Item - 2019.GL7.9
Tracking Status
- City Council adopted this item on October 2 and 3, 2019 without amendments and without debate.
- This item was considered by the General Government and Licensing Committee on September 4, 2019 and adopted without amendment. It will be considered by City Council on October 2 and 3, 2019.
- See also By-law 1361-2019
GL7.9 - 5140 Yonge Street - Designation of a Portion of the Property Used by the Toronto Transit Commission as a Municipal Capital Facility
- Decision Type:
- ACTION
- Status:
- Adopted on Consent
- Ward:
- 18 - Willowdale
City Council Decision
City Council on October 2 and 3, 2019, adopted the following:
1. City Council pass a By-law pursuant to Section 252 of the City of Toronto Act, 2006, providing authority to:
a. enter into a Municipal Capital Facility Agreement with Great-West Life Assurance, which leases approximately 32,532 square feet at 5140 Yonge Street to the Toronto Transit Commission, with respect to all space (the Leased Premises) related to the provision of telecommunications, transit, and transportation systems; and
b. exempt the Leased Premises from taxation for municipal and school purposes, with the tax exemption being effective from the latest of:
1. the commencement date of the lease;
2. the date the Municipal Capital Facility Agreement is entered into; and
3. the date the Tax Exemption By-law is enacted.
2. City Council direct the City Clerk to give written notice of the By-law to the Minister of Finance, the Municipal Property Assessment Corporation, the Toronto District School Board, the Toronto Catholic District School Board, le Conseil scolaire Viamonde, and le Conseil scolaire catholique MonAvenir.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2019/gl/bgrd/backgroundfile-136652.pdf
GL7.9 - 5140 Yonge Street - Designation of a Portion of the Property Used by the Toronto Transit Commission as a Municipal Capital Facility
- Decision Type:
- ACTION
- Status:
- Adopted
- Ward:
- 18 - Willowdale
Committee Recommendations
The General Government and Licensing Committee recommends that:
1. City Council pass a By-law pursuant to Section 252 of the City of Toronto Act, 2006, providing authority to:
a. enter into a Municipal Capital Facility Agreement with Great-West Life Assurance, which leases approximately 32,532 square feet at 5140 Yonge Street to the Toronto Transit Commission (TTC), with respect to all space (the Leased Premises) related to the provision of telecommunications, transit, and transportation systems; and
b. exempt the Leased Premises from taxation for municipal and school purposes, with the tax exemption being effective from the latest of: (1) the commencement date of the lease, (2) the date the Municipal Capital Facility Agreement is entered into, and (3) the date the Tax Exemption By-law is enacted.
2. City Council direct the City Clerk to give written notice of the By-law to the Minister of Finance, the Municipal Property Assessment Corporation, the Toronto District School Board, the Toronto Catholic District School Board, le Conseil scolaire Viamonde, and le Conseil scolaire catholique MonAvenir.
Origin
Summary
This report seeks Council's authority for the adoption of the necessary By-law to designate a portion of a property leased and occupied by the Toronto Transit Commission as a Municipal Capital Facility and to provide an exemption for municipal taxes and education taxes. The Municipal Capital Facility Agreement authorized by the By-law will provide an exemption for approximately 24,441 square feet of space on the 9th floor and approximately 8,091 square feet of space on the 15th floor which totals 32,532 square feet of combined space.
Background Information
https://www.toronto.ca/legdocs/mmis/2019/gl/bgrd/backgroundfile-136652.pdf