Authorization to Release Section 37 Funds from the Development at 871 to 899 College Street for Lakeview Avenue Parkette Improvements - by Councillor Alejandra Bravo, seconded by Deputy Mayor Ausma Malik

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The decision

2024-03-20 · Toronto City Council · adopted

As filed

City Council on March 20 and 21, 2024, adopted the following: 1. City Council increase the 2024-2033 Capital Budget and Plan for Economic Development and Culture by $200,000.00 gross, $0 debt, with cash flow commitments of $60,000 in 2024 and $140,000 in 2025, fully funded by Section 37 funds obtained in the development at 871 to 899 College Street (source account: XR3026-3701124), for completing streetscape improvements

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on Dundas Street West at the Little Portugal Toronto Business Improvement Area (WBS Element: CED104-63 - PAR Little Portugal).

On the agenda

As the city filed it

This Motion seeks approval to release Section 37 funds in the amount of $200,000 to Little Portugal Toronto Business Improvement Area for a streetscape improvement project. The reason for urgency is the Business Improvement Area requires the funds to be released so the project can proceed in a timely manner before costs rise. Little Portugal Toronto Business Improvement Area has been working in partnership with the City, through the Business Improvement Area Office, on the redesign of the Lakeview Avenue Parkette (2 Lakeview Ave).

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The parkette improvements will include seating, planters, unit paving, and Business Improvement Area branded elements, all of which will frame the existing Barcelos Rooster. The project will enhance the public realm by contributing to a sense of place and community and providing a much-needed meeting place for local residents. Funds have been secured through a Section 37 agreement for the development at 871 to 899 College Street for park improvements in the area. The funds secured have been received by the City and sufficient monies remain uncommitted for this project.

Staff recommended

Councillor Alejandra Bravo, seconded by Deputy Mayor Ausma Malik, recommends that: 1. City Council increase the 2024-2033 Capital Budget and Plan for Economic Development and Culture by $200,000.00 gross, $0 debt, with cash flow commitments of $60,000 in 2024 and $140,000 in 2025, fully funded by Section 37 funds obtained in the development at 871 to 899 College Street (source account: XR3026-3701124), for completing

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streetscape improvements on Dundas St West at the Little Portugal Toronto Business Improvement Area (WBS Element: CED104-63 - PAR Little Portugal).

On the record

The item as the City filed it

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