Item - 2013.EX35.12
Tracking Status
- City Council adopted this item on November 13, 2013 without amendments.
- This item was considered by the Executive Committee on October 30, 2013 and adopted without amendment. It will be considered by City Council on November 13, 2013.
EX35.12 - Implementation of Affordable Housing Pilot Project in East Bayfront
- Decision Type:
- ACTION
- Status:
- Adopted
- Ward:
- 28 - Toronto Centre-Rosedale
City Council Decision
City Council on November 13, 14, 15 and 18, 2013, adopted the following:
1. City Council authorize staff to pursue further discussions with Hines and Tridel with the goal of determining the feasibility of proceeding with the pilot project and working with all parties to finalize a definitive proposal for Council's consideration, in accordance with the terms of the Land Development Agreement between the City and Hines Canada Management Company II ULC dated June 28, 2012.
2. City Council approve in principle capital funding of $15 million for the construction of approximately 71 affordable rental homes with total costs estimated at $22.5 million in the Bayside Development which includes $7.5 million in equity and mortgage financing from a non-profit owner operator.
3. City Council request the Director, Affordable Housing Office, to report to Council in 2014 prior to the deadline established in the Land Development Agreement between the City and Hines, dated June 28, 2012, as amended, recommending a course(s) of action with respect to the definitive proposal submitted by Hines/Tridel, including recommendations with respect to:
a. proceeding with the pilot project (based on negotiations with Hines and/or Tridel and an independent financial review to verify the reasonableness of proposed costs, to review the design to identify possible cost reductions and to engage in other due diligence activities and actions as the Director deems necessary);
b. confirming the availability of funding from the federal/provincial Investment in Affordable Housing program 2014-2019 and/or any funds required from the Capital Revolving Reserve Fund for Affordable Housing (XR 1058) and the Development Charges Reserve Fund for Subsidized Housing (XR 2116);
c. obtaining approval to negotiate and enter into an agreement of purchase and sale with Hines/Tridel or such other agreement(s) deemed necessary for the completion of the pilot project;
d. retaining the services of professionals such as architects, project managers, and/or quantity surveyors, as required to oversee the completion of the project;
e. confirming the selection of a non-profit owner and/or operator; and
f. such other actions that are deemed necessary to complete the transaction as contemplated by the report (October 9, 2013) from the Director, Affordable Housing Office and the Director, Strategic Initiatives, Policy and Analysis.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2013/ex/bgrd/backgroundfile-62488.pdf
Communications (Committee)
https://www.toronto.ca/legdocs/mmis/2013/ex/comm/communicationfile-40705.pdf
Communications (City Council)
(November 1, 2013) E-mail from Linda Makarchuk (CC.Main.EX35.12.3)
(October 31, 2013) E-mail from Bruna Nota (CC.Main.EX35.12.4)
Motions (City Council)
Vote (Adopt Item) Nov-14-2013 6:50 PM
| Result: Carried | Majority Required - EX35.12 - Adopt the item |
|---|---|
| Total members that voted Yes: 37 | Members that voted Yes are Paul Ainslie, Maria Augimeri, Ana Bailão, Michelle Berardinetti, Shelley Carroll, Raymond Cho, Josh Colle, Gary Crawford, Vincent Crisanti, Janet Davis, Mike Del Grande, Frank Di Giorgio, Sarah Doucette, John Filion, Paula Fletcher, Mary Fragedakis, Mark Grimes, Norman Kelly, Mike Layton, Chin Lee, Peter Leon, Josh Matlow, Pam McConnell, Mary-Margaret McMahon, Joe Mihevc, Peter Milczyn, Ron Moeser, Frances Nunziata (Chair), Cesar Palacio, John Parker, James Pasternak, Gord Perks, Anthony Perruzza, Jaye Robinson, Karen Stintz, Adam Vaughan, Kristyn Wong-Tam |
| Total members that voted No: 2 | Members that voted No are Doug Ford, Rob Ford |
| Total members that were Absent: 6 | Members that were absent are Glenn De Baeremaeker, Gloria Lindsay Luby, Giorgio Mammoliti, Denzil Minnan-Wong, David Shiner, Michael Thompson |
12a - Implementation of Affordable Housing Pilot Project in East Bayfront
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2013/ex/bgrd/backgroundfile-63070.htm
(October 9, 2013) Report from the Director, Affordable Housing Office, and the Director, Strategic Initiatives, Policy and Analysis, City Planning, on Implementation of Affordable Housing Pilot Project in East Bayfront
https://www.toronto.ca/legdocs/mmis/2013/ex/bgrd/backgroundfile-63069.pdf
(October 29, 2013) Presentation from the Director, Affordable Housing Office, on the Affordable Housing Pilot Project in East Bayfront
https://www.toronto.ca/legdocs/mmis/2013/ex/bgrd/backgroundfile-63068.pdf
EX35.12 - Implementation of Affordable Housing Pilot Project in East Bayfront
- Decision Type:
- ACTION
- Status:
- Adopted
- Ward:
- 28 - Toronto Centre-Rosedale
Committee Recommendations
The Executive Committee recommends that:
1. City Council authorize staff to pursue further discussions with Hines and Tridel with the goal of determining the feasibility of proceeding with the pilot project and working with all parties to finalize a definitive proposal for Council's consideration, in accordance with the terms of the Land Development Agreement between the City and Hines Canada Management Company II ULC dated June 28, 2012.
2. City Council approve in principle capital funding of $15 million for the construction of approximately 71 affordable rental homes with total costs estimated at $22.5 million in the Bayside Development which includes $7.5 million in equity and mortgage financing from a non-profit owner operator.
3. City Council request the Director, Affordable Housing Office, to report to Council in 2014 prior to the deadline established in the Land Development Agreement between the City and Hines, dated June 28, 2012, as amended, recommending a course(s) of action with respect to the definitive proposal submitted by Hines/Tridel, including recommendations with respect to:
a. proceeding with the pilot project (based on negotiations with Hines and/or Tridel and an independent financial review to verify the reasonableness of proposed costs, to review the design to identify possible cost reductions and to engage in other due diligence activities and actions as the Director deems necessary);
b. confirming the availability of funding from the federal/provincial Investment in Affordable Housing program 2014-2019 and/or any funds required from the Capital Revolving Reserve Fund for Affordable Housing (XR 1058) and the Development Charges Reserve Fund for Subsidized Housing (XR 2116);
c. obtaining approval to negotiate and enter into an agreement of purchase and sale with Hines/Tridel or such other agreement(s) deemed necessary for the completion of the pilot project;
d. retaining the services of professionals such as architects, project managers, and/or quantity surveyors, as required to oversee the completion of the project;
e. confirming the selection of a non-profit owner and/or operator; and
f. such other actions that are deemed necessary to complete the transaction as contemplated by the report.
Origin
Summary
Bayside is one of the first new neighbourhoods to be developed in the East Bayfront. It is comprised of public lands in which Waterfront Toronto has the lead in revitalizing. The Central Waterfront Secondary Plan, the East Bayfront Precinct Plan and the East Bayfront zoning by-law require that 20% of all residential units be affordable rental housing or that land sufficient to construct such housing be provided at the same time as the development of the market housing.
In 2010, Council approved entering into agreements with Hines Canada Management Company ULC (Hines) for the development of the Bayside lands. The Land Development Agreement sets out the terms and conditions under which the City and Hines/Tridel are to work together to develop an affordable housing pilot project as one portion of the larger affordable housing requirements, on two sites located at the eastern end of Bayside, which may not be ready for development for possibly as long as 10-15 years. At the time, Council requested that options be pursued to expedite the building of a portion of the affordable housing by having it located in the earlier Phase 1 development located at the west end of Bayside.
In accordance with the terms of that Agreement, the City has received a preliminary proposal for an estimated 71 affordable rental apartments in a market condominium on the R3R4 site, a building which would also include a commercial component. This proposal has the benefit of allowing for the construction of a portion of the affordable rental housing at the same time as, and integrated with, the market housing. This pilot project would represent the first step to fulfilling Council's policy of providing 20% affordable housing in Bayside.
While the preliminary proposal, presented by Hines and its residential development partner, Tridel Corporation (Tridel), is only an outline with an estimated number of units and cost, the Land Development Agreement directs the City to approve an allocation of funds for the preliminary proposal in 2013. By approving this report, Council will provide an in principle approval for capital funding required by Hines and Tridel to negotiate a definitive proposal with the City, which will be the subject of a report to Council in May 2014. At that time the final number of units, within a range of 70 – 75 will be specified; as well, the complete capital costs and details of the transaction will be outlined.
Background Information
https://www.toronto.ca/legdocs/mmis/2013/ex/bgrd/backgroundfile-62488.pdf
Communications
https://www.toronto.ca/legdocs/mmis/2013/ex/comm/communicationfile-40705.pdf
Speakers
Councillor Shelley Carroll
Councillor Adam Vaughan
Councillor Ana Bailão
Motions
Vote (Adopt Item) Oct-30-2013
| Result: Carried | Majority Required - Adopt - Motion 1 |
|---|---|
| Total members that voted Yes: 7 | Members that voted Yes are Gary Crawford, Vincent Crisanti, Frank Di Giorgio, Norman Kelly, Peter Leon, Peter Milczyn, Cesar Palacio |
| Total members that voted No: 1 | Members that voted No are Rob Ford (Chair) |
| Total members that were Absent: 5 | Members that were absent are Giorgio Mammoliti, Denzil Minnan-Wong, Anthony Perruzza, David Shiner, Michael Thompson |
12a - Implementation of Affordable Housing Pilot Project in East Bayfront
Origin
Summary
Bayside is one of the first new neighbourhoods to be developed in the East Bayfront. It is comprised of public lands in which Waterfront Toronto has the lead in revitalizing. The Central Waterfront Secondary Plan, the East Bayfront Precinct Plan and the East Bayfront zoning by-law require that 20 percent of all residential units be affordable rental housing or that land sufficient to construct such housing be provided at the same time as the development of the market housing.
In 2010, Council approved entering into agreements with Hines Canada Management Company ULC (Hines) for the development of the Bayside lands. The Land Development Agreement sets out the terms and conditions under which the City and Hines/Tridel are to work together to develop an affordable housing pilot project as one portion of the larger affordable housing requirements, on two sites located at the eastern end of Bayside, which may not be ready for development for possibly as long as 10-15 years. At the time, Council requested that options be pursued to expedite the building of a portion of the affordable housing by having it located in the earlier Phase 1 development located at the west end of Bayside.
In accordance with the terms of that Agreement, the City has received a preliminary proposal for an estimated 71 affordable rental apartments in a market condominium on the R3R4 site, a building which would also include a commercial component. This proposal has the benefit of allowing for the construction of a portion of the affordable rental housing at the same time as, and integrated with, the market housing. This pilot project would represent the first step to fulfilling Council's policy of providing 20 percent affordable housing in Bayside.
While the preliminary proposal, presented by Hines and its residential development partner, Tridel Corporation (Tridel), is only an outline with an estimated number of units and cost, the Land Development Agreement directs the City to approve an allocation of funds for the preliminary proposal in 2013. By approving this report, Council will provide an in principle approval for capital funding required by Hines and Tridel to negotiate a definitive proposal with the City, which will be the subject of a report to Council in May 2014. At that time the final number of units, within a range of 70 – 75 will be specified; as well, the complete capital costs and details of the transaction will be outlined.
Background Information
https://www.toronto.ca/legdocs/mmis/2013/ex/bgrd/backgroundfile-63070.htm
(October 9, 2013) Report from the Director, Affordable Housing Office, and the Director, Strategic Initiatives, Policy and Analysis, City Planning, on Implementation of Affordable Housing Pilot Project in East Bayfront
https://www.toronto.ca/legdocs/mmis/2013/ex/bgrd/backgroundfile-63069.pdf
(October 29, 2013) Presentation from the Director, Affordable Housing Office, on the Affordable Housing Pilot Project in East Bayfront
https://www.toronto.ca/legdocs/mmis/2013/ex/bgrd/backgroundfile-63068.pdf