Item - 2020.MM22.6
Tracking Status
- City Council adopted this item on June 29 and 30, 2020 without amendments.
MM22.6 - Authorization to Release Section 37 Funds from the Development at 480-494 Yonge Street and 3 Grosvenor Street to Ryerson University for the Implementation of the Campus Public Realm Plan and the YongeTOmorrow project - by Councillor Kristyn Wong-Tam, seconded by Councillor Mike Layton
- Decision Type:
- ACTION
- Status:
- Adopted
- Ward:
- 13 - Toronto Centre
City Council Decision
City Council on June 29 and 30, 2020, adopted the following:
1. City Council increase the Approved 2020 Non-Program Operating Budget by $3,311,665.35 gross, $0 net, (Cost Centre: NP2161) for the transfer to the Ryerson University to fund the construction costs of Public Realm Improvement Projects proposed for portions of Ryerson’s main Campus, fully funded by Section 37 community benefits from the development at 480-494 Yonge Street and 3 Grosvenor Street (Source Account: XR3026-3700909).
2. City Council direct that the $3,311,665.35 be forwarded to the Ryerson Public Realm Improvement Projects upon the signing of an Undertaking by Ryerson University governing the use of the funds and the financial reporting requirements.
Background Information (City Council)
Motions (City Council)
Speaker Nunziata advised Council that the provisions of Chapter 27, Council Procedures, require that Motion MM22.6 be referred to the Executive Committee. A two-thirds vote of the Council Members present is required to waive referral.