Item - 2019.TA1.13
Tracking Status
- This item was considered by Board of Directors of the Toronto Atmospheric Fund on February 22, 2019 and was adopted with amendments.
- See also 2018.TA19.7
TA1.13 - Direct Investment Recommendation
- Decision Type:
- ACTION
- Status:
- Amended
Confidential Attachment - The security of property belonging to the Toronto Atmospheric Fund (TAF) and commercial and financial information, supplied in confidence to TAF, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons or organizations.
Board Decision
The Board of Directors of the Toronto Atmospheric Fund:
1. Rescinded its approval of the confidential instructions in Confidential Attachment 1 to the report (January 26, 2018) from the Vice President, Impact Investing (2018.TA19.7).
2. Approved an investment of up to $1,150,000 in subordinated debt as set out in Confidential Attachment 1 to the report (February 8, 2019) from the Vice President, Impact Investing, to be advanced once final terms, amount, structure, conditions and required due diligence outlined by the Investment Committee are met, and upon approval of the final Binding Offer to Finance by the designated Investment Committee sub-committee.
3. Directed that the confidential information contained in Confidential Attachment 1 to the report (February 8, 2019) from the Vice President, Impact Investing remain confidential in its entirety, as it involves the security of property belonging to the Toronto Atmospheric Fund (TAF) and contains commercial and financial information, supplied in confidence to TAF, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons or organizations.
Decision Advice and Other Information
The Board of Directors of the Toronto Atmospheric Fund (TAF) recessed its public meeting to meet in closed session to consider the item as it pertains to the security of property belonging to the Toronto Atmospheric Fund (TAF) and commercial and financial information, supplied in confidence to TAF, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons or organizations.
Origin
Summary
A Direct Investment of up to $1,150,000 is recommended. The proposed investment will not be advanced unless it meets risk/reward and greenhouse gas (GHG) impact expectations, and appropriate terms, including security and other conditions, are approved by the Investment Committee.
Background Information
https://www.toronto.ca/legdocs/mmis/2019/ta/bgrd/backgroundfile-126674.pdf
Confidential Attachment 1 - Direct Investment Recommendation
Motions
That the Board of Directors of the Toronto Atmospheric Fund recess its public meeting to meet in closed session to consider the item as it pertains to the security of property belonging to the Toronto Atmospheric Fund (TAF) and commercial and financial information, supplied in confidence to TAF, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons or organizations.
That the Board rescind its approval of the confidential instructions in Confidential Attachment 1 to the report (January 26, 2018) from the Vice President, Impact Investing (2018.TA19.7).