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.
RA12.1adopted
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 (7 sites) -Housing sites in market (1 site) -Housing sites tracking to final zoning (4 sites) -Update: Portfolio Wide Risk Factors
The Board of Directors of CreateTO: 1. Received the report (June 5, 2024) from the Chief Executive Officer, CreateTO for information.
Staff recommendation as filed
The Chief Executive Officer, CreateTO recommends that the Board of Directors of CreateTO: 1. Receive this report for information.
RA12.2adopted
770 Don Mills Road - Memorandum of Understanding with Toronto Lands Corporation
The purpose of this report is to inform the Board of Directors of CreateTO of the ongoing discussions between CreateTO staff and the Toronto Lands Corporation ("TLC"), on behalf of the Toronto District School Board ("TDSB"), in respect of the opportunity to incorporate a public elementary school within the Housing Now development at 770 Don Mills Road. 770 Don Mills Road (the "Site") is a Phase 1 Housing Now site located at the southwest corner of Don Mills Road and Eglinton Avenue East. The Site is located directly adjacent to the Eglinton Crosstown LRT Science Centre station, a future Ontario Line station, as well as directly north of the Ontario Science Centre. The Site is currently a 5.48 acre vacant surface parking lot. The proposed mixed-use, mixed-income development for the Site consists of three towers of 37-storeys, 48-storeys and 39-storeys in height and having a total of 1,254 residential units. It is proposed that 1/3 of the units will be affordable rental and 2/3 of the units will be market units. There will also be a new 62-space non-profit childcare, a new public park, new public road and new retail as part of the overall development. The TDSB elementary school will be located in the base podium of Block 2, the 39-storey residential tower (see Attachment 1). The Site obtained Re-zoning and Draft Plan of Subdivision approvals in June 2022 with no notice of appeal and is in full force and effect. The TDSB elementary school was contemplated as a use early in the re-zoning process and is incorporated as part of the approved zoned lands. As part of the Don Mills Crossing Secondary Plan, there is also a requirement for a minimum Floor Space Index (FSI) of 1.0 of non-residential uses within the base of mixed-use developments. By incorporating the elementary school into the development at 770 Don Mills, this assists in achieving this Secondary Plan policy. Subject to market conditions, the Site will be taken out for a market offering to seek a development partner in Q4 2024. Prior to bringing the Site to market, the deal terms with TLC need to be confirmed in order to provide clarity to developer proponents on what their role and responsibilities will be in delivering the elementary school as part of the overall proposed development. Providing for an elementary school at this location meets TLC/TDSB's strategic plan goals by providing for a much-needed school in this neighbourhood and will benefit students and the surrounding community. This partnership represents a great example of how two public agencies can work together to deliver on community benefits and achieve the goals of both organizations. This could also be a framework for future joint partnerships between TLC and the City of Toronto, whereby schools and residential developments can be delivered creatively together on public lands.
The Board of Directors of CreateTO: 1. Endorsed the key terms of the Memorandum of Understanding substantially as outlined in Confidential Attachment 1 to the report (June 5, 2024) from the Chief Executive Officer, CreateTO and directed the Chief Executive Officer, CreateTO to work with the Deputy City Manager, Corporate Services, and the Executive Director, Housing Secretariat, to advance the key terms in Confidential Attachment 1 to the report (June 5, 2024) from the Chief Executive Officer, CreateTO to City Council for consideration. 2. Recommends that City Council approve the terms of the Memorandum of Understanding substantially as outlined in Confidential Attachment 1 to the report (June 5, 2024) from the Chief Executive Officer, CreateTO and: a. direct the Chief Executive Officer, CreateTO, in consultation with the Executive Director, Corporate Real Estate Management to negotiate and finalize the Purchase Agreement, Tri-Party Development Agreement, Reciprocal Rights and Cost Sharing Agreement and such other agreements and documents as may be required in order to finalize the arrangement with Toronto Lands Corporation and Toronto District School Board; and b. authorize the Deputy City Manager, Corporate Services, and the necessary City of Toronto authorities to execute the Purchase Agreement, Tri-Party Development Agreement, and such other agreements and documents, and take such other steps as may be required in order to finalize the arrangement with Toronto Lands Corporation and Toronto District School Board provided, they are materially in accordance with the terms of the Memorandum of Understanding. 3. Directed that the information contained in Confidential Attachment 1 to the report (June 5, 2024) from the Chief Executive Officer, CreateTO remain confidential in its entirety, as it deals with a proposed or pending disposition of land by the City of Toronto. 4. Recommends that City Council direct the information contained in Confidential Attachment 1 to the report (June 5, 2024) from the Chief Executive Officer, CreateTO remain confidential in its entirety, as it deals with a proposed or pending disposition of land by the City of Toronto.
Staff recommendation as filed
The Chief Executive Officer recommends that the Board of Directors of CreateTO: 1. Endorse the key terms of the Memorandum of Understanding substantially as outlined in Confidential Attachment 1 and direct the Chief Executive Officer, CreateTO to work with the Deputy City Manager, Corporate Services, and the Executive Director, Housing Secretariat, to advance the key terms in Confidential Attachment 1 to City Council for consideration; 2. Recommend that City Council approve the terms of the Memorandum of Understanding substantially as outlined in Confidential Attachment 1 and: a. direct the Chief Executive Officer, CreateTO, in consultation with the Executive Director, Corporate Real Estate Management to negotiate and finalize the Purchase Agreement, Tri-Party Development Agreement, Reciprocal Rights and Cost Sharing Agreement and such other agreements and documents as may be required in order to finalize the arrangement with Toronto Lands Corporation and Toronto District School Board; and b. authorize the Deputy City Manager, Corporate Services, and the necessary City of Toronto authorities to execute the Purchase Agreement, Tri-Party Development Agreement, and such other agreements and documents, and take such other steps as may be required in order to finalize the arrangement with Toronto Lands Corporation and Toronto District School Board provided, they are materially in accordance with the terms of the Memorandum of Understanding. 3. Direct that the information contained in Confidential Attachment 1 to this report remain confidential in its entirety, as it deals with a proposed or pending disposition of land by the City of Toronto. 4. Recommend that City Council direct the information contained in Confidential Attachment 1 to this report remain confidential in its entirety, as it deals with a proposed or pending disposition of land by the City of Toronto.
RA12.3amended
On April 6, 2022, City Council through Item 2022.EX31.10 , supported the recommended portfolio strategy to optimize the city-building opportunities on the eight City-owned properties that are targeted to be unlocked through the ModernTO program and authorized CreateTO in consultation with Corporate Real Estate Management and the Housing Secretariat to: - undertake a market offering process for 931 Yonge Street immediately following the re-zoning of the property that, further to Council direction, prioritizes the creation of affordable ownership housing, delivery of public realm improvements and adheres to the City's strategic investment policy as outlined in the proposed vision; and, - report back to the CreateTO Board with the recommended proponent for City Council approval. CreateTO led the entitlement process to amend the Zoning By-law to permit a 32-storey mixed use building with 250 dwelling units and 150 square metres of non-residential space on the ground floor. On April 17, 2024, City Council adopted Item TE12.6 ; the amended by-laws were final and binding on Apr 18, 2024. The current development statistics are outlined in Table 1. Table 1: 931 Yonge St - Development Statistics Site Area 835 sm (0.21 Acres) Residential Unit Count: Total Estimated Unit Count 250 Total Estimated Market Rental Units 167 Minimum Affordable Rental Units 83 Built Form Residential Uses: · 5-storey podium with a 27-storey tower Non-Residential Uses: · Retail uses at grade along Aylmer Avenue 150 sm City Building Features · Public realm improvements at grade along all frontages of the site City priorities as per Council direction 2023.EX 9.3 Generational Transformation of Toronto's Housing System to Urgently Build More Affordable Homes have shifted. Staff in the Housing Secretariat and CreateTO have been directed to leverage City lands for purpose built rental housing that includes both affordable and rent-controlled units. As such, Management recommends offering this site on a long-term land lease basis as opposed to fee simple sale to support a 100 per cent rental development with a minimum requirement of 33 per cent affordable rental units. The intent is to bring the Site to market in the fourth quarter of 2024 through a real estate brokerage market offering. Following the market offering process, CreateTO staff will report to the CreateTO Board on the proponent selection for endorsement and recommendation to Council. Subject to Council approval, staff will finalize the ground lease agreement and contribution agreement, collectively the ("Agreements"). The lease agreements will be executed prior to the completion of the Site Plan Control process by the proponent developer.
The Board of Directors of CreateTO: 1. Recommends that City Council request the Chief Executive Officer, CreateTO, in consultation with Corporate Real Estate Management and the Housing Secretariat to undertake a market offering for 931 Yonge Street on a long-term land lease basis and to prioritize the creation of affordable rental housing as per the general direction contained in Item EX9.3 , which has considered the feasibility of co-operative housing.
Staff recommendation as filed
The Chief Executive Officer, CreateTO recommends that the Board of Directors of CreateTO: 1. Recommend to City Council that they direct the Chief Executive Officer, CreateTO, in consultation with Corporate Real Estate Management and the Housing Secretariat to undertake a market offering for 931 Yonge Street on a long-term land lease basis and to prioritize the creation of affordable rental housing as per the general direction contained in Item EX9.3 .
RA12.4adopted
Housing Now - Approval of Amended Documents for 777 Victoria Park Avenue
Following completion of the market offering process on December 10, 2019, the successful proponent executed the term sheet on April 14, 2020. On January 27, 2020, the CreateTO Board adopted Item 2020.RA10.2 and approved selection of the successful proponent partners and the term sheet. On March 8, 2021, the CreateTO Board of Directors adopted Item 2021.RA21.4 and approved negotiated agreements which included the Ground Lease, the Project Agreement, and the Contribution Agreement (the "Agreements"). The proponent selection and the negotiated agreements were approved by senior City management on April 20, 2021. Following execution of the Agreements in November 2021 by the City and the Proponent, the Proponent has been advancing the building design and site plan application for the relocation of the TTC Pick-up and Drop-off ("PUDO"), currently located at 777 Victoria Park Avenue, to 781 Victoria Park Avenue, located immediately north of the site. During this time, several economic factors have impacted the proponent's proposal and other Phase 1 Housing Now projects. CreateTO has been working with the Housing Secretariat and the Proponent to resolve these issues to advance project schedules and the delivery of affordable housing. On May 10, 2023, City Council adopted Item 2023.PH3.6 , and approved an approach to advance the Housing Now projects at 50 Wilson and 5207 Dundas Street West. A similar approach is proposed for the Phase One Housing Now site at 777 Victoria Park Avenue. The factors and an approach to resolve these issues are outlined in Confidential Attachment 1. This report recommends that the CreateTO Board of Directors approve the approach outlined in Confidential Attachment 1, which responds to the changes in the development and financing markets over the past two years and ensures the project's viability and delivery of 256 affordable housing units. The report also recommends that the Board of Directors of CreateTO direct the Chief Executive Officer, CreateTO to request the necessary City of Toronto authorities to execute amended Agreements and such other documents as may be necessary to finalize the arrangement with the proponent partners for 777 Victoria Park Avenue as described in Confidential Attachment 1. Subject to approval of this report, CreateTO will collaborate with City legal to make the amendments to the Agreements and prepare for execution of the documents. Pending minor variance and site plan approvals, the proponent's current schedule is to commence site mobilization and construction start in the first quarter of 2025.
The Board of Directors of CreateTO: 1. Adopted the confidential recommendations in Confidential Attachment 1 to the report (June 5, 2024) from the Chief Executive Officer, CreateTO. 2. Recommends that City Council adopt the confidential recommendations in Confidential Attachment 1to the report (June 5, 2024) from the Chief Executive Officer, CreateTO. 3. Directed that the information in Confidential Attachment 1 to the report (June 5, 2024) from the Chief Executive Officer, CreateTO remain confidential as it deals with a pending disposition of land by the City of Toronto. 4. Recommends that City Council direct the information contained in Confidential Attachment 1 to the report (June 5, 2024) from the Chief Executive Officer, CreateTO remain confidential in its entirety, as it deals with a pending disposition of land by the City of Toronto.
Staff recommendation as filed
The Chief Executive Officer, CreateTO recommends that the Board of Directors of CreateTO: 1. Adopt the confidential recommendations in Confidential Attachment 1. 2. Recommend to City Council that City Council adopt the confidential recommendations in Confidential Attachment 1. 3. Direct that the information in Confidential Attachment 1 to this report remain confidential as it deals with a pending disposition of land by the City of Toronto. 4. Recommend that City Council direct the information contained in Confidential Attachment 1 to this report remain confidential in its entirety, as it deals with a pending disposition of land by the City of Toronto.