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.
RA11.1received
Appointment to the CreateTO Board of Directors
At its meeting held March 20 and 21, 2024, City Council appointed Mark Guslits to the CreateTO Board for a term of office from March 22, 2024 to March 22, 2028 and until a successor is appointed. This appointment follows Sandra Levy's resignation on December 6, 2023.
The Board of Directors of CreateTO received the item for information.
RA11.2adopted
In recognition of the urgent need to expedite efforts to transform Toronto's housing system, this report provides the CreateTO Board of Directors with a broad update of 2024 housing-related work items: - Priority housing sites, with proponents and equity confirmed (3 sites) - Housing sites with secured proponents (4 sites) - Housing sites that are zoned and tracking to market calls/securing a proponent (5 sites) - Housing sites in market (1 site) - Housing sites tracking to final zoning (6 sites) - Update: Portfolio Wide Risk Factors
The Board of Directors of CreateTO: 1. Received the report (April 8, 2024) from the Chief Executive Officer, CreateTO for information.
Staff recommendation as filed
The Chief Executive Officer recommends that the Board of Directors of CreateTO receive this report for information.
RA11.3adopted
First Quarter Financial Results
For the three months ending March 31, 2024, CreateTO's gross expenditures are $0.09 million higher than budget. Annual expenditures are expected to be in line with the approved budget of $18.46 million gross, $0 net.
The Board of Directors of CreateTO: 1. Received the report (April 8, 2024) from the Chief Executive Officer, CreateTO for information.
Staff recommendation as filed
The Chief Executive Officer recommends that the Board of Directors of CreateTO receive this report for information.
RA11.4adopted
CreateTO 2023 Financial Results
As the City of Toronto's real estate agency, CreateTO applies a strategic city-wide lens to Toronto's real estate holdings, develops City buildings and lands for municipal purposes and delivers real estate solutions to advance City Council's key public policy goals and meet the program needs of City divisions, agencies, and corporations. Toronto has an extensive real estate portfolio, which holds tremendous value, both financially and in its potential to be activated for the public good. CreateTO was established to put that value to use for our city. The agency offers creative and strategic approaches to solving some of our city's most pressing challenges, from building affordable homes and inclusive communities, to creating cultural and employment opportunities, driving economic prosperity, achieving our climate goals, and increasing our collective quality of life. Key accomplishments achieved in 2023 have been summarized in CreateTO's 2023 Highlights Report. Please refer to Attachment 1 for details. For the year ending December 31, 2023, KPMG LLP conducted the audit and delivered a clean audit opinion. Please refer to Attachment 2 for KPMG LLP's audit findings report and Attachment 3 for the audited financial statements.
The Board of Directors of CreateTO: 1. Received for information CreateTO Highlights Report, in Attachment 1 of the report (April 8, 2024) from the Chief Executive Officer, CreateTO. 2. Received for information KPMG LLP's audit findings report, in Attachment 2 of the report (April 8, 2024) from the Chief Executive Officer, CreateTO. 3. Approved the 2023 Audited Financial Statements, in Attachment 3 of the report (April 8, 2024) from the Chief Executive Officer, CreateTO. 4. Directed the Board Secretary to hold back on transmitting CreateTO 2023 Financial Results to City Council for approval until such time as Build Toronto Inc. and Toronto Port Lands Company Financial Statements are submitted to City Council for approval. 5. Recommends that City Council receive for information CreateTO Highlights Report, in Attachment 1 of the report (April 8, 2024) from the Chief Executive Officer, CreateTO. 6. Recommends that City Council approve the 2023 Audited Financial Statements, in Attachment 3 of the report (April 8, 2024) from the Chief Executive Officer, CreateTO.
Staff recommendation as filed
The Chief Executive Officer, CreateTO recommends that the Board of Directors of CreateTO: 1. Receive for information CreateTO Highlights Report, in Attachment 1 of this report. 2. Receive for information KPMG LLP's audit findings report, in Attachment 2 of this report. 3. Approve the 2023 Audited Financial Statements, in Attachment 3 of this report. 4. Direct the Board Secretary to hold back on transmitting CreateTO 2023 Financial Results to City Council for approval until such time as Build Toronto Inc. and Toronto Port Lands Company Financial Statements are submitted to City Council for approval. 5. Recommend that City Council receive for information CreateTO Highlights Report, in Attachment 1 of this report. 6. Recommend that City Council approve the 2023 Audited Financial Statements, in Attachment 3 of this report.