Item - 2020.MM22.7

City Council on June 29 and 30, 2020, adopted the following:

1.  City Council increase the Approved 2020 Operating Budget for Non-Program by $1,400,000.00 gross, $0 net, fully funded by Section 37 funds obtained in the development at 57 Spadina Avenue (Source Account: XR3026-3700954), for the purpose of providing one time capital funding to Artscape for capital improvements to existing and planned community facilities located in Ward 10 (Cost Centre: NP2161).
 

2.  City Council authorize the transfer of $446,651.31 in Section 37 funding to the Capital Revolving Reserve Fund for Affordable Housing (XR1058), fully funded from the developments at 180 Queen Street West and 96 St. Patrick Street as detailed below:

a. 180 Queen Street West, secured for the provision of Artist housing at Artscape in the amount of $277,036.88 (Source Account: XR3026-3700029); and

 
b. 96 St. Patrick Street, secured for the provision of artists' housing, through direct expenditure or through Toronto Artscape or such other agency as the City in its sole discretion may determine, in the amount of $169,614.43 (Source Account: XR3026-3700125).

 
3.  City Council increase the Approved 2020 Operating Budget for Shelter, Support and Housing Administration by $446,651.31 gross, $0 net, for transfer to Artscape projects for the purpose of developing Affordable Housing in Ward 10.

 
4.  City Council direct that the $1,846,651.31 be forwarded to Artscape subject to Artscape signing an Undertaking governing the use of the funds and the financial reporting requirements.