Item - 2017.EX24.22
Tracking Status
- City Council adopted this item on April 26, 2017 without amendments.
- This item was considered by the Executive Committee on April 19, 2017 and adopted without amendment. It will be considered by City Council on April 26, 2017.
- See also BU31.5
EX24.22 - Toronto Community Housing Corporation Multi Building Energy Retrofit Financing Request
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
City Council Decision
City Council on April 26, 27 and 28, 2017, adopted the following:
1. City Council increase the 2017-2026 Approved Capital Budget and Plan for Facilities Management, Real Estate, Environment and Energy of $35,239,244 in 2018 cash flow commitments for the Sustainable Energy Plan project, funded from recoverable debt for the purpose of providing an 3.7 percent interest bearing recoverable loan to Toronto Community Housing Corporation to be repaid to the City over a term of 20 years.
2. City Council authorize the Chief Corporate Officer to enter into an agreement with Toronto Community Housing Corporation for a $35,239,244 Sustainable Energy Plan Financing loan on terms and conditions satisfactory to the Chief Corporate Officer and in a form satisfactory to the City Solicitor.
3. City Council authorize the Chief Corporate Officer to release funds to Toronto Community Housing Corporation in multiple installments, each contingent on the completion of significant pre-established milestones.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2017/ex/bgrd/backgroundfile-102380.pdf
(March 8, 2017) Report from the Chief Corporate Officer on Toronto Community Housing Corporation Multi Building Energy Retrofit Financing Request
https://www.toronto.ca/legdocs/mmis/2017/ex/bgrd/backgroundfile-102370.pdf
Motions (City Council)
EX24.22 - Toronto Community Housing Corporation Multi Building Energy Retrofit Financing Request
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
Committee Recommendations
The Executive Committee recommends that:
1. City Council approve an increase to the 2017-2026 Council Approved Capital Budget and Plan for Facilities Management, Real Estate, Environment and Energy (FREEE) of $35,239,244 in 2018 cash flow commitments for the Sustainable Energy Plan project, funded from recoverable debt for the purpose of providing an 3.7 percent interest bearing recoverable loan to Toronto Community Housing Corporation to be repaid to the City over a term of 20 years.
2. City Council authorize the Chief Corporate Officer to enter into an agreement with Toronto Community Housing Corporation for a $35,239,244 Sustainable Energy Plan Financing loan on terms and conditions satisfactory to the Chief Corporate Officer and in a form satisfactory to the City Solicitor.
3. City Council authorize the Chief Corporate Officer to release funds to Toronto Community Housing Corporation in multiple installments, each contingent on the completion of significant pre-established milestones.
Origin
Summary
Toronto Community Housing Corporation (TCHC) has been allocated $28,346,298 in grant funding through the Social Housing Apartment Retrofit Program (SHARP) to reduce greenhouse gas (GHG) emissions from their buildings. The funding must be utilized by March 2018.
Toronto Community Housing Corporation has proposed using the Social Housing Apartment Retrofit Program grants to fund approximately 45 percent of a comprehensive $63,585,542 deep energy retrofit project at nine of their buildings to reduce greenhouse gas emissions and combat rising utility costs. Through the City's Sustainable Energy Plan Financing (SEPF) program, Toronto Community Housing Corporation has requested a low-interest repayable loan of $35,239,244 to fund the remaining 55 percent of the project.
The purpose of this report is to seek Council approval to adjust the 2017-2026 Council Approved Capital Budget and Plan for Facilities Management, Real Estate, Environment and Energy (FREEE) to include $35,239,244 in added 2018 cash flow for the Sustainable Energy Plan project that will be funded from debt repayable by the Toronto Community Housing Corporation, utilizing energy savings generated from the proposed energy retrofit project. This report requires consideration in advance of the 2018 Budget process due to Toronto Community Housing Corporation's requirement to finalize project scope by May 2017. This will allow Toronto Community Housing Corporation to meet the March 2018 deadline for Social Housing Apartment Retrofit Program spending. Sustainable Energy Plan Financing funds will be disbursed in multiple installments throughout 2018 contingent on the completion of significant pre-determined milestones.
Background Information
https://www.toronto.ca/legdocs/mmis/2017/ex/bgrd/backgroundfile-102380.pdf
(March 8, 2017) Report from the Chief Corporate Officer on Toronto Community Housing Corporation Multi Building Energy Retrofit Financing Request
https://www.toronto.ca/legdocs/mmis/2017/ex/bgrd/backgroundfile-102370.pdf