CreateTO
The full agenda, as filed
All 15 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.
RA22.1amended
First Quarter Financial Results
For the three months ending March 31, 2021, CreateTO gross expenditures are $0.37 million favourable compared to budget. Annual expenditures are expected to be in line with the approved budget of $14.6 million gross, $0 net.
The Board of Directors of CreateTO: 1. Requested the Chief Financial Officer, CreateTO to report to the next meeting of the Board of Directors of CreateTO with information on revenues for CreateTO, including revenues related to Housing Now.
Staff recommendation as filed
The Chief Financial Officer recommends that: 1. The Board of Directors of CreateTO receive this report for information.
RA22.2adopted
CreateTO 2020 Financial Results
As the City of Toronto's real estate agency, CreateTO manages the City's real estate portfolio, develops City lands and buildings for municipal purposes, and delivers client-focused real estate solutions to City divisions, agencies and corporations. 2020 marked an unprecedented year with the COVID-19 pandemic. While this required some adjustments as an organization, there was no significant impact to the financial statements of CreateTO. Staff adapted to the new working environment and continued to move forward key city initiatives such as Housing Now, Modular Housing and ModernTO. Please refer to attachment 1 for further details on these initiatives and our 2020 highlights. For the year ending December 31, 2020, KPMG LLP came on as our new auditors 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 KPMG LLP's draft audit findings report, in Attachment 2 of the report (April 26, 2021) from the Chief Executive Officer, CreateTO. 2. Received for information CreateTO 2020 Highlights, in Attachment 1 of the report (April 26, 2021) from the Chief Executive Officer, CreateTO. 3. Approved the 2020 Audited Financial Statements, in Attachment 3 of the report (April 26, 2021) from the Chief Executive Officer, CreateTO. 4. Recommends that City Council receive for information CreateTO 2020 Highlights, in Attachment 1 of the report (April 26, 2021) from the Chief Executive Officer, CreateTO. 5. Recommends that City Council approve the 2020 Audited Financial Statements, in Attachment 3 of the report (April 26, 2021) from the Chief Executive Officer, CreateTO.
Staff recommendation as filed
The Chief Executive Officer, CreateTO recommends that the CreateTO Board of Directors: 1. Receive for information KPMG LLP's draft audit findings report, in Attachment 2 of this report. 2. Receive for information CreateTO 2020 Highlights, in Attachment 1 of this report. 3. Approve the 2020 Audited Financial Statements, in Attachment 3 of this report. 4. Recommend that City Council receive for information CreateTO 2020 Highlights, in Attachment 1 of this report. 5. Recommend that City Council approve the 2020 Audited Financial Statements, in Attachment 3 of this report.
RA22.3received
New Appointment to the CreateTO Board of Directors
At its meeting held March 10, 2021, City Council appointed Allison Mendes to the CreateTO Board for a term of office from March 11, 2021 to March 10, 2025 and until a successor is appointed. This new appointment fills the position previously held by Dino Chiesa who resigned on November 26, 2020.
The Board of Directors of CreateTO: 1. Received the item for information.
RA22.4adopted
Update on Position of Chief Executive Officer, CreateTO
This is further to the decision of the Board of Directors of CreateTO at its meeting on October 9, 2020 on Item RA17.7 regarding the position of Chief Executive Officer at CreateTO. A request for proposals for an executive search consultant to assist with the recruitment of a Chief Executive Officer for CreateTO was issued on February 16, 2021. Responses to the request for proposals have been received and evaluated. A preferred respondent ("Preferred Respondent"), identified in the Confidential Attachment to this letter, has been selected, subject to the approval of the Board of Directors of CreateTO. The purpose of this letter is to seek the approval of the Preferred Respondent by the Board of Directors of CreateTO.
The Board of Directors of CreateTO: 1. Approved the selection of the preferred respondent, as identified in the Confidential Attachment to the report (May 10, 2021) from the Board Chair. 2. Authorized the release of the information in the Confidential Attachment to the report (May 10, 2021) from the Board Chair after the respondents to the request for proposals have been notified and at the discretion of the Chief Executive Officer.
Staff recommendation as filed
The Board Chair recommends that the Board of Directors of CreateTO: 1. Approve the selection of the preferred respondent, as identified in the Confidential Attachment. 2. Authorize the release of the information in the Confidential Attachment after the respondents to the request for proposals have been notified and at the discretion of the Chief Executive Officer.
RA22.5adopted
Action Items and New Matters Referred by City Council
The report provides an update on action items arising out of prior meeting of the CreateTO Board of Directors. This report also provides summary information regarding matters that City Council has, since the prior meeting of the Board, directed CreateTO to become involved in.
The Board of Directors of CreateTO: 1. Received the report (April 29, 2021) from the Chief Legal Counsel and Corporate Secretary, CreateTO for information.
Staff recommendation as filed
The Chief Legal Counsel and Corporate Secretary, CreateTO recommends that: 1. The Board of Directors of CreateTO receive this report for information.
RA22.6deferred
City-wide Real Estate - Next Phase of Implementation
A presentation will be given to the Board of Directors of CreateTO on the next phase of implementation of the City-wide Real Estate Model and content of the staff report on the same topic that will be going to Executive Committee and City Council in June 2021.
The Board of Directors of CreateTO: 1. Deferred consideration of the item until its July 7, 2021 meeting or to a special meeting to be called by the Chair.
RA22.7deferred
Alignment of Positions to City-wide Real Estate Functional Model
The purpose of this report is to provide the Board with more information on the process used to transfer employees from the City of Toronto to CreateTO as part of the ongoing efforts to align positions to the City-wide real estate functional model, between CreateTO and Corporate Real Estate Service Management Division at the City of Toronto. This process will also serve as a template for future transfer, including potential transfers from the City itself or other City Agencies and Corporations.
The Board of Directors of CreateTO: 1. Deferred consideration of the item until its July 7, 2021 meeting or to a special meeting to be called by the Chair.
Staff recommendation as filed
The Chief Executive Officer, CreateTO recommends that: 1. The Board of Directors, CreateTO receive this report for information.
RA22.8adopted
Parkdale Hub Project - 1303, 1313 and 1325 Queen Street West and 220 Cowan Avenue
The purpose of this report is to introduce the Parkdale Hub project to the Board of CreateTO and to advise of the ongoing work that CreateTO staff are leading, at the direction of City Council, to advance city-building opportunities through the Parkdale Hub project feasibility study. This project was initiated through a Motion to Council in 2017 which directed the three Deputy City Managers to convene an inter-divisional agency table to determine the feasibility of a coordinated plan for the City-owned properties located at 1303, 1313 Queen Street West and 220 Cowan Avenue. The facilities at each of these properties are in need of significant capital investment over the next ten years in order to maintain their state of good repair. This provides a unique opportunity to plan and build the City's assets in a coordinated manner, leveraging existing adjacencies to create spaces that more efficiently and effectively serve the Parkdale community. Since 2017, CreateTO staff have been collaborating with a wide range of City divisions and agencies on a feasibility study that assesses the potential redevelopment of these sites to better serve the Parkdale community, which has been designated by City Council as a Neighbourhood Improvement Area. In December 2019, pursuant to a report on the findings of the Phase 1 feasibility study, City Council directed CreateTO to lead Phase 2 of the Parkdale Hub feasibility study. This project represents a strong opportunity for CreateTO to lead a transformational city-building initiative that will deliver wide-ranging social, cultural and economic benefits to the Parkdale community, including: - The creation of new affordable housing; - The revitalization and expansion of a Community Recreation Centre; - The reconstruction and expansion of the Parkdale Library branch; - The ongoing delivery of Artscape's cultural hub program, which includes affordable live-work residences for artists; - The creation of new community space and design elements that will strategically connect programs, services and people - creating an integrated "Hub"; and - Significant enhancements to the public realm through the adaptive re-use of heritage buildings and improved connectivity with the adjacent properties. CreateTO staff are mid-way through the completion of the Phase 2 feasibility study scope of work, which is outlined further in this report. Further to the Council direction received in the staff report dated December 2019, it is recommended that the Board forward this report to Council's Executive Committee as a Phase 2 update report. Staff will report back to CreateTO Board and Council in Q4 2021 with a final report on the Phase 2 feasibility study, including a business case.
The Board of Directors of CreateTO: 1. Forwards the report (April 27, 2021) from the Vice President, Land and Development Planning, CreateTO, including the Confidential Attachments, to Executive Committee for information with the request that the Committee maintain the confidentiality of Confidential Attachments 1 and 2 until released by the Board of Directors of CreateTO. 2. Authorized the public release of Confidential Attachments 1 and 2 to the report (April 27, 2021) from the Vice President, Land and Development Planning, CreateTO following the closing of all purchase and/or sale and/or transaction(s).
Staff recommendation as filed
The Vice President, Land and Development Planning recommends that: 1. The Board of Directors of CreateTO forward this report, including the Confidential Attachments, to Executive Committee for information with the request that the Committee maintain the confidentiality of Confidential Attachments 1 and 2 until released by the Board of Directors of CreateTO. 2. The Board of Directors of CreateTO authorize the public release of Confidential Attachments 1 and 2 following the closing of all purchase and/or sale and/or transaction(s).
RA22.9amended
The purpose of this report is to update the Board of Directors of CreateTO (the "Board") regarding the business plan related to the redevelopment of the City-owned property at 260 Adelaide Street West ("260 Adelaide"). Unlocking the value at 260 Adelaide will result in significant city building, including affordable housing, new local parkland, a new and improved fire station and the construction of other important City facilities across a number of City owned properties. The business plan will fund the relocation of Fire Station 332 ("Fire Station") from 260 Adelaide to Metro Hall fronting on Wellington Street West. It will also repay approximately half of the City's acquisition costs of the adjacent property at 229 Richmond Street West ("229 Richmond") and pay for the relocation of the existing City tenants to free up space for the new Fire Station at Metro Hall. The balance of the acquisition costs of 229 Richmond will be funded by Section 37 funding, Parks, Forestry & Recreation and the Toronto Parking Authority. The redevelopment of 260 Adelaide and the resulting revenue generated will contribute other significant city building benefits including a target of 30 percent affordable housing based on average market rent for a minimum of 99 years in the resulting residential redevelopment, a new Paramedic post and a new community space. Across the street at 229 Richmond, the City will realize a new at-grade park in a parkland-deficient neighbourhood along with a below-grade parking garage operated by the Toronto Parking Authority. The allocation of funds and the feasibility of the parking garage are being assessed with the Toronto Parking Authority.
The Board of Directors of CreateTO: 1. Approved the redevelopment plan for 260 Adelaide which will include affordable housing, a new Paramedic post, and community space by endorsing the Development Concept as shown in Attachment 1 to the report (April 27, 2021) from the Vice President, Client Relationship Management and the Major Terms and Conditions outlined in the Confidential Attachment 1 to the report (April 27, 2021) from the Vice President, Client Relationship Management. 2. Approved the redevelopment plan for 229 Richmond, which will include an at-grade park and a potential below-grade parking garage that minimizes the impact on the function and utility of the park by endorsing the redevelopment plan as shown in Attachment 2 to the report (April 27, 2021) from the Vice President, Client Relationship Management. 3. Endorsed the business plan for 55 John Street ("Metro Hall"), which will include the relocation of Fire Station 332 to Metro Hall, and the relocation of certain City tenants as outlined in Attachment 3 to the report (April 27, 2021) from the Vice President, Client Relationship Management. 4. Approved the financial business case for the potential disposition of 260 Adelaide and the requisite funding allocation of the proceeds of that disposal to the delivery of the business and redevelopment plans identified in Recommendations 1, 2, 3 as outlined in Appendix 2 of the Confidential Attachment 1 to the report (April 27, 2021) from the Vice President, Client Relationship Management. 5. Directed the Interim Chief Executive Officer, CreateTO, in consultation with the Executive Director, Social Development, Finance and Administration along with the Director, Indigenous Affairs Office, to explore opportunities to identify a not-for-profit partner for up to 10,000 square feet of community space at any future redevelopment of 260 Adelaide. 6. Requested CreateTO staff and stakeholders to integrate sustainability requirements on property disposal and meet the Toronto Green Standard Version 3 Tier 2 with any proposed redevelopment of 260 Adelaide using the approach in the Climate Change Initiative - Energy Consumption and Carbon Emission Reduction section of this report. 7. Directed the Interim Chief Executive Officer, CreateTO, in consultation with the Executive Director, Corporate Real Estate Management, to locate a City-owned property in the general area of the current YMCA location at Metro Hall to allow for the continued operation of the YMCA. 8. Directed that the Confidential Attachment 1 to the report (April 27, 2021) from the Vice President, Client Relationship Management, and the Confidential Presentation remain confidential in their entirety as they contain information regarding the proposed disposition of land.
Staff recommendation as filed
The Vice President, Client Relationship Management recommends that the Board of Directors of CreateTO: 1. Approve the redevelopment plan for 260 Adelaide which will include affordable housing, a new Paramedic post, and community space by endorsing the Development Concept as shown in Attachment 1 and the Major Terms and Conditions outlined in the Confidential Attachment 1. 2. Approve the redevelopment plan for 229 Richmond, which will include an at-grade park and a potential below-grade parking garage that minimizes the impact on the function and utility of the park by endorsing the redevelopment plan as shown in Attachment 2. 3. Endorse the business plan for 55 John Street ("Metro Hall"), which will include the relocation of Fire Station 332 to Metro Hall, and the relocation of certain City tenants as outlined in Attachment 3. 4. Approve the financial business case for the potential disposition of 260 Adelaide and the requisite funding allocation of the proceeds of that disposal to the delivery of the business and redevelopment plans identified in Recommendations 1, 2, 3 as outlined in Appendix 2 of the Confidential Attachment 1. 5. Direct the Interim Chief Executive Officer, CreateTO, in consultation with the Executive Director, Social Development, Finance and Administration along with the Director, Indigenous Affairs Office, to explore opportunities to identify a not-for-profit partner for up to 10,000 square feet of community space at any future redevelopment of 260 Adelaide. 6. Request CreateTO staff and stakeholders to integrate sustainability requirements on property disposal and meet the Toronto Green Standard Version 3 Tier 2 with any proposed redevelopment of 260 Adelaide using the approach in the Climate Change Initiative - Energy Consumption and Carbon Emission Reduction section of this report. 7. Direct the Interim Chief Executive Officer, CreateTO, in consultation with the Executive Director, Corporate Real Estate Management, to locate a City-owned property in the general area of the current YMCA location at Metro Hall to allow for the continued operation of the YMCA. 8. Direct that the Confidential Attachment 1 to this report remain confidential in its entirety as it contains information regarding the proposed disposition of land.
RA22.10deferred
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. 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 17 properties.
The Board of Directors of CreateTO: 1. Deferred consideration of the item until its July 7, 2021 meeting or to a special meeting to be called by the Chair.
Staff recommendation as filed
The Vice President, Development, CreateTO recommends that: 1. The Board of Directors of CreateTO authorize the public release of the confidential information contained in Confidential Attachment at the discretion of the Chief Executive Officer.
RA22.11adopted
Housing Now Business Case for 405 Sherbourne Street
This report recommends that the CreateTO Board of Directors endorse the business case and market offering for the Phase 2 Housing Now site located at 405 Sherbourne Street. This 0.73 acre site is currently an existing Toronto Parking Authority surface parking lot, located on the east side of Sherbourne Street between Carlton Street and Bloor Street. It is in close proximity to the Line 2 (Sherbourne Station) and the 506 Carlton Streetcar. The site is located within the Cabbagetown Northwest Heritage Conservation District. CreateTO staff retained a consultant team to prepare a development concept for this site in order to advance the City initiated rezoning and market offering process. CreateTO staff worked with City staff including City Planning, the Housing Secretariat's office, the local Councillor, the local community in order to gain consensus on a development for the rezoning. The final development concept includes a 25-storey building with a total of 266 residential units and 1800 square feet of community use space on the ground floor. The built form has been designed to maximize the opportunity for new affordable rental on the site, while meeting the policies of the Heritage Conservation District through the design of the podium. The concept optimizes the dimensions of the site to provide a through-block connection for pedestrians and vehicles to contribute to the public realm and circulation around the site. The intent is to bring this site to market in July of 2021 to the non-profit housing community through the Housing Secretariat. Following the market offering process, CreateTO staff will report to the CreateTO Board on the proponent selection, prior to the Housing Secretariat finalizing legal agreements.
The Board of Directors of CreateTO: 1. Endorsed the business case for 405 Sherbourne Street as presented in Confidential Attachment 1 to the report (April 27, 2021) from the Vice President, Development, CreateTO, and, subject to further approvals required by the Deputy City Manager, Corporate Services, the Chief Financial Officer and Treasurer and the Executive Director, Housing Secretariat, direct CreateTO management to: a. Release to market 405 Sherbourne Street in the second quarter of 2021, including entering into agreements conditional on approval by relevant City authorities; b. Retain the services of a fairness monitor to oversee and ensure an open, fair and transparent market offering process; 2. Authorized the public release of the information in Confidential Attachments 1 and 2 to the report (April 27, 2021) from the Vice President, Development, CreateTO following the completion of the transactions contemplated in the business case and at the discretion of the Chief Executive Officer, CreateTO.
Staff recommendation as filed
The Vice President, Development, CreateTO recommends that the Board of Directors of CreateTO: 1. Endorse the business case for 405 Sherbourne Street as presented in Confidential Attachment 1, and, subject to further approvals required by the Deputy City Manager, Corporate Services, the Chief Financial Officer and Treasurer and the Executive Director, Housing Secretariat, direct CreateTO management to: a. Release to market 405 Sherbourne Street in the second quarter of 2021, including entering into agreements conditional on approval by relevant City authorities; b. Retain the services of a fairness monitor to oversee and ensure an open, fair and transparent market offering process; 2. Authorize the public release of the information in Confidential Attachments 1 and 2 following the completion of the transactions contemplated in the business case and at the discretion of the Chief Executive Officer, CreateTO.
RA22.12adopted
Housing Now Business Case for Bloor-Kipling (Six Points) - Block 1
This report recommends that the CreateTO Board of Directors endorse the business case and market offering for the Phase 1 Housing Now Bloor-Kipling (Six Points) Block 1 site. The Bloor-Kipling (Six Points) site is 17.91 acres (7.25 hectares), and includes seven land parcels, six blocks are located east of Kipling Avenue, one block is located west of Kipling, all blocks are south of Bloor Street, north of the rail corridor and the Kipling Mobility Hub, a significant hub of transit infrastructure investments including the terminus of the Line 2 TTC Subway, Kipling GO Station, and Kipling bus terminal, with TTC and Mississauga MiWay bus service. Within the Bloor-Kipling site, Block 4 is the location of the proposed new Etobicoke Civic Centre (ECC), Block 2 is a future City Park and Blocks 1, 3, 5, 6 and 7, (11.82 acres) are future Housing Now development parcels. CreateTO, in collaboration with City staff, have been working with the consultant team to prepare a Block Context Plan (BCP) for the site. The BCP establishes the design vision for new streets, parks and open spaces and built form to inform and advance development of the Blocks and the phasing or market offerings for affordable housing. Block 1, a 2.47 acre site located east of the Kipling Avenue, south of the Dundas Street West and north of the rail corridor, is the first block to be considered for the market offering process. The current development statistics for Block 1 are outlined in Table 1. The built form for the remainder of the Bloor-Kipling (Six Points) site can be found in Attachment 1. Table 1: Bloor-Kipling (Six Points), Block 1 Development Statistics RESIDENTIAL UNIT COUNT Total Estimated Unit Count 568 Total Estimated Rental Units 379 Minimum Affordable Rental Units 189 BUILT FORM Residential Uses 1. Two tall buildings: - N/W Tower: 18 Storeys - S/E Tower: 25 Storeys 2. Four Mid-rise blocks -Fronting St. Albans Road: 5-7 storeys -Fronting Dundas Street West: 7-10 storeys -Fronting Biindagen Trail: 6-storeys -Fronting Adobigok Pathway: 5 storeys Non-Residential Uses 1. Retail uses at grade along Dundas Street West and Kipling Avenue and Biindagen Trail 2. Commercial space on the second floor fronting Dundas Street West 3. Courtyard: Publicly Accessible Space (PAS) CITY BUILDING FEATURES 1 -Retail uses that will create activity and support residents needs -Commercial uses offering local space to work -Publically Accessible Spaces (PAS) providing intimate space for community gatherings and events -District Energy: all heating and cooling needs will be provided by a low-carbon thermal district energy network 1. Community services and facilities will be located in Block 4, the proposed location for the ECC The intent is to bring Block 1 to market in June 2021. Following the market offering process, CreateTO staff will report to the CreateTO Board on the proponent selection, prior to finalizing the ground lease agreement, project agreement and contribution agreement, collectively the ("Agreements"). The CreateTO Board will review for approval, the terms and conditions for the proposed agreements with the successful proponent. The lease agreements will be executed prior to the completion of the Site Plan Control process by the developer proponent.
The Board of Directors of CreateTO: 1. Endorsed the business case for Block 1 of the Bloor-Kipling (Six Points) site, as presented in Confidential Attachment 1 to the report (April 27, 2021) from the Vice President, Development, CreateTO, and, subject to further approvals required by the Deputy City Manager, Corporate Services, the Chief Financial Officer and Treasurer and the Executive Director, Housing Secretariat, direct CreateTO management to: a. Release to market Block 1, of the Bloor-Kipling (Six Points) site, in the second quarter of 2021, including entering into agreements conditional on approval by relevant City authorities; b. Retain the services of a fairness monitor to oversee and ensure an open, fair and transparent market offering process; c. Retain the services of a broker to engage the market and lead the market offering process with CreateTO staff. 2. Authorized the public release of the information in Confidential Attachments 1 and 2 to the report (April 27, 2021) from the Vice President, Development, CreateTO following completion of the transactions contemplated in this report and at the discretion of the Chief Executive Officer, CreateTO.
Staff recommendation as filed
The Vice President, Development recommends that the Board of Directors of CreateTO: 1. Endorse the business case for Block 1 of the Bloor-Kipling (Six Points) site, as presented in Confidential Attachment 1, and, subject to further approvals required by the Deputy City Manager, Corporate Services, the Chief Financial Officer and Treasurer and the Executive Director, Housing Secretariat, direct CreateTO management to: a. Release to market Block 1, of the Bloor-Kipling (Six Points) site, in the second quarter of 2021, including entering into agreements conditional on approval by relevant City authorities; b. Retain the services of a fairness monitor to oversee and ensure an open, fair and transparent market offering process; c. Retain the services of a broker to engage the market and lead the market offering process with CreateTO staff. 2. Authorize the public release of the information in Confidential Attachments 1 and 2 following completion of the transactions contemplated in this report and at the discretion of the Chief Executive Officer, CreateTO.
RA22.13adopted
Housing Now - 251 Esther Shiner Boulevard
The purpose of this report is to provide an update to the Board of Directors of CreateTO (the "Board") on the progress that has been made on a Housing Now site at 251 Esther Shiner Boulevard (the "Redevelopment Site") and receive approval from the Board to proceed with negotiations for a non-binding Memorandum of Understanding (MOU) with a party interested in leasing air rights at the Redevelopment Site based on the business terms outlined in the Confidential Attachment 1.
The Board of Directors of CreateTO: 1. Directed the Chief Executive Officer, CreateTO, in consultation with the Executive Director, Corporate Real Estate Management and the Chief Planner and Executive Director, City Planning, to negotiate a non-binding Memorandum of Understanding with the party identified in Confidential Attachment 1 to the report (April 29, 2021) from the Senior Vice President, Development, CreateTO for an air rights lease or sublease to be incorporated into the Redevelopment Site at 251 Esther Shiner Boulevard, based on the terms outlined in Confidential Attachment 1, and to report to the Board once negotiated. 2. Authorized the public release of the confidential information contained in Confidential Attachment 1 to the report (April 29, 2021) from the Senior Vice President, Development, CreateTO upon completion of any negotiations, and at the discretion of the Chief Executive Officer, CreateTO.
Staff recommendation as filed
The Senior Vice President, Development recommends that the Board of Directors of CreateTO: 1. Direct the Chief Executive Officer, CreateTO, in consultation with the Executive Director, Corporate Real Estate Management and the Chief Planner and Executive Director, City Planning, to negotiate a non-binding Memorandum of Understanding with the party identified in Confidential Attachment 1 for an air rights lease or sublease to be incorporated into the Redevelopment Site at 251 Esther Shiner Boulevard, based on the terms outlined in Confidential Attachment 1, and to report to the Board once negotiated. 2. Authorize the public release of the confidential information contained in Confidential Attachment 1 upon completion of any negotiations, and at the discretion of the Chief Executive Officer, CreateTO.
RA22.14amended
Proposed Long Term Land Lease - City Owned Property at 11 Bay Street
The purpose of this report is to report back to the Board of CreateTO with certain supplemental information related to the proposed lease terms negotiated between staff of CreateTO and QuadReal Property Group Limited Partnership ("QuadReal") and Barney River Investments Limited ("Barney River"), the managers acting on behalf for the tenant, in connection with a proposed long-term lease renewal/new lease agreement ("Lease Extension") to permit redevelopment of the City-owned property at 11 Bay Street (the "Subject Property"). QuadReal and Barney River have proposed a complete redevelopment of the Subject Property which will result in a new office tower and rebuilt convention centre at grade. At its meeting on January 11, 2021, the CreateTO Board considered an initial report (the "Initial Report") on the proposed Lease Extension, and invited Staff to conduct further due diligence on the background to the Tenant's proposal. At its meeting on March 8, 2021, the CreateTO Board and invited Staff to return to the May 11 Board meeting with certain supplemental information relating to the proposed transaction. This Report contains the supplemental information requested by the Board at its March 8 meeting.
The Board of Directors of CreateTO: 1. Confirmed its actions taken in closed session in issuing instructions. 2. Authorized the public release of the information in Confidential Attachment 1 to the report (April 26, 2021) from the Chief Executive Officer, CreateTO following completion of the transactions contemplated in this report, and at the discretion of the Chief Executive Officer, CreateTO.
Staff recommendation as filed
The Interim Chief Executive Officer, CreateTO recommends that: 1. The Board of Directors of CreateTO authorize the public release of the information in Confidential Attachment 1 following completion of the transactions contemplated in this report, and at the discretion of the Chief Executive Officer, CreateTO.
RA22.15deferred
Housing Now Financial Portfolio Review
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. 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 financial status of the portfolio.
The Board of Directors of CreateTO: 1. Deferred consideration of the item until its July 7, 2021 meeting or to a special meeting to be called by the Chair.
Staff recommendation as filed
The Vice President, Development, CreateTO recommends that: 1. The Board of Directors of CreateTO authorize the public release of the confidential information contained in Confidential Attachment following completion of execution of the Housing Now Initiative, and at the discretion of the Chief Executive Officer.