Toronto Atmospheric Fund
The full agenda, as filed
All 16 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.
TA14.1adopted
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.
TA14.2adopted
Toronto Atmospheric Fund's Home Solar Accelerator Presentation
Staff will provide an overview of how Toronto Atmospheric Fund's (TAF) recently launched Home Solar Accelerator will support homeowners interested in going solar, and how the program can help evolve the ecosystem for home solar and storage in the GTHA.
The Board of Directors of the Toronto Atmospheric Fund: 1. Received the presentation on Lighting the Path to Solar for information.
Staff recommendation as filed
The Chief Executive Officer recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Receive the presentation for information.
TA14.3adopted
2025 Key Performance Indicator Results
This report provides information regarding the impact of Toronto Atmospheric Fund's (TAF) programs based on the two core key performance indicators (KPIs): emission reduction potential and mobilization of financial capital. It also summarizes new approaches for impact tracking and reporting which will be advanced.
The Board of Directors of the Toronto Atmospheric Fund: 1. Received the report (April 14, 2026) 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.
TA14.4adopted
This report recommends appointment of the Toronto Atmospheric Fund's Vice Chair, Treasurer, and Corporate Secretary.
The Board of Directors of the Toronto Atmospheric Fund: 1. Appointed the following Officers of the Corporation to hold office at the pleasure of the Board for one year, or until their successors are appointed: a. Vice Chair: Councillor Dianne Saxe; b. Corporate Secretary: Graysanne Bedell; and c. Treasurer: Jehad Aliweiwi.
Staff recommendation as filed
The Chief Executive Officer recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Appoint the following Officers of the Corporation to hold office at the pleasure of the Board for one year, or until their successors are appointed: a. Vice Chair: Councillor Dianne Saxe; b. Corporate Secretary: Graysanne Bedell; and c. Treasurer: Jehad Aliweiwi.
TA14.5adopted
This report recommends the appointment of one member to the Toronto Atmospheric Fund's (TAF) Grants and Programs Committee, and the appointment and reappointment of members to the Direct Investment Committee.
The Board of Directors of the Toronto Atmospheric Fund: 1. Established the composition of the Grants and Programs Committee as seven members, and appoint the individual listed in Confidential Attachment 1 to the report (April 14, 2026) from the Chief Executive Officer, Toronto Atmospheric Fund, as a member, effective April 28, 2026. 2. Established the composition of the Direct Investment Committee as nine members, and: a. appointed two individuals listed in Confidential Attachment 1 to the report (April 14, 2026) from the Chief Executive Officer, Toronto Atmospheric Fund, to first terms; and b. reappointed two members listed in Confidential Attachment 1 to the report (April 14, 2026) from the Chief Executive Officer, Toronto Atmospheric Fund, to second and final terms, effective April 28, 2026. 3. Instructed the City Clerk to make the appointee names public once appointed by the Board, and directed that the balance of Confidential Attachment 1 to the report (April 14, 2026) from the Chief Executive Officer, Toronto Atmospheric Fund, remain confidential as it deals with personal matters about identifiable people. The names of the individuals appointed to the Grants and Programs Committee and Direct Investment Committee are now public as follows: Direct Investment Committee James Henry Charles Holt Michael LeClair Stephen Simpson Grants and Programs Committee Elizabeth McCallion
Staff recommendation as filed
The Chief Executive Officer recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Establish the composition of the Grants and Programs Committee as seven members, and appoint the individual listed in Confidential Attachment 1 as a member, effective April 28, 2026. 2. Establish the composition of the Direct Investment Committee as nine members, and: a. appoint two individuals listed in Confidential Attachment 1 to first terms; and b. reappoint two members listed in Confidential Attachment 1 to second and final terms, effective April 28, 2026. 3. Instruct the City Clerk to make the appointee names public once appointed by the Board, and direct that the balance of Confidential Attachment 1 remain confidential as it deals with personal matters about identifiable people.
TA14.6received
Draft Minutes of the Investment Committee Meeting Held March 12, 2026
Draft Minutes of the Investment Committee Meeting Held March 12, 2026.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA14.7received
Minutes of the Direct Investment Committee Meeting Held January 22, 2026
Minutes of the Direct Investment Committee Meeting Held January 22, 2026
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA14.8received
Draft Minutes of the Direct Investment Committee Meeting Held April 9, 2026
Draft Minutes of the Direct Investment Committee Meeting Held April 9, 2026
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA14.9adopted
Amendment and Clarification to Direct Investment 2024 #2 (EV Ready MURBs)
This report seeks Board approval of a clarification and amendment to the Direct Investment 2024 #2 (EV Ready MURBs) approved by the Board on November 21, 2024, to permit amendments to Letters of Intent and related project agreements for a limited number of pilot buildings.
The Board of Directors of the Toronto Atmospheric Fund: 1. Approved a clarification and amendment of Direct Investment 2024 #2, approved by the Board on November 21, 2024, to authorize staff, consistent with instructions from the Direct Investment Committee, to negotiate and amend Letters of Intent and related project agreements to adjust upfront cost sharing arrangements and initial EV charger deployment for a limited number of pilot buildings. 2. Directed that the confidential information contained in Confidential Attachment 1to the report (April 14, 2026) from the Vice President, Impact Investing, Toronto Atmospheric Fund, remain confidential in its entirety, as it contains commercial and financial information and negotiation details supplied in confidence, 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 Vice President, Impact Investing recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Approve a clarification and amendment of Direct Investment 2024 #2, approved by the Board on November 21, 2024, to authorize staff, consistent with instructions from the Direct Investment Committee, to negotiate and amend Letters of Intent and related project agreements to adjust upfront cost sharing arrangements and initial EV charger deployment for a limited number of pilot buildings. 2. Direct that the confidential information contained in Confidential Attachment 1 remain confidential in its entirety, as it contains commercial and financial information and negotiation details supplied in confidence, 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.
TA14.10adopted
Direct Investment Request 2026.D
The Direct Investment Committee recommends that the Board of Directors approve the Toronto Atmospheric Fund's consent to administrative and structural amendments to an existing subordinated debt facility previously approved for a for-profit, energy efficiency-focused infrastructure as a service company. The proposed changes are intended to align the facility with the Toronto Atmospheric Fund's current lending structure and security framework following earlier Board-approved restructuring of related financing arrangements. The request does not involve new capital, changes to approved limits, or amendments to pricing or economic terms. Details of the proposed amendments are contained in Confidential Attachment 1.
The Board of Directors of the Toronto Atmospheric Fund: 1. Adopted the Confidential Instructions to Staff in Confidential Attachment 1 to the report (April 14, 2026) from the Vice President, Impact Investing, authorizing the Toronto Atmospheric Fund's consent to the assignment and associated amendments to an existing subordinated debt facility. 2. Directed that the confidential information contained in Confidential Attachment 1 to the report (April 14, 2026) from the Vice President, Impact Investing, 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 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 Vice President, Impact Investing recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Adopt the Confidential Instructions to Staff in Confidential Attachment 1, authorizing the Toronto Atmospheric Fund's consent to the assignment and associated amendments to an existing subordinated debt facility. 2. 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 prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.
TA14.11adopted
Direct Investment Request: Affordable Housing Guarantee Pool
The Direct Investment Committee recommends an unfunded amount of $5 million to the affordable housing guarantee pool. This investment is strongly aligned with Toronto Atmospheric Fund's (TAF) mandate to mobilize capital and accelerate delivery of affordable, zero‑carbon, non‑profit multi‑unit residential (MURB) housing. By using a pooled guarantee structure, it has the ability to unlock construction financing while limiting Toronto Atmospheric Fund's (TAF) exposure to its committed amount. The proposed allocation complies with Toronto Atmospheric Fund's (TAF) investment policy and asset allocation framework.
The Board of Directors of the Toronto Atmospheric Fund: 1. Directed the Chief Executive Office, Toronto Atmospheric Fund to enter an arrangement to commit to funding for an Affordable Housing Guarantee Pool in which investors rateably agree to provide an amount, as called upon by the Housing Guarantee Pool Fund Administrator, for projects approved under the terms of the arrangement, namely: a. the principal amount of all amounts advanced by Toronto Atmospheric Fund under the arrangement shall not exceed $5 million and the Toronto Atmospheric Fund shall not be required to provide any security for its commitment; b. Toronto Atmospheric Fund shall not enter into the arrangement until: i. other investors have committed (at the same time or earlier) to amounts no less than the principal amount of $10 million under the same terms of arrangement; and, ii. the Project Sponsor (who is a well-regarded developer of affordable housing who identifies suitable projects for the Fund, provides the first loss position and will act as the development manager on all projects they sponsor) has funded $5 million; and, c. the term of the arrangement shall be for no longer than 8 years from the execution of the arrangement (subject to survival of any outstanding commitments). 2. Directed the completion of a legal review of all documentation to the satisfaction of Toronto Atmospheric Fund's legal counsel as determined by Toronto Atmospheric Fund's Vice President, Impact Investing and Chief Executive Officer. 3. Directed that the confidential information contained in Confidential Attachment 1 to the report (April 14, 2026) from the Vice President, Impact Investing, Toronto Atmospheric Fund remain confidential in its entirety, as it contains commercial and financial information and negotiation details supplied in confidence, 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 Vice President, Impact Investing recommends the Board of Directors of the Toronto Atmospheric Fund: 1. Direct the Chief Executive Office, Toronto Atmospheric Fund to enter an arrangement to commit to funding for an Affordable Housing Guarantee Pool in which investors rateably agree to provide an amount, as called upon by the Housing Guarantee Pool Fund Administrator, for projects approved under the terms of the arrangement, namely: a. the principal amount of all amounts advanced by Toronto Atmospheric Fund under the arrangement shall not exceed $5 million and the Toronto Atmospheric Fund shall not be required to provide any security for its commitment; b. Toronto Atmospheric Fund shall not enter into the arrangement until: i. other investors have committed (at the same time or earlier) to amounts no less than the principal amount of $10 million under the same terms of arrangement; and, ii. the Project Sponsor (who is a well-regarded developer of affordable housing who identifies suitable projects for the Fund, provides the first loss position and will act as the development manager on all projects they sponsor) has funded $5 million; and, c. the term of the arrangement shall be for no longer than 8 years from the execution of the arrangement (subject to survival of any outstanding commitments). 2. Direct the completion of a legal review of all documentation to the satisfaction of Toronto Atmospheric Fund's legal counsel as determined by Toronto Atmospheric Fund's Vice President, Impact Investing and Chief Executive Officer. 3. Direct that the confidential information contained in Confidential Attachment 1 remain confidential in its entirety, as it contains commercial and financial information and negotiation details supplied in confidence, 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.
TA14.12received
Draft Minutes of the Grants and Programs Committee Meeting held March 26, 2026
Draft Minutes of the Grants and Programs Committee Meeting held March 26, 2026
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA14.13adopted
Toronto Atmospheric Fund Grant Program Updates
This report provides an update on enhancements to Toronto Atmospheric Fund's (TAF) Grants Program in 2026 and recommends Board approval of the allocation of endowment proceeds to grants approved in 2025.
The Board of Directors of the Toronto Atmospheric Fund: 1. Approved the allocation of funding to grants approved in 2025 as presented in Attachment 1 to the report (April 14, 2026) from the Senior Grants Manager, Toronto Atmospheric Fund.
Staff recommendation as filed
The Senior Grants Manager recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Approve the allocation of funding to grants approved in 2025 as presented in Attachment 1.
TA14.14received
Draft Minutes of the Human Resources Committee Meeting Held April 9, 2026
Draft minutes of the Human Resources Committee Meeting held April 9, 2026.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA14.15adopted
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 (April 13, 2026) Report 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 (April 13, 2026) Report 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 of the 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.
TA14.16amended
Draft Audited Consolidated Financial Statements for the Year Ended December 31, 2025
The 2025 Audited Consolidated Financial Statements have been prepared by Doane Grant Thornton and are presented to the Toronto Atmospheric Fund (TAF) Board of Directors for approval. These statements provide separate fund accounting for the endowment funds provided to the Toronto Atmospheric Fund by the City of Toronto, Province of Ontario, and Government of Canada.
The Board of Directors of the Toronto Atmospheric Fund: 1. Approved the transfer of: a. $1,303,938 from the Toronto General Fund (unrestricted) to the Internally restricted Stabilization Fund; b. $561,021from the Ontario General Fund (unrestricted) to the Internally restricted Stabilization Fund; and, c. $1,487,882 from the Canada General Fund (unrestricted) to the Internally restricted Stabilization Fund. 2. Approved the consolidated financial statements of the Toronto Atmospheric Fund for the year ended December 31, 2025 as presented in Attachment 1 to the report (April 24, 2026) from the Director, Finance, Toronto Atmospheric Fund, together with the related notes thereto, subject to: a. completion of management's and the auditors' subsequent event procedures through the date of issuance; and b. the possible inclusion of additional disclosure on the matter to appropriately describe the subsequent event and related matters identified. 3. Received the Doane Grant Thornton Report to the TAF Board Audit Committee on Audit Results, and Draft Minutes of the Audit Committee Meeting held April 23, 2026, as presented in Attachments 2 and 3 to the report (April 24, 2026) from the Director, Finance, Toronto Atmospheric Fund. 4. Recommends that City Council receive for information the Toronto Atmospheric Fund 2025 Audited Consolidated Financial Statements as presented in Attachment 1 to the report (April 24, 2026) 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 transfer of: a. $1,303,938 from the Toronto General Fund (unrestricted) to the Internally restricted Stabilization Fund; b. $561,021from the Ontario General Fund (unrestricted) to the Internally restricted Stabilization Fund; and, c. $1,487,882 from the Canada General Fund (unrestricted) to the Internally restricted Stabilization Fund. 2. Approve the Toronto Atmospheric Fund 2025 Audited Consolidated Financial Statements as presented in Attachment 1. 3. Receive the Doane Grant Thornton Report to the TAF Board Audit Committee on Audit Results, and Draft Minutes of the Audit Committee Meeting held April 23, 2026, as presented in Attachments 2 and 3. 4. Recommend that City Council receive for information the Toronto Atmospheric Fund 2025 Audited Consolidated Financial Statements as presented in Attachment 1.