipal parking services to City and Provincial planning policies, and to report back to City Council by the fourth quarter of 2024 with a list of priority sites, timelines and resource requirements for due diligence to determine 'parking-to-homes' and/or community infrastructure opportunities. 2. City Council request the Deputy City Manager, Corporate Services to work with the Deputy City Manager, Development and Growth Services, the Chief Executive Officer, CreateTO, the Chief Executive Officer, Toronto Transit Commission, the Executive Director, Housing Secretariat, and the Chief Planner and Executive Director, City Planning, to undertake a review of all existing and future Toronto Transit Commission stations for redevelopment opportunities that may support Council's housing, community, transit service or fiscal goals, and to report back to City Council by the fourth quarter of 2024 with a list of priority sites, timelines and resource requirements for due diligence to determine better use of transit sites. 3. City Council request the Deputy City Manager, Corporate Services to work with the Deputy City Manager, Development and Growth Services, the Chief Executive Officer, CreateTO, the Executive Director, Housing Secretariat, the Executive Director, Transit Expansion, and the Chief Planner and Executive Director, City Planning, to identify City-owned real estate assets suitable to be included in Transit Oriented Communities along current or future transit expansion projects, and to report back to City Council by fourth quarter of 2024 with a list of priority sites, timelines and resource requirements for due diligence to maximize housing and community goals. 4. City Council direct the Deputy City Manager, Corporate Services to work with the Deputy City Manager, Development and Growth Services and the Chief Executive Officer, CreateTO, to identify funding and resource requirements to undertake the due diligence activities for the review of City-owned Transit-Oriented Parking Lots, City Lands adjacent to Provincial Transit Sites and the Intensification of Toronto Transit Commission stations, and submit the funding needs through the City's capital budget process. 5. City Council direct the Deputy City Manager, Corporate Services, in consultation with the Deputy City Manager, Development and Growth Services, the Chief Executive Officer, CreateTO, the General Manager, Parks, Forestry and Recreation, the Chief Planner and Executive Director, City Planning, and the Executive Director, Housing Secretariat, to undertake a review of Parks, Forestry and Recreation's facilities and relevant legislative, Official Plan and Municipal Code provisions to enable opportunities to co-locate housing, including rent-geared-to-income, affordable rental and rent-controlled market rental homes, with community recreation facilities in support of City Council's housing goals, and to report back to City Council by the first quarter of 2025 with an outline of legislative and planning matters to be addressed, priority sites for potential housing opportunities and resource requirements for further due diligence.
2024-03-20 · Toronto City Council · amended

On the record

The item as the City filed it

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