Item - 2018.MM44.11

City Council on July 23, 24, 25, 26, 27 and 30, 2018, adopted the following:

1.   City Council authorize the General Manager, Transportation Services to negotiate, enter into and execute a funding agreement with Gemterra (Cowdray) Inc. for front-end funding of up to $1,500,000.00 to be provided by Gemterra (Cowdray) Inc. to the City of Toronto for the completion of the Municipal Class Environmental Assessment and associated staff costs for the extension of a new north-south road connecting Village Green Square and Sheppard Avenue East, including a grade separated crossing of the CP Rail corridor, as identified in the previously Council-approved Agincourt Secondary Plan, on terms and conditions satisfactory to the General Manager, Transportation Services, including a term that any funding shall not predetermine, impact or influence any approval or application made to the City of Toronto by Gemterra (Cowdray) Inc., and in a form satisfactory to the City Solicitor.

2.   City Council approve a development charge credit against the Roads and Related component of Development Charges for the front-end funding by Gemterra (Cowdray) Inc. of the Municipal Class Environmental Assessment, such that the amount of the development charge credit shall be the lesser of 60 percent of the actual costs of the Municipal Class Environmental Assessment and associated staff costs, subject to a maximum of $900,000; and the Roads and Related component of Development Charges payable for the development of the Cowdray Court lands owned by Gemterra (Cowdray) Inc. known municipally as 20, 40, 50, 80, 100 Cowdray Court and the lands between 50 and 80 Cowdray Court (Blocks 1-6, Plan M-1275), in accordance with the City’s Development Charges By-law, as may be amended.

3.   City Council deems that neither the funding agreement authorized by Part 1 above of this Motion nor the development charge credit authorized by Part 2 above of this Motion are subject to the Donations to the City of Toronto For Community Benefits Policy on the basis that the study is in the public interest of the City and advancing the Municipal Class Environmental Assessment will allow for the design of the road and grade separation to be coordinated effectively with private development in a manner consistent with the Council-approved Agincourt Secondary Plan.