Item - 2014.MM55.66

City Council on August 25, 26, 27 and 28, 2014, adopted the following:

1.         City Council amend By-law 7-2013 (OMB), as it relates to the community benefits contribution under section 37 of the Planning Act, to provide that, instead of submitting a cash contribution with respect to streetscape improvements prior to the issuance of an above-grade building permit, the owner shall provide this component of the community benefits in the following manner:

a.         prior to the issuance of an above-grade building permit, the owner shall submit a letter of credit in the amount of $250,000, which is equal to the value of the architectural design work associated with the subject streetscape improvements.  The letter of credit shall be released, following satisfactory completion of the architectural design for the subject streetscape improvements;

b.         the owner shall complete the architectural design of the streetscape improvements for both Charles and Hayden Streets from Yonge Street to Church Street to the satisfaction of the Chief Planner, in consultation with the Ward Councillor; and

c.         prior to the issuance of an above-grade building permit, the owner shall submit a cash contribution in the form of a certified cheque in the amount of $3,550,000 for the purpose of the streetscape improvements on both Charles and Hayden Streets from Yonge Street to Church Street in accordance with the architectural design prepared by the Owner

2.         City Council authorize staff to amend the agreement under section 37 of the Planning Act, dated August 31, 2012, to reflect the above revision.

3.         City Council determine that the revision proposed to the zoning by-law is minor in nature and, pursuant to subsection 34(17) of the Planning Act, no further public notice is required in respect of this proposed zoning by-law.