Item - 2020.GL16.9

The General Government and Licensing Committee recommends that:  

1. City Council authorize the City of Toronto to enter into a Lease Amending Agreement with New Frontiers Aboriginal Residential Corporation and Frontiers Foundation Incorporated for the property at 419-425 Coxwell Avenue, substantially on the following major terms and conditions as described in Appendix A to the report (September 21, 2020) rom the Executive Director, Corporate Real Estate Management and the Executive Director, Housing Secretariat, and such other or amended terms and conditions as may be acceptable to the Executive Director, Corporate Real Estate Management and in a form satisfactory to the City Solicitor.

2. City Council authorize the Executive Director, Corporate Real Estate Management, or their designate, in consultation with the Executive Director, Housing Secretariat to consent, solely in their capacity as landlord, to the re-financing of 419-425 Coxwell Avenue by the New Frontiers Aboriginal Residential Corporation and Frontiers Foundation Incorporated above the outstanding principal of the initial leasehold mortgage. 

3. City Council individually authorize each of the Deputy City Manager, Corporate Services, and the Executive Director, Corporate Real Estate Management, or their designates, to execute the Lease Amending Agreement referenced in Recommendation 1 above and any related documents on behalf of the City of Toronto, as required.

The purpose of this report is to seek authority to amend the existing Ground Lease Agreement at 419-425 Coxwell Avenue, between the City of Toronto and New Frontiers Aboriginal Residential Corporation dated January 26, 2002, enabling the tenant to obtain refinancing to redevelop their property. This residential property currently provides 74 affordable rental units and financial restructuring will allow the tenant to construct 12 additional affordable rental units.

In July 2018, City Council authorized this affordable housing project as a part of Open Door Program's competitive call for affordable rental housing applications. The project supports Open Door Program's objectives and supports the City's efforts to achieve targets of approving 5,000 affordable rental and 2,000 affordable ownership homes for low- and moderate-income residents by 2020.