CreateTO
The full agenda, as filed
All 8 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.
RA4.1adopted
First Quarter Financial Results
For the three months ending March 31, 2023, CreateTO gross expenditures are $0.56 million favourable compared to budget. Annual expenditures are expected to be in line with the approved budget of $17.68 million gross, $0 net.
The Board of Directors of CreateTO: 1. Received the report (April 6, 2023) 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.
RA4.2adopted
CreateTO 2022 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. The strategic use of the City's real estate assets is central to achieving Toronto City Council's goals around the delivery of housing, environmental sustainability, economic development, cultural vitality and community health, and diversity, equity and inclusion. CreateTO is committed to supporting the City in reaching the targets identified in each of these public policy areas. Key accomplishments achieved in 2022 have been summarized in CreateTO's 2022 Highlights Report. Please refer to Attachment 1 for details. For the year ending December 31, 2022, 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 the CreateTO 2022 Highlights Report, in Attachment 1 of the report (April 6, 2023) from the Chief Financial Officer, CreateTO. 2. Received for information KPMG LLP's audit findings report, in Attachment 2 of the report (April 6, 2023) from the Chief Financial Officer, CreateTO. 3. Approved the 2022 Audited Financial Statements, in Attachment 3 of the report (April 6, 2023) from the Chief Financial Officer, CreateTO. 4. Recommends that City Council receive for information the CreateTO 2022 Highlights Report, in Attachment 1 of the report (April 6, 2023) from the Chief Financial Officer, CreateTO. 5. Recommends that City Council approve the 2022 Audited Financial Statements, in Attachment 3 of the report (April 6, 2023) from the Chief Financial Officer, CreateTO.
Staff recommendation as filed
The Chief Financial Officer recommends that the CreateTO Board of Directors: 1. Receive for information the CreateTO 2022 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 2022 Audited Financial Statements, in Attachment 3 of this report. 4. Recommend that City Council receive for information the CreateTO 2022 Highlights Report, in Attachment 1 of this report. 5. Recommend that City Council approve the 2022 Audited Financial Statements, in Attachment 3 of this report.
RA4.3adopted
Since its formation in 2018, CreateTO has made great progress as the City of Toronto's real estate strategy and development agency. The organization has advanced City Council's signature affordable housing plan, initiated transformative city-building projects in all four Community Council districts, spearheaded the revitalization of the Port Lands and provided staff effort and expertise to support countless other projects at the direction of the CreateTO Board and City Council. In the fall of 2022, CreateTO launched a strategic planning process to build on and strengthen the agency's original mandate, namely "to manage the City's real estate portfolio, develop City buildings and lands for municipal purposes and deliver client-focused real estate solutions to City divisions, agencies and corporations." This process included extensive consultation and engagement with staff, the CreateTO Board of Directors and partners at the City of Toronto and involved a series of discussions, workshops, and focus groups. The feedback received shaped the final Strategic Plan 2023 - 2027 (Attachment 1) including the development of organization-wide purpose and mission statements, organizational values, and a series of strategic directions.
The Board of Directors of CreateTO: 1. Approved the CreateTO Strategic Plan 2023-2027 as set out in Attachment 1 to the report (April 6, 2023) from the Chief Executive Officer, CreateTO. 2. Directed the Chief Executive Officer to report back to the Board of Directors in the first quarter of 2024 with an annual progress update.
Staff recommendation as filed
The Chief Executive Officer recommends that the Board of Directors of CreateTO: 1. Approve the CreateTO Strategic Plan 2023-2027 as set out in Attachment 1. 2. Direct the Chief Executive Officer to report back to the Board of Directors in the first quarter of 2024 with an annual progress update.
RA4.4amended
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. A further six Pipeline Sites were also endorsed by Council for preliminary due diligence. 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 and future pipeline sites.
The Board of Directors of CreateTO: 1. Directed that the Confidential Presentation from the Executive Director, Housing Secretariat, remain confidential as it 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. Receive this report for information.
RA4.5adopted
Housing Now - Approval of Negotiated Term Sheets for 2444 Eglinton Avenue East
This report recommends that the CreateTO Board of Directors approve the negotiated Term Sheet for 2444 Eglinton Avenue East (the "Term Sheet"). 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 advance entering into a Ground Lease, Purchase Agreement and Contribution Agreement (the "Agreements") and such other documents as may be necessary in order to finalize the arrangement with the developer partners for 2444 Eglinton Avenue East as described in Confidential Attachment 1. Upon approval of the Term Sheet, the developer partners will advance their due diligence of the site with a target to submit a re-zoning application in Q4 2023. This site was selected by the CreateTO Board on December 4, 2020 to proceed as the pilot site to test going to market prior to zoning being in place and approved. A reference concept plan was prepared by CreateTO and endorsed by City staff prior to the market offering process and the developer partners' proposed development concept is generally in keeping with this original reference concept plan. Subject to approval of this report, the proponent, CreateTO and the Housing Secretariat will work on further advancing discussions with CMHC on funding opportunities available to support this Housing Now development along with commencing with drafting of the Agreements based substantially on the approved Term Sheets.
The Board of Directors of CreateTO: 1. Approved the Term Sheet and Memorandum of Understanding for 2444 Eglinton Avenue East (the "Term Sheet") based substantially on the terms and conditions set out in Confidential Attachment 1 to the report (March 31, 2023) from the Chief Executive Officer, CreateTO, and such other terms and conditions deemed appropriate by the Chief Development Officer and Executive Vice President Asset Management and the Chief Legal Counsel and Corporate Secretary, subject to the necessary City of Toronto approvals. 2. Authorized the Chief Executive Officer and the Chief Legal Counsel and Corporate Secretary to execute the Memorandum of Understanding based substantially on the terms and conditions set out in Confidential Attachment 1 to the report (March 31, 2023) from the Chief Executive Officer, CreateTO, and such other terms and conditions deemed appropriate by the Chief Development Officer and Executive Vice President Asset Management and the Chief Legal Counsel and Corporate Secretary. 3. Directed the Chief Executive Officer to report back to the Board of Directors for approval when management has finalized the outstanding portions of the business case as identified under the heading 'Project Affordability' in Confidential Attachment 1 to the report (April 6, 2023) from the Chief Executive Officer, CreateTO. 4. Directed the Chief Executive Officer, CreateTO, in collaboration with the Executive Director, Housing Secretariat and the City Solicitor, to negotiate and, subject to approval by the Board of Directors of the outstanding portions of the business case, to recommend to the City for execution the transaction agreements, including a ground lease, purchase and sale agreement, and contribution agreement, and such other documents as may be necessary to finalize the arrangements with the proponent for 2444 Eglinton Avenue East (the "Agreements"), substantially on the terms set out in Confidential Attachment 1 to the report (March 31, 2023) from the Chief Executive Officer, CreateTO and the approved business case, and such other terms and conditions deemed appropriate by the Chief Executive Officer, CreateTO and the City Solicitor, subject to the necessary City of Toronto approvals. 5. 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 (March 31, 2023) from the Chief Executive Officer, CreateTO remain confidential in its entirety as it contains information that relates to and deals with a pending disposition of land by the Board of Directors of CreateTO and/or the City.
Staff recommendation as filed
The Chief Executive Officer, recommends that the Board of Directors of CreateTO: 1. Approve the Term Sheet and Memorandum of Understanding for 2444 Eglinton Avenue East (the "Term Sheet") based substantially on the terms and conditions set out in Confidential Attachment 1, and such other terms and conditions deemed appropriate by the Chief Development Officer and Executive Vice President Asset Management and the Chief Legal Counsel and Corporate Secretary, subject to the necessary City of Toronto approvals. 2. Authorize the Chief Executive Officer and the Chief Legal Counsel and Corporate Secretary to execute the Memorandum of Understanding based substantially on the terms and conditions set out in Confidential Attachment 1, and such other terms and conditions deemed appropriate by the Chief Development Officer and Executive Vice President Asset Management and the Chief Legal Counsel and Corporate Secretary. 3. Direct the Chief Executive Officer to report back to the Board of Directors for approval when management has finalized the outstanding portions of the business case as identified under the heading 'Project Affordability' in Confidential Attachment 1. 4. Direct the Chief Executive Officer, CreateTO, in collaboration with the Executive Director, Housing Secretariat and the City Solicitor, to negotiate and, subject to approval by the Board of Directors of the outstanding portions of the business case, to recommend to the City for execution the transaction agreements, including a ground lease, purchase and sale agreement, and contribution agreement, and such other documents as may be necessary to finalize the arrangements with the proponent for 2444 Eglinton Avenue East (the "Agreements"), substantially on the terms set out in Confidential Attachment 1 and the approved business case, and such other terms and conditions deemed appropriate by the Chief Executive Officer, CreateTO and the City Solicitor, subject to the necessary City of Toronto approvals. 5. 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 in its entirety as it contains information that relates to and deals with a pending disposition of land by the Board of Directors of CreateTO and/or the City.
RA4.6amended
ModernTO: 610 Bay Street and 130 Elizabeth Street - Results of Request for Expression of Interest
The purpose of this report is to provide an update to the CreateTO Board and City Council on the direction received in EX31.10 (ModernTO: Unlocking Eight City-Owned Properties) to issue a Request for Expression of Interest to the development and not-for-profit communities for the redevelopment of the former Toronto Coach Terminal and Annex Building at 610 Bay Street and 130 Elizabeth Street (the "Properties"). On November 24, 2022, CreateTO in conjunction with City stakeholders, issued a Request for Expression of Interest ("REOI") to the development and not-for-profit communities as Stage One of a Two-Stage Market Offering Process 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 while adhering to the City's strategic investment policy. This offering was open to the development community for a period of 12 weeks, with responses received on February 9, 2023. Under the direction of a Fairness Monitor, responses were reviewed, evaluated, and scored, resulting in a shortlist of preferred proponents (the "Shortlisted Proponents") that were identified to be invited to respond to an upcoming Request for Proposal ("RFP") as Stage Two of the Two-Stage Market Offering Process for the redevelopment of the Properties. CreateTO is proposing to invite the Shortlisted Proponents identified in Confidential Attachment 2 to participate in the future Stage Two RFP process, which is scheduled to begin in the second quarter of 2023.
The Board of Directors of CreateTO: 1. Approved the shortlist of preferred proponents for the redevelopment of 610 Bay Street and 130 Elizabeth Street, identified in Confidential Attachment 2 to the report (April 6, 2023) from the Chief Executive Officer, CreateTO, (the "Shortlisted Proponents"). 2. Authorized the Chief Executive Officer, CreateTO and the Chief Legal Counsel and Corporate Secretary, CreateTO, subject to receiving approval of the shortlist of approved proponents from City Council, to issue a Request for Proposal to the Shortlisted Proponents for the redevelopment of 610 Bay Street and 130 Elizabeth Street (the "Properties") that prioritizes the delivery of affordable housing, a Paramedics Multi-Hub, employment opportunities with a preference for life science and biomedical uses, and the adaptive reuse of the heritage bus terminal while adhering to the City's strategic investment policy, and to report back to the Board of Directors with the results of the Request for Proposal process. 3. Directed that the information in Confidential Attachments 1 and 2 to the report (April 6, 2023) from the Chief Executive Officer, CreateTO remain confidential as it relates to a proposed or pending acquisition or disposition of property belonging to 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. 4. Recommends that City Council approve the shortlist of preferred proponents for the redevelopment of 610 Bay Street and 130 Elizabeth Street, identified in Confidential Attachment 2 to the report (April 6, 2023) from the Chief Executive Officer, CreateTO. 5. Recommends that City Council authorize CreateTO to issue a Request for Proposal to the Shortlisted Proponents for the redevelopment of 610 Bay Street and 130 Elizabeth Street that prioritizes the delivery of affordable housing, a Paramedics Multi-Hub, employment opportunities with a preference for life science and biomedical uses, and the adaptive reuse of the heritage bus terminal while adhering to the City's strategic investment policy, and to report back to the Board of Directors with the results of the Request for Proposal process. 6. Recommends that City Council direct that the information in Confidential Attachments 1 and 2 to the report (April 6, 2023) from the Chief Executive Officer, CreateTO remain confidential as it relates to a proposed or pending acquisition or disposition of property belonging to 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.
Staff recommendation as filed
The Chief Executive Officer, CreateTO recommends that the Board of Directors of CreateTO: 1. Approve the shortlist of preferred proponents for the redevelopment of 610 Bay Street and 130 Elizabeth Street, identified in Confidential Attachment 2 (the "Shortlisted Proponents"). 2. Authorize the Chief Executive Officer, CreateTO and the Chief Legal Counsel and Corporate Secretary, CreateTO, subject to receiving approval of the shortlist of approved proponents from City Council, to issue a Request for Proposal to the Shortlisted Proponents for the redevelopment of 610 Bay Street and 130 Elizabeth Street (the "Properties") that prioritizes the delivery of affordable housing, a Paramedics Multi-Hub, employment opportunities with a preference for life science and biomedical uses, and the adaptive reuse of the heritage bus terminal while adhering to the City's strategic investment policy, and to report back to the Board of Directors with the results of the Request for Proposal process. 3. Direct the information in Confidential Attachments 1 and 2 remain confidential as it relates to a proposed or pending acquisition or disposition of property belonging to 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. 4. Recommend that City Council approve the shortlist of preferred proponents for the redevelopment of 610 Bay Street and 130 Elizabeth Street, identified in Confidential Attachment 2. 5. Recommend that City Council authorize CreateTO to issue a Request for Proposal to the Shortlisted Proponents for the redevelopment of 610 Bay Street and 130 Elizabeth Street that prioritizes the delivery of affordable housing, a Paramedics Multi-Hub, employment opportunities with a preference for life science and biomedical uses, and the adaptive reuse of the heritage bus terminal while adhering to the City's strategic investment policy, and to report back to the Board of Directors with the results of the Request for Proposal process. 6. Recommend that City Council direct that the information in Confidential Attachments 1 and 2 remain confidential as it relates to a proposed or pending acquisition or disposition of property belonging to 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. 7. Request the Board Secretary to transmit the Board's decision to the appropriate committee for consideration with the report from the Executive Director, Corporate Real Estate Management, regarding the transfer of the Properties.
RA4.7adopted
The current Chief Development Officer, CreateTO intends to retire in the second quarter of 2023. The Chief Executive Officer will provide a verbal update on the status of the search for a new Chief Development Officer. Part of the update will be provided in closed session as it relates to personal matters about identifiable individuals.
The Board of Directors of CreateTO: 1. Received the report (April 6, 2023) from the Chief Executive Officer, CreateTO for information.
Staff recommendation as filed
The Chief Executive Officer, CreateTO recommends that the Board of Directors receive this report for information.
RA4.8received
In accordance with Section 43(2) of By-law 1-2018 the Procedures By-law of the Board of Directors of CreateTO, this letter serves as notice that the Board will consider amendments to the Procedures By-law at the next meeting of the Board of Directors of CreateTO. The amendments are related to electronic participation at meetings and the time required to achieve quorum. City Council at its meeting on March 29, 30 and 31, 2023 considered Item EX3.7 Making Electronic Participation for Council and its Local Boards Permanent and, among other things, has authorized local boards to also amend their rules of procedure with respect to these matters without having to seek further Council approval.
The Board of Directors of CreateTO received the item for information.