Strategic Opportunity at 267 and 275 Merton Street

2. 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, at the discretion of the Executive Director, Corporate Real Estate Management. Affordable Housing 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, 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, to be located on 267 and 275 Merton Street. 5. City Council authorize City staff to cancel or refund any taxes paid after the effective date of the exemption from taxation for municipal and school purposes as set out in the Contribution Agreement. 6. City Council authorize the Executive Director, Housing Secretariat, to negotiate and enter into, on behalf of the City, a municipal housing facility agreement (the "Contribution Agreement") with the Tenant for the development of affordable housing to be constructed on 267 and 275 Merton Street, to secure the financial assistance being provided and to set out the terms of the operation of the new affordable rental housing, on terms and conditions satisfactory to the Executive Director, Housing Secretariat, and in a form approved by the City Solicitor. 7. City Council authorize the Executive Director, Housing Secretariat to execute, on behalf of the City, any security or financing documents required by the Tenant to secure construction and conventional financing and subsequent refinancing, including any postponement, tripartite, confirmation of status, discharge or consent documents where and when required during the term of the Contribution Agreement, as required by normal business practices, and provided that such documents do not give rise to financial obligations on the part of the City that have not been previously approved by City Council. 8. City Council authorize the City Solicitor to execute, postpone, confirm the status of, and discharge any City security documents registered as required by normal business practices. Confidential Attachments 1 and 2 to report (May 30, 2024) from the Executive Director, Housing Secretariat and the Executive Director, Corporate Real Estate Management remain confidential at this time in accordance with the provisions of the City of Toronto Act, 2006, as they pertain to a proposed or pending acquisition or disposition of land by the City of Toronto. Confidential Attachments 1 and 2 to report (May 30, 2024) from the Executive Director, Housing Secretariat and the Executive Director, Corporate Real Estate Management will be made public 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, at the discretion of the Executive Director, Corporate Real Estate Management.