Item - 2018.EX30.21

The Executive Committee recommends that:  

1.  City Council authorize the Director, Affordable Housing Office, to negotiate and execute the municipal capital facility agreement with the owner of the Mirvish Village Redevelopment or its successor corporation, to secure the additional 25 affordable rental homes at or below 80 percent of average market rents for a minimum of 25 years, and any security, financing or other documents required, as well as any amendments thereto setting out the terms of the operation of the new affordable rental housing and the delivery of the affordable housing on terms and conditions satisfactory to the Director, Affordable Housing Office and the Acting Chief Financial Officer, in consultation with the General Manager, Shelter, Support and Housing Administration, and in a form approved by the City Solicitor.

2.  City Council authorize the Director, Affordable Housing Office to provide Open Door Program incentives including the relief from the payment of development charges, building, planning and parkland dedication fees and charges to the 25 affordable rental housing units under at the Mirvish Village Redevelopment and work with the General Manager, Shelter Support and Housing Administration, on securing Housing Benefits, subject to available funding.

3.  City Council exempt the 25 new affordable homes at the Mirvish Village Redevelopment from taxation for municipal and school purposes for the 25-year term of the municipal capital facility agreement.

4.  City Council authorize the City Solicitor to execute, postpone, confirm the status of and discharge any City security documents registered as required by normal business practices.

5.  City Council authorize staff to cancel or refund any taxes paid from the by-law exempting the property from taxation.

At its meeting of July 4, 5, 6 and 7, 2017, City Council adopted the report "Creating New Affordable Rental Housing at the Mirvish Village Redevelopment" and authorized the Director, Affordable Housing Office to enter into agreements to secure 60 units of affordable rental housing using a combination of federal-provincial funding from the Social Infrastructure Fund/ Investment in Affordable Housing (SIF/IAH) Program, City incentives including relief from planning fees, development charges and municipal taxes, and a Section 37 contribution by the developer, Westbank.

This report recommends City Council approve financial incentives under the Open Door Program to deliver an additional 25 affordable rental homes at the Mirvish Village Redevelopment and provides details on implementation and an update to the affordable housing delivery plan. The Mirvish Village Redevelopment is a large mixed use redevelopment that achieves many local planning objectives, including the provision of affordable rental housing.