CreateTO
The full agenda, as filed
All 6 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.
RA31.1adopted
Quarterly CreateTO Work Plan - Update
This report will replace the regular report on action items arising out of prior meetings of the CreateTO Board of Directors and new matters that City Council has directed CreateTO to become involved in. This new report will provide the Board of Directors a quarterly update on progress towards the objectives in the CreateTO 2022 Work Plan and a full CreateTO Projects List.
The Board of Directors of CreateTO: 1. Directed the Chief Executive Officer to report back on progress towards the objectives outlined in the CreateTO 2022 Work Plan at the end of each quarter of the year. 2. Directed that the confidential information contained in Confidential Attachment 1 and Confidential Attachment 2 to the report (May 2, 2022) from the Chief Executive Officer, CreateTO remain confidential in their entirety, as they contain information that deals with a position, plan procedure, criteria or instruction to be applied to negotiations to be carried on by or on behalf of the City and/or the Board of Directors of CreateTO, and they deal with proposed or pending acquisitions or dispositions of land by the City and/or the Board of Directors of CreateTO.
Staff recommendation as filed
The Chief Executive Officer recommends that the Board of Directors of CreateTO: 1. Direct the Chief Executive Officer to report back to the Board of Directors of CreateTO on progress towards the objectives outlined in the CreateTO 2022 Work Plan at the end of each quarter of the year. 2. Direct that the confidential information contained in Confidential Attachment 1 and Confidential Attachment 2 remain confidential in their entirety, as they contain information that deals with a position, plan procedure, criteria or instruction to be applied to negotiations to be carried on by or on behalf of the City and/or the Board of Directors of CreateTO, and they deal with proposed or pending acquisitions or dispositions of land by the City and/or the Board of Directors of CreateTO.
RA31.2amended
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. 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. Confirmed the instructions to staff issued in closed session. 2. Directed that Confidential Attachment 1 to the report ( May 3, 2022) from the Chief Executive Officer, CreateTO, remain confidential as it relates to a proposed or pending disposition of land by the Board of Directors of CreateTO and the City, contains financial information supplied in confidence to the CreateTO Board which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a number of organizations, and relates to a position, plan or instruction 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.
Staff recommendation as filed
The Chief Executive Officer recommends that the Board of Directors of CreateTO: 1. Direct that Confidential Attachment 1 remain confidential as it relates to a proposed or pending disposition of land by the Board of Directors of CreateTO and the City, contains financial information supplied in confidence to the CreateTO Board which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a number of organizations, and relates to a position, plan or instruction 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.
RA31.3amended
This report recommends that the CreateTO Board of Directors approve the negotiated agreements for Bloor-Kipling (Six Points), Block 1 (5207 Dundas Street West) ("5207 Dundas Street W.") which includes the Ground Lease, the Project Agreement, and the Contribution Agreement (the "Agreements"). The report also recommends that the CreateTO Board of Directors direct the Chief Executive Officer, CreateTO to request the necessary City of Toronto authorities to execute the Agreements and such other documents as may be necessary in order to finalize the arrangement with the developer partners for 5207 Dundas Street W. as described in Confidential Attachment 1. Following completion of the market offering process in December 2021, the successful developer executed the term sheet on March 14, 2022. On April 12, 2021, the CreateTO Board adopted Item RA 30.5 - "Housing Now - Selection of Proponent for Bloor-Kipling (Six Points), Block 1 (5207 Dundas Street West) approving the selection of the successful developer partners and the term sheet, subject to approval by senior City management. Subject to approval of this report, and finalization of a few non-material provisions in the Agreements with the proponent, CreateTO management will obtain the approval of the Executive Director, Housing Secretariat, the Deputy City Manager, Corporate Services and the Chief Financial Officer and Treasurer for execution of agreements, and work with the developer partners on obtaining the deposits as outlined in the agreements. The developer partners are diligently working on their site plan submissions with a current timeline to have formal submissions made to City Planning by Q3, 2022. Pending planning approvals, the current schedule is to start site servicing construction in Q2, 2023.
The Board of Directors of CreateTO: 1. Approved the negotiated agreements for 5207 Dundas Street West which include the Ground Lease and Project Agreement based substantially on the terms and conditions set out in Confidential Attachment 1 to the report (May 3, 2022) from the Chief Executive Officer, CreateTO, and such other terms and conditions deemed appropriate by Chief Development Officer and Executive Vice President Strategic Asset Management and the Chief Legal Counsel and Corporate Secretary, subject to the necessary City of Toronto approvals. 2. Directed the Chief Executive Officer, CreateTO to request the necessary City of Toronto authorities required to execute the Agreements and such other documents as may be necessary in order to finalize the arrangement with the developer partners for 5207 Dundas Street West as described in Confidential Attachment 1 to the report (May 3, 2022) from the Chief Executive Officer, CreateTO. 3. Directed that the names of the developer partners be made public at the discretion of the Chief Executive Officer following execution of the Agreements and that the remainder of the information in Confidential Attachment 1 to the report (May 3, 2022) from the Chief Executive Officer, CreateTO, remain confidential as it deals with a pending disposition of land by the Board of Directors of CreateTO and the City.
Staff recommendation as filed
The Chief Executive Officer, recommends that the Board of Directors of CreateTO: 1. Approve the negotiated agreements for 5207 Dundas Street West which include the Ground Lease, Project Agreement and the Contribution Agreement (the "Agreements") based substantially on the terms and conditions set out in Confidential Attachment 1, and such other terms and conditions deemed appropriate by Chief Development Officer and Executive Vice President Strategic Asset Management and the Chief Legal Counsel and Corporate Secretary, subject to the necessary City of Toronto approvals. 2. Direct the Chief Executive Officer, CreateTO to request the necessary City of Toronto authorities required to execute the Agreements and such other documents as may be necessary in order to finalize the arrangement with the developer partners for 5207 Dundas Street West as described in Confidential Attachment 1. 3. Direct that the names of the developer partners be made public at the discretion of the Chief Executive Officer following execution of the Agreements and that the remainder of the information in Confidential Attachment 1 remain confidential as it deals with a pending disposition of land by the Board of Directors of CreateTO and the City.
RA31.4adopted
Revised 2022 Annual Performance Objectives Chief Executive Officer
This report includes a revised outline of the performance objectives of the Chief Executive Officer for 2022 as requested by the Board of Directors of CreateTO.
The Board of Directors of CreateTO: 1. Approved the annual objectives for 2022 as outlined in Confidential Attachment 1 to the report (May 2, 2022) from the Chief Executive Officer, CreateTO. 2. Directed that Confidential Attachment 1 to the report (May 2, 2022) from the Chief Executive Officer, CreateTO remain confidential in its entirety, as it deals with personal matters about an identifiable individual.
Staff recommendation as filed
The Chief Executive Officer of CreateTO recommends that the Board of Directors: 1. Approve the annual objectives for 2022 as outlined in Confidential Attachment 1. 2. Direct that Confidential Attachment 1 remain confidential in its entirety, as it deals with personal matters about an identifiable individual.
RA31.5adopted
First Quarter Financial Results
For the three months ending March 31, 2022, CreateTO gross expenditures are $0.50 million favourable compared to budget. Annual expenditures are expected to be in line with the approved budget of $16.33 million gross, $0 net.
The Board of Directors of CreateTO: 1. Received the report (April 26, 2022) from the Chief Financial Officer, CreateTO for information.
Staff recommendation as filed
The Chief Financial Officer recommends that the Board of Directors of CreateTO: 1. Receive this report for information.
RA31.6adopted
CreateTO 2021 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. Working within the City-Wide Real Estate Model, CreateTO is contributing substantial value to the City. The organization's work has identified significant annual capital and operating cost savings; created opportunities for the co-location of City services; and identified underutilized sites to advance the delivery of affordable housing. CreateTO is also contributing to city building in neighourhoods across Toronto, supporting the revitalization of the Port Lands through developments like the Basin Media Hub and implementing environmental sustainability in its projects. Key accomplishments to date have been summarized in the CreateTO Performance Report. Please refer to Attachment 1 for details. For the year ending December 31, 2021, 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. Recommends that City Council receive for information CreateTO Performance Report, in Attachment 1 of the report (April 27, 2022) from the Chief Financial Officer, CreateTO. 2. Recommends that City Council approve the 2021 Audited Financial Statements, in Attachment 3 of the report (April 27, 2022) from the Chief Financial Officer, CreateTO. 3. Received for information CreateTO Performance Report, in Attachment 1 of the report (April 27, 2022) from the Chief Financial Officer, CreateTO. 4. Received for information KPMG LLP's audit findings report, in Attachment 2 of the report (April 27, 2022) from the Chief Financial Officer, CreateTO. 5. Approved the 2021 Audited Financial Statements, in Attachment 3 of the report (April 27, 2022) from the Chief Financial Officer, CreateTO.
Staff recommendation as filed
The Chief Financial Officer recommends that the Board of Directors of CreateTO: 1. Receive for information CreateTO Performance 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 2021 Audited Financial Statements, in Attachment 3 of this report. 4. Recommend that City Council receive for information CreateTO Performance Report, in Attachment 1 of this report. 5. Recommend that City Council approve the 2021 Audited Financial Statements, in Attachment 3 of this report.