Toronto Atmospheric Fund
The full agenda, as filed
All 14 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.
TA12.1adopted
Insights on Artificial Intelligence Infrastructure in the Greater Toronto and Hamilton Area
Toronto Atmospheric Fund (TAF) provided a grant to MaRS to explore what artificial intelligence (AI) infrastructure (i.e. data centres) build-out could look like in the Greater Toronto and Hamilton Area (GTHA) and more broadly in Ontario, and the policies and practices that can ensure that they are developed as innovatively and sustainably in order to maintain a robust electricity supply and meet its climate and broader economic objectives. MaRS and their partner Mantle Developments will present initial findings from stakeholder consultation and research.
The Board of Directors of the Toronto Atmospheric Fund: 1. Received the report (November 7, 2025) from the Vice President, Strategy and Partnerships, Toronto Atmospheric Fund, for information.
Staff recommendation as filed
The Vice President, Strategy and Partnerships recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Receive the report for information.
TA12.2received
New Appointments to the Toronto Atmospheric Fund Board
At its meeting held on October 8 and 9, 2025, City Council appointed the following members to the Toronto Atmospheric Fund Board for a term of office from October 10, 2025, to October 11, 2029, and until successors are appointed: Jehad Aliweiwi; and Elizabeth McCallion These new appointments fill the positions previously held by Stuart Galloway and Kim Marshall whose terms of office came to an end on July 15, 2025. City Council also reappointed Jean Olemou for a term of office from October 10, 2025, to October 11, 2029, and until a successor is appointed.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA12.3received
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.
TA12.4adopted
This report recommends appointment of the Treasurer of the Board of Directors.
The Board of Directors of the Toronto Atmospheric Fund: 1. Appointed Jehad Aliweiwi as the Treasurer of the Board of Directors of the Toronto Atmospheric Fund.
Staff recommendation as filed
The Chief Executive Officer recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Appoint Jehad Aliweiwi as the Treasurer of the Board of Directors of the Toronto Atmospheric Fund.
TA12.5amended
Board Member Appointments to Toronto Atmospheric Fund Committees
This report recommends appointment of Board members to the Toronto Atmospheric Fund's Human Resources and Audit Committees.
The Board of Directors of the Toronto Atmospheric Fund: 1. Appointed Jehad Aliweiwi and Wayne Miranda to the Audit Committee. 2. Appointed Elizabeth McCallion to the Human Resources Committee.
Staff recommendation as filed
The Chief Executive Officer recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Appoint two members to the Audit Committee, as recommended by the Chair during the meeting. 2. Appoint a member to the Human Resources Committee, as recommended by the Chair during the meeting.
TA12.6received
Unaudited Financial Report for the Second and Third Quarters of 2025
The unaudited financial results for the two quarters ended June 30, 2025, and September 30, 2025 (second quarter and third quarter) are provided in Attachments 1 and 2.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA12.7adopted
2026 Consolidated Operating Budget
Toronto Atmospheric Fund's 2026 Operating Budget is presented for Board consideration and approval. This is a balanced and self-financed budget, with zero impact on the City's budget. Revenue is based on a projected annual return on the marketable securities portfolio which the Investment Committee considers appropriate; the expected returns on the current book of direct investments; an estimate of return on new direct investments advanced during the course of the year; and committed external funding. Expenditures are based on the projected revenues including investment proceeds and external funding, with attention to the minimum grant and maximum administrative expense requirements and compliance with the Payout Ratio established to protect the endowments. The 2026 Annual Plan that details the objectives and activities for advancing climate solutions for the Greater Toronto and Hamilton Area (GTHA) will be crafted in keeping with the approved 2026 Operating Budget and presented to the Board at the first meeting of 2026.
The Board of Directors of the Toronto Atmospheric Fund: 1. Approved the 2026 Consolidated Operating Budget as presented in Attachment 1 to the report (November 6, 2025) from the Director, Finance, Toronto Atmospheric Fund.
Staff recommendation as filed
The Director, Finance recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Approve the 2026 Consolidated Operating Budget as presented in Attachment 1.
TA12.8received
Draft Minutes of the Investment Committee Meeting Held September 25, 2025
Draft minutes of the Investment Committee meeting held on September 25, 2025.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA12.9received
Draft Minutes of the Direct Investment Committee Meeting Held October 28, 2025
Draft Minutes of the Direct Investment Committee meeting held on October 28, 2025.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA12.10received
Draft Minutes of the Grants and Programs Committee Meeting Held October 30, 2025
Draft minutes of the Grants and Programs Committee meeting held on October 30, 2025.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA12.11adopted
This report recommends approval of five grants with a combined value of $848,077.
The Board of Directors of the Toronto Atmospheric Fund: 1. Approved the grant requests summarized in Confidential Attachment 1 to the report (November 7, 2025) from the Senior Grants Manager, Toronto Atmospheric Fund, which includes grants recommended for approval and project descriptions. 2. Declined the grant requests summarized in Confidential Attachment 2 to the report (November 7, 2025) from the Senior Grants Manager, Toronto Atmospheric Fund, and received the rationale for partial funding decisions, including original requested amounts. 3. Authorized the public release of Confidential Attachment 1 to the report (November 7, 2025) from the Senior Grants Manager, Toronto Atmospheric Fund, only for grants approved by the Board, and direct that confidential information on any declined grants remain confidential, 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. 4. Directed that the confidential information contained in Confidential Attachment 2 to the report (November 7, 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. Confidential Attachment 1 to the report (November 7, 2025) from the Senior Grants Manager, Toronto Atmospheric Fund is now public and can be accessed under Background Information.
Staff recommendation as filed
The Senior Grants Manager recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Approve the grant requests summarized in Confidential Attachment 1, which includes grants recommended for approval and project descriptions. 2. Decline the grant requests summarized in Confidential Attachment 2, and receive the rationale for partial funding decisions, including original requested amounts. 3. Authorize the public release of Confidential Attachment 1 only for grants approved by the Board, and direct that confidential information on any declined grants remain confidential, 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. 4. Direct that the confidential information contained in Confidential Attachment 2 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.
TA12.12received
2026 Meeting Schedule - Board of Directors of the Toronto Atmospheric Fund
In accordance with the Procedural By-law for Meetings of the Board of Directors of the Toronto Atmospheric Fund, the Chair, in consultation with the City Clerk, determines the place, day and hour of its regular Meetings and the schedule of those Meetings shall be publicly available by the beginning of each calendar year, or as soon as possible following the beginning of a new term of Council. City Council on July 23 and 24, 2025, approved the 2026 schedule of meetings for City Council and its Committees. The schedule of meetings for Board of Directors of the Toronto Atmospheric Fund has been developed to avoid dates, whenever possible, that conflict with the approved City Council schedule; and to avoid days of cultural or religious significance. The Chair has scheduled the following meetings for 20026: Date: February 13, 2026 Time: 9:30 a.m. Location: Committee Room 1, City Hall/Video Conference Date: April 28, 2026 Time: 9:30 a.m. Location: Committee Room 1, City Hall/Video Conference Date: July 13, 2026 Time: 9:30 a.m. Location: Committee Room 2, City Hall/Video Conference Date: November 3, 2026 Time: 9:30 a.m. Location: Committee Room 1, City Hall/Video Conference
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA12.13adopted
Re-Open Item TA11.5 titled “Direct Investment Request 2025 C”
On June 24, 2025, the Direct Investment Committee of the Toronto Atmospheric Fund approved the following amended recommendation regarding Direct Investment Request 2025.C for presentation to the Board. "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." It has come to my attention that while this wording was included in the Draft Minutes of the Direct Investment Committee received by the Board at its meeting on June 24 ( https://secure.toronto.ca/council/agenda-item.do?item=2025.TA11.4 ), the report for item TA 11.5 Direct Investment Request 2025 C ( https://secure.toronto.ca/council/agenda-item.do?item=2025.TA11.5 ) included recommendations that did not reflect the amendments made by the Committee. By re-opening this item, I am requesting that the Board of Directors of the Toronto Atmospheric Fund amend Decision 1 to ensure the official record reflects the correct Committee-approved language, as the motion adopted by the Board did not include the precise wording required.
The Board of Directors of the Toronto Atmospheric Fund : 1. Re-opened Item TA11.5 - Direct Investment Request 2025 C 2. Deleted Decision 1, and adopted the following instead: "1. Approve Toronto Atmospheric Fund to provide an unfunded guarantee not exceeding $3.5 million of the repayment by the borrowing company (the "Borrower") of a term loan made to it by the lending party and affiliates (the "Lender") of no greater than 4 years length ("Guarantee"), subject to the following conditions: a. The Lender shall have agreed to lend to the Borrower not less than $3.5 million 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 VP Impact Investing; b. the terms of the Guarantee shall provide for a minimum total return to Toronto Atmospheric Fund, outlined in the Memo, 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; and c. satisfactory review of all legal documentation by Toronto Atmospheric Fund's legal counsel, as determined by the Vice President, Impact Investing and the Chief Executive Officer."
Staff recommendation as filed
The Chair recommends that the Board of Directors of the Toronto Atmospheric Fund : 1. Re-open Item TA11.5 - Direct Investment Request 2025 C 2. Delete Decision 1, and adopt the following instead: "1. Approve TAF to provide an unfunded guarantee not exceeding $3.5 million of the repayment by the borrowing company (the "Borrower") of a term loan made to it by the lending party and affiliates (the "Lender") of no greater than 4 years length ("Guarantee"), subject to the following conditions: a. The Lender shall have agreed to lend to the Borrower not less than $3.5 M 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 VP Impact Investing; b. the terms of the Guarantee shall provide for a minimum total return to TAF, outlined in the Memo, 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 VP Impact Investing as meeting that requirement by using the methods set out in the Memo; and c. satisfactory review of all legal documentation by TAF's legal counsel, as determined by the VP Impact Investing and the Chief Executive Officer."
TA12.14adopted
Amendments to Human Resources Committee Terms of Reference
An update to the Terms of Reference for Toronto Atmospheric Fund's Human Resources Committee is presented for Board consideration. The proposed change amends the composition of the Committee, removing the specific requirement for participation by a Councillor Board member.
The Board of Directors of the Toronto Atmospheric Fund: 1. Amended Section 4 a. Composition of the Human Resources Committee of the Terms of Reference of the Human Resource Committee so that it now reads as follows: "The Human Resources Committee shall be comprised of three TAF Board members, including the TAF Board Chair."
Staff recommendation as filed
The Chair recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Amend Section 4 a. Composition of the Human Resources Committee of the Terms of Reference of the Human Resource Committee so that it now reads as follows: The HR Committee shall be comprised of three TAF Board members, including the TAF Board Chair.