Re-Opening and Amending Item 2024.PH13.6 - Strategic Opportunity at 267 and 275 Merton Street - by Councillor Josh Matlow, seconded by Councillor Gord Perks

It was recently brought to staff's attention that there was an error in the key terms that requires correction. Details of the inconsistency and the proposed amendment are included in Confidential Attachment 1 to this motion. Through authorizing this motion, City Council will enable Staff to revise, finalize and execute the Contribution Agreement for 267-275 Merton Street with the Developer in alignment with the terms approved by City Council, enabling this important purpose-built rental project to advance. This motion requires urgency as this issue is preventing the execution of the project's contribution agreement and ground lease which are required by the Canada Mortgage and Housing Corporation as a part of their loan applications for the project. Requires Re-opening Item 2024.PH13.6 (June 26 and 27, 2024 City Council Meeting) only as it pertains to Key Terms for Proposed Transaction.

City Council authorize the public release of Confidential Attachments 1 and 2 to the report (May 30, 2024) from the Executive Director, Housing Secretariat and the Executive Director, Corporate Real Estate Management, following the completion of the developments contemplated in Confidential Attachment 2 to the report (May 30, 2024) from the Executive Director, Housing Secretariat and the Executive Director, Corporate Real Estate Management, as amended by Confidential Attachment 1 to this Member Motion, at the discretion of the Executive Director, Corporate Real Estate Management. b. amending Parts 3 and 4 by adding the words "as amended by Confidential Attachment 1 to this Member Motion" after the words "Confidential Attachments 1 and 2 to the report (May 30, 2024) from the Executive Director, Housing Secretariat and the Executive Director, Corporate Real Estate Management", so that Parts 3 and 4 now read as follows: 3. City Council authorize the affordable rental housing units described in Confidential Attachments 1 and 2 to the report (May 30, 2024) from the Executive Director, Housing Secretariat and the Executive Director, Corporate Real Estate Management, as amended by Confidential Attachment 1 to this Member Motion, to be constructed on the lands known as 267 and 275 Merton Street, to be eligible for waivers of fees for planning applications, building permits, parkland dedication and development charges exemptions, unless already paid or exempted by provincial legislation. 4. City Council authorize an exemption from taxation for municipal and school purposes for 99 years for the affordable rental housing units described in Confidential Attachments 1 and 2 to the report (May 30, 2024) from the Executive Director, Housing Secretariat and the Executive Director, Corporate Real Estate Management, as amended by Confidential Attachment 1 to this Member Motion, to be located on 267 and 275 Merton Street. 2. City Council direct that Confidential Attachment 1 to this motion remain confidential as it pertains to a proposed or pending acquisition or disposition of land by the City of Toronto. 3. City Council authorize the public release of Confidential Attachment 1 to this motion following the completion of the developments contemplated in Item 2024.PH13.6, at the discretion of the Executive Director, Corporate Real Estate Management.