Parkland obligations at 29, 35, 41 and 75 Basin Street - by Councillor Paula Fletcher, seconded by Deputy Mayor Malik

In total, the project covers a combined area of 52,649 square metres (approximately 13 acres), including both the publicly-owned owned property at 29, 35, and 41 Basin Street and the privately-owned parcel at 75 Basin Street. The project will include twelve purpose-built sound stages, production office space, and workshop and production support space. As per the terms of the lease agreement, Hackman Capital Partners is required to design and deliver a new 18-metre wide publicly-accessible water's edge promenade along the south and eastern edge of the Basin Media Hub property on property owned by Toronto Port Lands Company. At project completion, the area of the water's edge promenade will exceed 9,000 square metres (approximately 2.2 acres) and will be transferred in its entirety to the City of Toronto's Parks, Forestry and Recreation Division to own and operate as a new waterfront park and public realm space. Due to various timing constraints, the water's edge promenade was not included in the site plan application for the studio project and therefore is not considered an on-site parkland dedication under planning policy. Under planning policy, the parkland dedication obligation for the Basin Media Hub development is 1,053 square metres. The current proposed on-site parkland dedication for the development is 576 square metres, which the motion authorizes shall occur within 46 months following issuance of the first building permit for the development. This results in a remaining dedication shortfall of 477 square metres. This project is being delivered on behalf of the City by the Toronto Port Lands Company. It advances numerous City objectives related to economic development and public realm, among others. In light of the project's commitment to transfer the approximate 9,000 square meters of the water's edge promenade (to, at a minimum, base park condition) as parkland, it is proposed that the conveyance of the on-site parkland totaling 576 square metres and an off-site dedication of 477 square metres will fully satisfy the parkland obligation required for the development at 29 and 75 Basin Street for the purposes of the current Site Plan Application approval.