Item - 2018.EX32.14

The Executive Committee recommends that:

1.  City Council authorize the Director, Affordable Housing Office to:

a.  negotiate, enter into, and execute on behalf of the City, a municipal housing facility agreement, the City's "Contribution Agreement", with Ridgeford Charitable Foundation or a related corporation, to secure the financial assistance, being provided and to set out the terms of the development and operation of the new affordable rental housing, on terms and conditions satisfactory to the Director, Affordable Housing Office, and in a form satisfactory to the City Solicitor;

b.  execute, on behalf of the City, any security or financing documents or any other documents required to facilitate the funding process, including any documents required

by Ridgeford Charitable Foundation, or a related corporation or its mortgagee(s) to complete construction and conventional financing and subsequent refinancing, where and when required during the term of the municipal housing facility agreement.

2.  City Council exempt the 188 new affordable homes to be developed at 25 Thunder Grove from taxation for municipal and school purposes for the term of 25 years.

3.  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.

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

The Ridgeford Charitable Foundation is in the final stages of proceeding with an innovative intensification initiative to develop 188 new affordable rental homes as an addition to their existing non-profit rental housing community at 25 Thunder Grove.

Consistent with City policy, this report recommends that City Council exempt the anticipated 188 new affordable rental homes at 25 Thunder Grove in Ward 41 – Scarborough-Rouge River, owned by the Ridgeford Charitable Foundation, from property taxes for 25 years.

The property tax exemption requested is estimated to provide a net present value of $2,836,373 over the 25 year term which will assist in providing affordable rents to future residents.