Item - 2020.MM24.21

City Council on September 30, October 1 and 2, 2020, adopted the following:

1. City Council authorize the Chief Building Official and Executive Director, Toronto Building, or designate, 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 2-50 Secord Avenue and 48-110 Eastdale Avenue to be calculated and payable based on the date of issuance of the first above grade conditional or non-conditional building permit; 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 authorize a development charge redevelopment credit in the amount of the development charges to be paid by the Developer pursuant to the Development Charges Early Payment Agreement in respect of the new rental units replacing the 12 existing rental units at 2-50 Secord Avenue, which credit is to be paid to the owner of lands municipally known as 2-50 Secord Avenue and 48-110 Eastdale Avenue, without interest, upon demolition of 12 existing rental dwelling units located at 2-50 Secord Avenue and subject to the owner entering into the Development Charges Early Payment Agreement with the City and complying with the provisions of that agreement, all to the satisfaction of the Chief Building Official and Executive Director, Toronto Building, the Chief Financial Officer and Treasurer, and the City Solicitor, as set out in Recommendations 1 and 2 above.

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