Toronto Atmospheric Fund
The full agenda, as filed
All 11 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.
TA11.1received
Chief Executive Officer’s Report
This report provides an update on the Toronto Atmospheric Fund initiatives with regard to Governance Matters, Staff and Operational Matters, and Strategic Programs.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA11.2adopted
Toronto Atmospheric Fund uses several indicators to evaluate and inform our work. The 2024 Impact Report, Working Toward Net-Zero Emissions, provides an accessible summary of results achieved, leveraging the data collected and analytical approaches Toronto Atmospheric Fund uses and continues to refine. This Impact Report complements the 2024 Annual Report which summarizes the activities and accomplishments against the approved Annual Plan and the 2024 Audited Financial Statements which presents Toronto Atmospheric Fund's financial results.
The Board of Directors of the Toronto Atmospheric Fund: 1. Received the report (July 6, 2025) from the Vice President, Strategy and Partnerships, Toronto Atmospheric Fund for information.
Staff recommendation as filed
The Vice President, Strategy and Partnership recommends that the Board of Directors of the Toronto Atmospheric Fund receive the report for information.
TA11.3received
Draft Minutes of the Investment Committee Meeting Held June 3, 2025
Draft Minutes of the Investment Committee Meeting Held June 3, 2025
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA11.4received
Draft Minutes of the Direct Investment Committee meeting held June 24, 2025
Draft Minutes of the Direct Investment Committee meeting held June 24, 2025
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA11.5adopted
Direct Investment Request 2025 C
The Direct Investment Committee recommends an unfunded loan guarantee of $3,500,000 on the term loan portion of a $5,000,000 debt facility in a mass timber prefabrication housing construction company (Company). This investment is strongly aligned with Toronto Atmospheric Fund's mandate to mobilize capital for low-carbon solutions and accelerate net-zero new construction. The proposed allocation complies with Toronto Atmospheric Fund's investment policy and target portfolio.
The Board of Directors of the Toronto Atmospheric Fund: 1. Approved an investment of $3,500,000, structured as an unfunded guarantee of the repayment by the Company of a term loan made to it by Third-Party Credit Lender of no greater than 4 years length, subject to the following conditions: a. Third-Party Credit Lender shall have agreed to lend to the Company not less than $3,500,000 as a working capital loan facility upon the terms described in the Confidential Attachment 1 - Direct Investment Request 2025.C ("Memo") to the report (July 4, 2025) from the Vice President, Impact Investing, Toronto Atmospheric Fund and upon such additional terms as may be consistent therewith as are approved by Vice President, Impact Investing; and b. the terms of the Guarantee shall provide for a total return to TAF of no less than 3 percent per annum of the amount of the Guarantee through a combination of fees and warrant consideration, the aggregate value of which is to be determined by the Vice President, Impact Investing as meeting that requirement by using the methods set out in the Memo. 2. Directed the Vice President, Impact Investing to implement the investment subject to the satisfaction of Toronto Atmospheric Fund's solicitor. 3. Directed that the confidential information contained in Confidential Attachment 1 to the report (July 4, 2025) from the Vice President, Impact Investing, Toronto Atmospheric Fund remain confidential in its entirety, as it contains commercial and financial information, supplied in confidence to the Toronto Atmospheric Fund, which, if disclosed, could reasonably be expected to significantly prejudice the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.
Staff recommendation as filed
The Vice President, Impact Investing recommends the Board of Directors of the Toronto Atmospheric Fund: 1. Approve an investment of $3,500,000, structured as an unfunded guarantee of the repayment by the Company of a term loan made to it by Third-Party Credit Lender of no greater than 4 years length, subject to the following conditions: a. Third-Party Credit Lender shall have agreed to lend to the Company not less than $3,500,000 as a working capital loan facility upon the terms described in the Confidential Attachment 1 - Direct Investment Request 2025.C ("Memo") and upon such additional terms as may be consistent therewith as are approved by Vice President, Impact Investing; and b. the terms of the Guarantee shall provide for a total return to TAF of no less than 3 percent per annum of the amount of the Guarantee through a combination of fees and warrant consideration, the aggregate value of which is to be determined by the Vice President, Impact Investing as meeting that requirement by using the methods set out in the Memo. 2. Direct the Vice President, Impact Investing to implement the investment subject to the satisfaction of Toronto Atmospheric Fund's solicitor. 3. Direct that the confidential information contained in Confidential Attachment 1 remain confidential in its entirety, as it contains commercial and financial information, supplied in confidence to the Toronto Atmospheric Fund, which, if disclosed, could reasonably be expected to significantly prejudice the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.
TA11.6received
Draft Minutes of the Grants and Programs Committee meeting held June 26, 2025
Draft Minutes of the Grants and Programs Committee meeting held June 26, 2025.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA11.7adopted
Grant and Program Recommendations
This report recommends approval of three grants with a combined value of $266,650.
The Board of Directors of the Toronto Atmospheric Fund: 1. Approved reallocation of $100,000 previously allocated to Toronto Atmospheric Fund's 2025 program budget to the 2025 grants budget. 2. Approved the following grants to be funded from the proceeds of the endowments indicated: a. $50,000 over 18 months (from the Toronto and Canada endowments) to TREC SolarShare Co-operative (No.1) Inc. ("SolarShare") to engage stakeholders (e.g., co-op members, partner renewable energy cooperatives, government, and electricity experts) to complete market research and development of community virtual net metering business models, and to advocate for regulatory changes that enable community virtual net metering. b. $150,000 over 16 months (from the Toronto and Canada endowments) to Business Renewables Centre - Canada to conduct a regulatory review of Ontario's renewable energy policies and regulations in consultation with Ontario's major renewable energy developers, followed by advocacy by working groups of developers and corporate energy buyers to address barriers to corporate purchase and adoption of renewable energy. The Funding recommendation is subject to the following condition; i. explore social contracting, workforce development and community benefits as part of stakeholder engagement and recommended strategies. c. $66,650 over 6 months to Alectra Utilities (from the Toronto and Canada endowments) to conduct a study exploring how utilities can modify the distribution component of their rate structures to create an attractive environment for Electric Vehicle charging investments, encouraging both public fast charging stations and commercial fleet conversions. 3. Declined three grant requests with a total value of $427,820. This is summarized in Confidential Attachment 1 to the report (July 4, 2025) from the Senior Grants Manager, Toronto Atmospheric Fund. 4. Directed that the confidential information contained in Confidential Attachment 1 to the report (July 4, 2025) from the Senior Grants Manager, Toronto Atmospheric Fund remain confidential in its entirety, as it contains financial information, supplied in confidence to The Atmospheric Fund, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.
Staff recommendation as filed
The Senior Grants Manager recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Approve reallocation of $100,000 previously allocated to Toronto Atmospheric Fund's 2025 program budget to the 2025 grants budget. 2. Approve the following grants to be funded from the proceeds of the endowments indicated: a. $50,000 over 18 months (from the Toronto and Canada endowments) to TREC SolarShare Co-operative (No.1) Inc. ("SolarShare") to engage stakeholders (e.g., co-op members, partner renewable energy cooperatives, government, and electricity experts) to complete market research and development of community virtual net metering business models, and to advocate for regulatory changes that enable community virtual net metering. b. $150,000 over 16 months (from the Toronto and Canada endowments) to Business Renewables Centre - Canada to conduct a regulatory review of Ontario's renewable energy policies and regulations in consultation with Ontario's major renewable energy developers, followed by advocacy by working groups of developers and corporate energy buyers to address barriers to corporate purchase and adoption of renewable energy. The Funding recommendation is subject to the following condition; i. explore social contracting, workforce development and community benefits as part of stakeholder engagement and recommended strategies. c. $66,650 over 6 months to Alectra Utilities (from the Toronto and Canada endowments) to conduct a study exploring how utilities can modify the distribution component of their rate structures to create an attractive environment for Electric Vehicle charging investments, encouraging both public fast charging stations and commercial fleet conversions. 3. Decline three grant requests with a total value of $427,820. This is summarized in Confidential Attachment 1. 4. Direct that the confidential information contained in Confidential Attachment 1 remain confidential in its entirety, as it contains financial information, supplied in confidence to The Atmospheric Fund, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.
TA11.8received
Unaudited Financial Reports for the First Quarter of 2025
The unaudited financial results for three months ended March 31, 2025 (the first quarter) are presented for information.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA11.9adopted
Annual Performance Appraisal of the Toronto Atmospheric Fund Chief Executive Officer
This report summarizes the performance review of the Toronto Atmospheric Fund's Chief Executive Officer and provides a compensation recommendation.
The Board of Directors of the Toronto Atmospheric Fund: 1. Adopted the Confidential Instructions to staff in Confidential Attachment 1 to the report (July 4, 2025) from the Chair, Human Resources Committee, from the Human Resources Committee with respect to Chief Executive Officer Compensation. 2. Directed that the confidential information contained in Confidential Attachment 1 to the report (July 4, 2025) from the Chair, Human Resources Committee remain confidential in its entirety, as it contains personal matters about an identifiable person.
Staff recommendation as filed
The Chair, Human Resources Committee recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Adopt the Confidential Instructions to staff in Confidential Attachment 1 from the Human Resources Committee with respect to Chief Executive Officer Compensation. 2. Direct that the confidential information contained in Confidential Attachment 1 remain confidential in its entirety, as it contains personal matters about an identifiable person.
TA11.10received
City Council on April 23 and 24, 2025, adopted Item GG20.14 as amended and, in so doing, has: 1. Directed the General Manager, Economic Development and Culture and the Chief Technology Officer to establish the annual Mayor's Data and Artificial Intelligence Innovation Challenge to recognize, celebrate, and inspire non-City individuals and organizations as well as City divisions, agencies and corporations that leverage data and AI to showcase research, projects, or solutions that address opportunities to foster civic engagement and public service delivery in Toronto. 2. Requested the boards of City Agencies and Corporations to participate in the Mayor's Data and Artificial Intelligence Innovation Challenge.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA11.11received
Mayor’s Economic Action Plan in Response to United States Tariffs
City Council on March 26 and 27, 2025, adopted Item EX21.2 as amended and, in so doing, has: 1. Adopted the Mayor's Economic Action Plan in Response to US Tariffs, as outlined in Revised Attachment 1 to the revised report (March 18, 2025) from the City Manager and the General Manager, Economic Development and Culture, as amended by part 2 of City Council's decision to include actions under "Mobility of People and Goods" to support the improvement of the mobility of goods and services connected with the economy. 2. Requested the City's agencies and corporations to adopt similar policies where possible.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.