Item - 2018.GM27.12
Tracking Status
- City Council adopted this item on May 22, 2018 without amendments and without debate.
- This item was considered by the Government Management Committee on April 30, 2018 and adopted without amendment. It will be considered by City Council on May 22, 2018.
- See also 2017.EX27.12
GM27.12 - Indemnity Provisions in Real Estate Acquisitions from Public Entities
- Decision Type:
- ACTION
- Status:
- Adopted on Consent
- Wards:
- All
City Council Decision
City Council on May 22, 23 and 24, 2018, adopted the following:
1. City Council amend the existing delegated approvals and signing authorities adopted by City Council on October 2, 3 and 4, 2017, in Item EX27.12, so as to add the General Condition identified in Appendix A to the report (April 20, 2018) from the Director, Real Estate Services, in order to authorize the grant of unqualified environmental indemnities in certain limited circumstances involving the purchase of low risk properties from a public agency.
2. City Council direct that in cases where the environmental risk exceeds the Low Risk level identified in Appendix A, to the report (April 20, 2018) from the Director, Real Estate Services and the City remains interested in acquiring the property for its intended purpose, the Director, Real Estate Services negotiate favourable terms on behalf of the City to recover the value of the identified risk, or otherwise protect the City’s interest, and report back to Council to seek authority to proceed.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2018/gm/bgrd/backgroundfile-114107.pdf
GM27.12 - Indemnity Provisions in Real Estate Acquisitions from Public Entities
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
Committee Recommendations
The Government Management Committee recommends that:
1. City Council amend the existing delegated approvals and signing authorities adopted by City Council on October 2, 3 and 4, 2017, in Item EX27.12, so as to add the General Condition identified in Appendix A to the report (April 20, 2018) from the Director, Real Estate Services, and thereby authorize the grant of unqualified environmental indemnities in certain limited circumstances involving the purchase of low risk properties from a public agency.
2. City Council direct that in cases where the environmental risk exceeds the Low Risk level identified in Appendix A, to the report (April 20, 2018) from the Director, Real Estate Services and the City remains interested in acquiring the property for its intended purpose, the Director, Real Estate Services negotiate favourable terms on behalf of the City to recover the value of the identified risk, or otherwise protect the City’s interest, and report back to Council to seek authority to proceed.
Origin
Summary
The purpose of this report is to seek Council's approval of a strategy pertaining to the acquisition of properties from public agencies wherein an environmental indemnity is required to be given by the City. The Director of Real Estate Services, pursuant to Item GM24.7, adopted by Council of January 31 and February 1, 2018 (the "Elmcrest Report"), was directed to develop such strategy.
Background Information
https://www.toronto.ca/legdocs/mmis/2018/gm/bgrd/backgroundfile-114107.pdf