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.
RA14.1adopted
ModernTO: Selection of Proponent for 610 Bay Street and 130 Elizabeth Street
The purpose of this report is to provide an update on the CreateTO led Request for Proposal ("RFP") and proponent selection for the redevelopment of 610 Bay Street and 130 Elizabeth Street that prioritizes: the delivery of affordable housing; a Paramedics Multi-Hub; delivery of commercial space targeted to the Medical Sciences sector; and adaptive reuse of a significant heritage building. On November 24, 2022, under the scrutiny of a Fairness Monitor, CreateTO in conjunction with City stakeholders, issued a Request for Expressions of Interest ("REOI") to the development and not-for-profit communities as Stage One of a Two-Stage Market Offering Process. Bids were received on February 9, 2023. Under the direction of a Fairness Monitor, the REOI submissions were reviewed, scored, and shortlisted. On June 14, 2023, City Council through Item 2023.GG4.26 approved a shortlist of proponents (the "Shortlisted Proponents"). On September 8, 2023, an RFP was issued to the Shortlisted Proponents. Bids were received on December 8, 2023. On January 26, 2024, a Minister's Zoning Order ("MZO") was issued for a new protected air ambulance flight path for St. Michael's Hospital and the Hospital for Sick Children, limiting the maximum developable height at 610 Bay Street. Meetings were convened with the Fairness Monitor to address the impacts of the MZO and a revised financial package based on a long-term land lease to reflect a change in City priorities concerning land sales. Following discussions with the Fairness Monitor, an Addendum to the RFP, supported with supplementary reports, and documents were prepared and reviewed by the Fairness Monitor. The Fairness Monitor confirmed there were no fairness concerns with the proposed Addendum. On April 4, 2024, an Addendum to the RFP, and supplementary reports, documents and directions was released requesting proponents revise their proposals to address the impacts of the MZO and a revised financial package based on a long-term land lease. Revised bids were received May 13, 2024. Bids were reviewed, evaluated, and scored, resulting in the selection of a preferred development proponent for the mixed-use, mixed-income development at 610 Bay Street and 130 Elizabeth Street.
The Board of Directors of CreateTO: 1. Approved, and recommends that City Council approve, the preferred development proponent identified in Confidential Attachment 3 (the "Preferred Proponent") and the key terms as set out in Confidential Attachment 4 (the "Key Terms") to the report (October 15, 2024) from the Chief Executive Officer, CreateTO for the redevelopment of 610 Bay Street and 130 Elizabeth Street. 2. Recommends that City Council authorize the Board of Directors, CreateTO, to direct the Chief Executive Officer, CreateTO, in consultation with the Executive Director, Housing Secretariat, and the Executive Director, Corporate Real Estate Management, to negotiate transaction agreements, including one or more ground leases, one or more municipal housing facility agreements ("Contribution Agreements"), and such other documents as may be necessary to finalize the arrangements with the Preferred Proponent (the "Agreements"), substantially on the terms identified in Confidential Attachment 4 to the report (October 15, 2024) from the Chief Executive Officer, CreateTO, and such other terms and conditions deemed appropriate by the Chief Executive Officer, CreateTO, the Executive Director, Housing Secretariat, and the Executive Director, Corporate Real Estate Management. 3. Recommends that City Council authorize the Executive Director, Corporate Real Estate Management, in consultation with the Chief Executive Officer, CreateTO, and the Executive Director, Housing Secretariat, to execute, on behalf of the City, one or more ground leases and such other documents as may be necessary to finalize the arrangements with the Preferred Proponent, substantially on the major terms and conditions set out in Confidential Attachment 4 to the report (October 15, 2024) from the Chief Executive Officer, CreateTO, and such other terms as deemed appropriate by the Executive Director, Corporate Real Estate Management, in consultation with the Chief Executive Officer, CreateTO, Executive Director, Housing Secretariat, and in a form satisfactory to the City Solicitor. 4. Recommends that City Council authorize the Executive Director, Housing Secretariat, in consultation with the Chief Executive Officer, CreateTO and the Executive Director, Corporate Real Estate Management, to execute, on behalf of the City, one or more municipal housing facility agreement(s) ("Contribution Agreement(s)") and such other documents as may be necessary to finalize the arrangements with the Preferred Proponent, substantially on the major terms and conditions set out in Confidential Attachment 4 to the report (October 15, 2024) from the Chief Executive Officer, CreateTO, and such other terms as deemed appropriate by the Executive Director, Housing Secretariat, in consultation with the Chief Executive Officer, CreateTO, Executive Director, Corporate Real Estate Management, and in a form satisfactory to the City Solicitor. 5. Directed, and recommends that City Council direct, that Confidential Attachments 1, 2, 3, and 4 to the report (October 15, 2024) from the Chief Executive Officer, CreateTO remain confidential as they relate to a proposed or pending disposition of property by 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 the City. 6. Authorized, and recommends that City Council authorize, the public release of the name of the Preferred Proponent at the discretion of the Chief Executive Officer, CreateTO, in consultation with the Executive Director, Corporate Real Estate Management, and the Executive Director, Housing Secretariat. 7. Subject to Recommendations 1 and 2, authorized the Chief Executive Officer, CreateTO, in consultation with the Executive Director, Housing Secretariat, and the Executive Director, Corporate Real Estate Management, to negotiate the Agreements in Recommendation 2, substantially on the terms set out in Confidential Attachment 4 to the report (October 15, 2024) from the Chief Executive Officer, CreateTO, and such other terms and conditions deemed appropriate by the Chief Executive Officer, CreateTO, the Executive Director, Housing Secretariat, and the Executive Director, Corporate Real Estate Management. 8. Requested the City Clerk to transmit the Board's decision to the Executive Committee for consideration with the report from the Deputy City Manager, Development and Growth Services, and Deputy City Manager, Corporate Services, regarding the redevelopment of 610 Bay Street and 130 Elizabeth Street.
Staff recommendation as filed
The Chief Executive Officer, CreateTO recommends that the Board of Directors of CreateTO: 1. Approve, and recommend City Council approve, the preferred development proponent identified in Confidential Attachment 3 (the "Preferred Proponent") and the key terms as set out in Confidential Attachment 4 (the "Key Terms") to the report (October 15, 2024) for the redevelopment of 610 Bay Street and 130 Elizabeth Street. 2. Recommend City Council authorize the Board of Directors, CreateTO, to direct the Chief Executive Officer, CreateTO, in consultation with the Executive Director, Housing Secretariat, and the Executive Director, Corporate Real Estate Management, to negotiate transaction agreements, including one or more ground leases, one or more municipal housing facility agreements ("Contribution Agreements"), and such other documents as may be necessary to finalize the arrangements with the Preferred Proponent (the "Agreements"), substantially on the terms identified in Confidential Attachment 4 to the report (October 15, 2024) from the Chief Executive Officer, CreateTO, and such other terms and conditions deemed appropriate by the Chief Executive Officer, CreateTO, the Executive Director, Housing Secretariat, and the Executive Director, Corporate Real Estate Management. 3. Recommend City Council authorize the Executive Director, Corporate Real Estate Management, in consultation with the Chief Executive Officer, CreateTO, and the Executive Director, Housing Secretariat, to execute, on behalf of the City, one or more ground leases and such other documents as may be necessary to finalize the arrangements with the Preferred Proponent, substantially on the major terms and conditions set out in Confidential Attachment 4 to the report (October 15, 2024) from the Chief Executive Officer, CreateTO, and such other terms as deemed appropriate by the Executive Director, Corporate Real Estate Management, in consultation with the Chief Executive Officer, CreateTO, Executive Director, Housing Secretariat, and in a form satisfactory to the City Solicitor. 4. Recommend City Council authorize the Executive Director, Housing Secretariat, in consultation with the Chief Executive Officer, CreateTO and the Executive Director, Corporate Real Estate Management, to execute, on behalf of the City, one or more municipal housing facility agreement(s) ("Contribution Agreement(s)") and such other documents as may be necessary to finalize the arrangements with the Preferred Proponent, substantially on the major terms and conditions set out in Confidential Attachment 4 to the report (October 15, 2024) from the Chief Executive Officer, CreateTO, and such other terms as deemed appropriate by the Executive Director, Housing Secretariat, in consultation with the Chief Executive Officer, CreateTO, Executive Director, Corporate Real Estate Management, and in a form satisfactory to the City Solicitor. 5. Direct, and recommend City Council direct, that Confidential Attachments 1, 2, 3, and 4 remain confidential as they relate to a proposed or pending disposition of property by 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 the City. 6. Authorize, and recommend City Council authorize, the public release of the name of the Preferred Proponent at the discretion of the Chief Executive Officer, CreateTO, in consultation with the Executive Director, Corporate Real Estate Management, and the Executive Director, Housing Secretariat. 7. Subject to Recommendation 1 and 2, authorize the Chief Executive Officer, CreateTO, in consultation with the Executive Director, Housing Secretariat, and the Executive Director, Corporate Real Estate Management, to negotiate the Agreements in Recommendation 2, substantially on the terms set out in Confidential Attachment 4, and such other terms and conditions deemed appropriate by the Chief Executive Officer, CreateTO, the Executive Director, Housing Secretariat, and the Executive Director, Corporate Real Estate Management. 8. Request the City Clerk to transmit the Board's decision to the Executive Committee for consideration with the report from the Deputy City Manager, Development and Growth Services, and Deputy City Manager, Corporate Services, regarding the redevelopment of 610 Bay Street and 130 Elizabeth Street.
RA14.2adopted
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 (4 sites) Housing sites with secured proponents (3 sites) Housing sites that are zoned and tracking to market calls/securing a proponent (8 sites) Housing sites in market (1 site) Housing sites tracking to final zoning (3 sites) Update: Portfolio Wide Risk Factors
The Board of Directors of CreateTO: 1. Received the report (October 15, 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.
RA14.3adopted
CreateTO 2025 Operating Budget
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 (DACs). CreateTO is a self-sustaining agency and submits a net zero budget to the City of Toronto. Through its managed companies Build Toronto and Toronto Port Lands Company, sufficient revenue is generated to fulfil the operating requirements of CreateTO. The resources supported by the 2025 CreateTO Operating Budget will be deployed to help address some of the 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.
The Board of Directors of CreateTO: 1. Approved CreateTO's 2025 Operating Budget. 2. Directed the Chief Executive Officer, CreateTO to submit the budget to the City of Toronto as part of the 2025 budget process.
Staff recommendation as filed
The Chief Executive Officer, CreateTO recommends that the Board of Directors of CreateTO: 1. Approve CreateTO's 2025 Operating Budget. 2. Direct the Chief Executive Officer, CreateTO to submit the budget to the City of Toronto as part of the 2025 budget process.
RA14.4amended
Advancing the Construction of Affordable Rental Homes at 777 Victoria Park Avenue
City Council on July 24 and 25, 2024, adopted Item PH14.6 and a copy is attached for the Board's information or appropriate action.
The Board of Directors of CreateTO: 1. Directed the Chief Executive Officer, CreateTO to ensure private operator parking is aligned with the above Green P parking rates and to explore additional parking solutions that are above grade.