CreateTO
The full agenda, as filed
All 4 items in the clerk’s order. Each carries the city’s own words: the staff recommendation, what the body decided, and its status. Nothing below is written by us.
RA1.1adopted
Third Quarter Financial Results
For the nine months ending September 30, 2022, CreateTO's gross expenditures are $0.53 million favourable compared to budget. Annual expenditures are expected to be in line with the approved budget.
The Board of Directors of CreateTO: 1. Received the report (October 24, 2022) from the Chief Executive Officer, CreateTO for information.
Staff recommendation as filed
The Chief Executive Officer, CreateTO recommends that: 1. The Board of Directors of CreateTO receive this report for information.
RA1.2adopted
On January 30, 2019, City Council approved a signature affordable housing program, the "Housing Now Initiative," to leverage City-owned land for the purpose of creating new, mixed-use, mixed-income communities near transit. Through the Initiative, 11 properties were initially identified for development, with the potential to create a total of 10,000 new residential units. On May 28, 2020, Council approved the addition of six more sites to the Housing Now Initiative with the potential to create 1,455 to 1,700 additional residential units. On October 28, 2021 Planning and Housing Committee endorsed four Phase Three sites which were endorsed by Council on November 9th and 10th. These sites are estimated to add between 1,150 and 1,400 net new homes, including between 450 to 600 affordable rental homes. A further six Pipeline Sites were also endorsed by Council for preliminary due diligence. The Housing Now Initiative is coordinated through a Steering Committee composed of senior staff from the Housing Secretariat, City Planning and CreateTO. The purpose of this report is to provide the CreateTO Board of Directors with a broad status update on the progress made to-date on activating the 21 properties.
The Board of Directors of CreateTO: 1. Received the report (November 3, 2022) from the Chief Executive Officer, CreateTO for information.
Staff recommendation as filed
The Chief Executive Officer recommends that: 1. The Board of Directors of CreateTO receive this report for information.
RA1.3adopted
254 and 260 Adelaide Street West - Amendment to the Joint Development Agreement
The purpose of this report is to receive Board approval to amend the timelines in the Joint Development Agreement, triggered by rezoning of 254 and 260 Adelaide Street West, to explore a joint venture opportunity with the owner of 254 Adelaide Street West.
The Board of Directors of CreateTO: 1. Authorized the Chief Executive Officer, CreateTO, in consultation with the Executive Director, Corporate Real Estate Management, to amend the timelines in the Joint Development Agreement (October 6, 2021) to allow time to explore a joint venture opportunity with the owner of 254 Adelaide Street West until end of March 2023. 2. Directed that the Confidential Attachment 1 to the report (November 1, 2022) from the Chief Executive Officer, CreateTO remain confidential in its entirety as it contains information that relates to both a proposed or pending acquisition or disposition of property belonging to the City and a plan to be applied to negotiations carried on or to be carried on by or on behalf of the Board of Directors of CreateTO and City of Toronto.
Staff recommendation as filed
The Chief Executive Officer, CreateTO recommends that the Board of Directors of CreateTO: 1. Authorize the Chief Executive Officer, CreateTO, in consultation with the Executive Director, Corporate Real Estate Management, to amend the timelines in the Joint Development Agreement (October 6, 2021) to allow time to explore a joint venture opportunity with the owner of 254 Adelaide Street West until end of March 2023. 2. Direct that the Confidential Attachment 1 to this report remain confidential in its entirety as it contains information that relates to both a proposed or pending acquisition or disposition of property belonging to the City and a plan to be applied to negotiations carried on or to be carried on by or on behalf of the Board of Directors of CreateTO and City of Toronto.
RA1.4adopted
ModernTO: Properties to be Unlocked in the Short-Term
The purpose of this report is to respond to direction received in EX31.10 (ModernTO: Unlocking Eight City-Owned Properties) to report back to the CreateTO Board and City Council with an update on the ModernTO properties to be unlocked in the short-term and specifically to report back on proposed terms for an upcoming transaction on the City-owned properties identified in Confidential Attachment #1 (the "Properties"). Following review and input from the CreateTO Board, this report will be forwarded to the appropriate committee for consideration. Details of the proposed transaction and proposed negotiated terms are summarized in Confidential Attachment #1.
The Board of Directors of CreateTO: 1. Approved the negotiated terms for the proposed transaction involving the City-owned properties identified in Confidential Attachment 1 (the "Properties") with the entity identified and in accordance with the terms outlined in Confidential Attachment 1 to the report (November 3, 2022) from the Chief Executive Officer, CreateTO. 2. Recommends that City Council authorize the transfer of the Properties to Build Toronto Inc. or an affiliate of Build Toronto Inc. 3. Authorized the Chief Executive Officer, CreateTO and the Chief Legal Counsel & Corporate Secretary, CreateTO, to negotiate and execute all agreements, including a transfer agreement and all closing documents, register any required documents on title, and take all other necessary steps to accept the transfer of the Properties. 4. Authorized the Chief Executive Officer, CreateTO and the Chief Legal Counsel & Corporate Secretary to negotiate and execute agreements, including an agreement of purchase and sale and all closing documents, register any required documents on title, and take all other steps necessary to enable the completion of a transaction for the disposition of the Properties, to the entity identified and substantially in accordance with the terms outlined in Confidential Attachment 1 to the report (November 3, 2022) from the Chief Executive Officer, CreateTO. 5. Recommends that City Council authorize the Executive Director, Corporate Real Estate Management to execute a lease, as tenant, with the entity identified and substantially on the terms summarized in Confidential Attachment 1 to the report (November 3, 2022) from the Chief Executive Officer, CreateTO. 6. Authorized the Chief Executive Officer to ensure the proceeds from this transaction are allocated and paid substantially as outlined in Confidential Attachment 2 to the report (November 3, 2022) from the Chief Executive Officer, CreateTO. 7. Authorized the public release of (i) the address of the Properties at the discretion of the Chief Executive Officer, CreateTO, and (ii) the public release of the balance of Confidential Attachments 1 and 2 to the report (November 3, 2022) from the Chief Executive Officer, CreateTO following the closing of any agreement of purchase and sale transaction, at the discretion of the Chief Executive Officer, CreateTO. 8. Recommends that City Council authorize the public release of Confidential Attachments 1 and 2 to the report (November 3, 2022) from the Chief Executive Officer, CreateTO following the closing of any agreement of purchase and sale transaction, at the discretion of the Chief Executive Officer, CreateTO. 9. Requested the Board Secretary to forward its recommendations to City Council to the appropriate committee for consideration with the report from the Executive Director, Corporate Real Estate Management regarding the transfer of the Properties.
Staff recommendation as filed
The Chief Executive Officer, CreateTO recommends that: 1. The Board of Directors of CreateTO approve the negotiated terms for the proposed transaction involving the City-owned properties identified in Confidential Attachment 1 (the "Properties") with the entity identified and in accordance with the terms outlined in Confidential Attachment 1. 2. The Board of Directors of CreateTO recommend that City Council authorize the transfer of the Properties to Build Toronto Inc. or an affiliate of Build Toronto Inc. 3. The Board of Directors of CreateTO authorize the Chief Executive Officer, CreateTO and the Chief Legal Counsel & Corporate Secretary, CreateTO, to negotiate and execute all agreements, including a transfer agreement and all closing documents, register any required documents on title, and take all other necessary steps to accept the transfer of the Properties. 4. The Board of Directors of CreateTO authorize the Chief Executive Officer, CreateTO and the Chief Legal Counsel & Corporate Secretary to negotiate and execute agreements, including an agreement of purchase and sale and all closing documents, register any required documents on title, and take all other steps necessary to enable the completion of a transaction for the disposition of the Properties, to the entity identified and substantially in accordance with the terms outlined in Confidential Attachment 1. 5. The Board of Directors of CreateTO recommend that City Council authorize the Executive Director, Corporate Real Estate Management to execute a lease, as tenant, with the entity identified and substantially on the terms summarized in Confidential Attachment 1. 6. The Board of Directors of CreateTO authorize the Chief Executive Officer to ensure the proceeds from this transaction are allocated and paid substantially as outlined in Confidential Attachment 2. 7. The Board of Directors of CreateTO authorize the public release of (i) the address of the Properties at the discretion of the Chief Executive Officer, CreateTO, and (ii) the public release of the balance of Confidential Attachments 1 and 2 following the closing of any agreement of purchase and sale transaction, at the discretion of the Chief Executive Officer, CreateTO. 8. The Board of Directors of CreateTO recommend that City Council authorize the public release of Confidential Attachments 1 and 2 following the closing of any agreement of purchase and sale transaction, at the discretion of the Chief Executive Officer, CreateTO. 9. The Board of Directors of CreateTO request the Board Secretary to forward its recommendations to City Council to the appropriate committee for consideration with the report from the Executive Director, Corporate Real Estate Management regarding the transfer of the Properties.