720 Humberwood Boulevard - Reallocation of Section 37 Benefit Contribution

The owner and the City entered into a Section 37 Agreement registered on title to the property on May 26, 2010, and the owner provided the cash contribution to the City. The parking lot was never constructed and is no longer needed. City Planning and Parks and Recreation staff have identified the need for additional funds required for the construction of playground and related components in Indian Line Park, and recommend that the cash contribution be reallocated to this current project. Both the Zoning By-law Amendment and the Section 37 Agreement do not contain a reallocation provision that would allow the City to reallocate the cash contribution to another benefit in the instance when the identified benefit is no longer required. Therefore, a revision to By-law 477-2010 is required to re-direct the funds for the construction of the playground equipment and related components. Urgent consideration is being requested as additional funding is needed as soon as possible as the playground improvements project is in the design development phase, where the construction drawings are progressing and the tender process for construction should be reached in late spring 2025 to maintain current project timelines.