Toronto Atmospheric Fund
The full agenda, as filed
All 10 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.
TA7.1adopted
Yara Elias, EY Canada's Senior Manager, AI Risk, Risk Consulting, will provide a presentation on Artificial Intelligence (AI) risk and governance considerations. She leads EY Canada's AI adoption and responsible use practice and will profile some key considerations regarding the duties of Board members and respond to questions.
The Board of Directors of the Toronto Atmospheric Fund: 1. Received the item for information.
Staff recommendation as filed
The Chief Executive Officer recommends that: 1. The Board of Directors of the Toronto Atmospheric Fund receive the item for information.
TA7.2received
Chief Executive Officer’s Report
This report provides an update on 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.
TA7.3adopted
Aakash Harpalani, Toronto Atmospheric Fund's Director of Clean Energy, will provide an introduction to the program Toronto Atmospheric Fund is developing to accelerate the deployment of solar electricity generation in the Greater Toronto and Hamilton Area, including the target market, key elements of the turnkey design, potential partnerships, and value proposition of this distributed energy resource for the local and provincial grid, utilities, ratepayers, business, and achieving climate objectives.
The Board of Directors of the Toronto Atmospheric Fund: 1. Received the item for information.
Staff recommendation as filed
The Chief Executive Officer recommends that: 1. The Board of Directors of the Toronto Atmospheric Fund receive the item for information.
TA7.4received
Draft Minutes of the Investment Committee Meeting Held June 13, 2024
Draft Minutes of the Investment Committee Meeting held June 13, 2024.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA7.5received
Draft Minutes of the Direct Investment Committee Meeting Held June 25, 2024
Draft Minutes of the Direct Investment Committee Meeting held June 25, 2024.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA7.6received
Minutes of the Grants and Programs Committee Meeting Held June 27, 2024
Minutes of the Grants and Programs Committee Meeting held June 27, 2024.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA7.7adopted
Grant Allocation Recommendations
This report recommends approval of two grants with a combined value of $155,000.
The Board of Directors of the Toronto Atmospheric Fund: 1. Approved the following grants to be funded from the endowments indicated: a. $35,000 over 10 months (from the Canada, Toronto and Ontario endowments) to Toronto Society of Architects to create a Design Guide for low-carbon mid-rise housing building typologies. b. $120,000 over 18 months (from the Toronto and Canada endowments only) to Clean Energy Canada to ensure home charging access for condominium and apartment dwellers.
Staff recommendation as filed
The Senior Grants Manager, Toronto Atmospheric Fund recommends that the Board of Directors of the Toronto Atmospheric Fund 1. Approve the following grants to be funded from the endowments indicated: a. $35,000 over 10 months (from the Canada, Toronto and Ontario endowments) to Toronto Society of Architects to create a Design Guide for low-carbon mid-rise housing building typologies. b. $120,000 over 18 months (from the Toronto and Canada endowments only) to Clean Energy Canada to ensure home charging access for condominium and apartment dwellers.
TA7.8adopted
2023 Auditor’s Letter to Management
Toronto Atmospheric Fund's Auditor, Grant Thornton LLP, has provided their Letter to Management; it was not available when the 2023 Audited Consolidated Financial Statements were approved by the Board in April.
The Board of Directors of the Toronto Atmospheric Fund: 1. Received the Auditor's Letter to Management, as presented in Attachment 1 to the report (July 4, 2024) from the Director, Finance, Toronto Atmospheric Fund, for information.
Staff recommendation as filed
The Director, Finance, Toronto Atmospheric Fund recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Receive for information the Auditor's Letter to Management, as presented in Attachment 1.
TA7.9received
Unaudited Financial Report for First Quarter 2024
The unaudited financial results for three months ended March 31, 2024 First Quarter are provided in Attachment 1.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA7.10adopted
Direct Investment Request 2024 Number 1
The Direct Investment Committee (DC) recommends an investment of up to $500,000 in a mobility-as-a-service company. The investment is in the form of convertible notes, structured in two (2) tranches of $250,000 where the second tranche is conditional on meeting milestones. This bridge financing is to support the continued operations of a company in Toronto Atmospheric Fund's portfolio of Direct Investments that is strongly aligned with Toronto Atmospheric Fund's mandate and focus on accelerating Electric Vehicle (EV) uptake. 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 up to $500,000 in convertible note bridge financing, structured in two equal $250,000 tranches and subject to the terms and conditions outlined by the Direct Investment Committee at its meeting on July 11, 2024 and contained in the Confidential Attachment 1 to the report (July 12, 2024) from the Vice President, Impact Investing, Toronto Atmospheric Fund. 2. Directed staff to confirm the Company's successful execution of its operating plan and concurrence of the other interested Investors' commitment of additional financing for Toronto Atmospheric Fund to advance the second conditional financing tranche of $250,000. 3. Directed staff to implement the investment transaction subject to the satisfaction of Toronto Atmospheric Fund's solicitor. 4. Directed that the confidential information contained in Confidential Attachment 1 to the report (July 12, 2024) 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 that the Board of Directors of the Toronto Atmospheric Fund: 1. Approve an investment of up to $500,000 in convertible note bridge financing, structured in two $250,000 tranches and subject to the terms and conditions outlined by the Direct Investment Committee contained in the Confidential Attachment 1. 2. Direct staff to confirm that the company has successfully executed its operating plan and that the other interested investor(s) has committed additional, matching financing before the Toronto Atmospheric Fund advances any of the second, conditional financing tranche of up to $250,000. 3. Direct staff to implement the investment subject to the satisfaction of the Toronto Atmospheric Fund 's solicitor. 4. 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.