Item - 2020.MM23.32

City Council on July 28 and 29, 2020, adopted the following:

1.  City Council authorize the Chief Building Official and Executive Director, Toronto Building, in consultation with the Chief Financial Officer and Treasurer, to enter into a Development Charges Early Payment Agreement pursuant to Section 27 of the Development Charges Act, 1997, to provide for the early payment of development charges respecting the rental portion of the development at 440, 444, 450 and 462 Front Street West; 425, 439, 441 and 443 Wellington Street West; 6 - 18 Spadina Avenue and 1 and 19 Draper Street to be calculated based on the date of issuance of the first building permit, being July 24, 2020, and payable and collected on or before August 15, 2020; the agreement to be in a form satisfactory to the Chief Financial Officer and Treasurer and the City Solicitor.

2.  City Council authorize the Chief Building Official and Executive Director, Toronto Building, in consultation with the Chief Financial Officer and Treasurer and the City Solicitor, to include any provisions in the agreement, as deemed appropriate, to protect the City's financial interests related to this project.

 
3.  City Council direct and authorize appropriate City staff to take the necessary action to give effect to City Council's decision.