5220 Yonge Street - Amendment of Section 37 Planning Act Agreement - by Councillor Lily Cheng, seconded by Councillor Jamaal Myers

The confidential instructions to staff in Confidential Attachment 1 to Member Motion MM22.37 were adopted by City Council and are now public as follows: 1. City Council authorize an amendment to the existing Section 37 Agreement, related to the development at 5220 Yonge St. (the "Development"), satisfactory to the Director, Community Planning, in consultation with the Executive Director, Corporate Real Estate Management and in a form satisfactory to the City Solicitor to amend the terms related to the social facility space which would allow the City to approve the residential condominium (City File 23 196767 NNY 18 CD) (the "Condominium") for the Development prior to complete finishing and fit up of the Social Facility Space, which is defined below, on the following terms: a. G Group 5200 Yonge Street Ltd. (the "Developer") shall provide such further letters of credit, or other security in an amount and form acceptable to Corporate Real Estate Management, which shall not be less than $3.5 Million (which includes contingency and City's administration fee), to secure the proper finishing and fit up of the Social Facility Space; and b. the Developer shall enter into such further agreements as the City Solicitor, in consultation with the Executive Director, Corporate Real Estate Management and the Director, Community Planning, consider to be necessary and appropriate to protect the City's interests. 2. City Council request the Executive Director, Corporate Real Estate Management to consult with the Ward Councillor regarding Finishing Plans of the Social Facility Space, as appropriate, and authorize the necessary amendments to the existing Section 37 Agreement, and the applicant consult with the Ward Councillor regarding the design with respect to the outdoor courtyard area. 3. City Council request the Director, Community Planning to amend the Notice of Decisions dated May 9, 2024 for Draft Plan of standard Condominium Application 23 196769 NNY 18 CD and 23 196812 NNY 18 CD to include a condition which requires that the Developer shall fully finish, to the City's satisfaction, the Social Facility Space prior to registration of said condominiums. The balance of Confidential Attachment 1 to Member Motion MM22.37 remains confidential at this time in accordance with the provisions of the City of Toronto Act, 2006, as it pertains to litigation that affects the City. The balance of Confidential Attachment 1 to Member Motion MM22.37 will be made public at the discretion of the City Solicitor.