Item - 2020.RA10.2

The Board of Directors of CreateTO:

1. Approved the recommended proponents identified in Confidential Attachment 1 to the report (January 24, 2020) from the Chief Executive Officer, CreateTO, for the development of Housing Now projects at each of 50 Wilson Heights Boulevard and 777 Victoria Park Avenue and directed the Chief Executive Officer to forward to the City's Deputy City Manager, Corporate Services and the Chief Financial Officer and Treasurer for consideration and to approve any lease, transfer and other property transactions with the selected proponent.

2. Directed the Chief Executive Officer, CreateTO, once the City approvals in Part 1 above have been obtained, to negotiate in conjunction with the City Solicitor, the final documents for the transaction with each proponent and report back to the Board of Directors of CreateTO when management has reached an agreement.

3. Directed the Chief Executive Officer, CreateTO to work with the Chief Financial Officer and Treasurer, to establish a reserve fund into which net contributions received from the selected proponents will be deposited and from which any required City contributions will be paid in order to complete the above transactions.

4. Directed the Chief Executive Officer, CreateTO to report back to the Board of Directors of CreateTO regarding 705 Warden Avenue.

5. Directed that the final selected proponent for each property be made public after the agreements required for the transaction are executed and at the discretion of the Chief Executive Officer, CreateTO, and that the remainder of Confidential Attachment 1 and revised Confidential Attachment 1 to the report (January 24, 2020) from the Chief Executive Officer remain confidential in its entirety, as it contains financial information supplied in confidence to the Board of Directors of CreateTO which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a number of organizations, and is about a position and plan to be applied to negotiations carried on or to be carried on by or on behalf of the Board.

6.  Directed that Confidential Attachment 1 to the report (January 21, 2020) from the Chief Executive Officer, CreateTO remain confidential in its entirety, as it contains financial information supplied in confidence to the Board of Directors of CreateTO which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a number of organizations, and is about a position and plan to be applied to negotiations carried on or to be carried on by or on behalf of the Board.

The Board of Directors of CreateTO recessed its public meeting to meet in closed session to consider this item as it pertains to financial information supplied in confidence to the Board of Directors of CreateTO which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a number of organizations and as it is about a position and plan to be applied to negotiations carried on by or on behalf of the Board of Directors of CreateTO.

This report provides an update on the results of the marketing process for 50 Wilson Heights Boulevard, 705 Warden Avenue and 777 Victoria Park Avenue.  

In October, CBRE, on behalf of the Housing Secretariat and CreateTO, launched a marketing process for the three (3) sites which culminated in bid submissions on December 10, 2019.  Since then, the teams have analysed the bids, interviewed all bidders, asked for and received clarifications, scored them.   Shortlisted bidders have been sent further questions due back on January 22, 2020.

A supplementary report will be submitted to the Board to provide further updates on this process.

The zoning by-law amendment for 777 Victoria Park has been approved and the draft plan conditions and zoning by-law amendments for 50 Wilson Heights and 705 Warden are expected to be submitted to the Planning and Housing Committee in February 2020.

This report provides an update on the results of the market offering process for the City-owned sites identified as 50 Wilson Heights Boulevard, 705 Warden Avenue and 777 Victoria Park Avenue. These sites are being offered as part of the Housing Now Initiative aimed at creating affordable housing within mixed-income, mixed-use and transit-oriented communities.  

The shortlisted bidders made their second round submissions on January 22, 2020.  After reviewing and scoring the bids, the Selection Committee has selected the preferred proponents for each of the three sites and is recommending approval of the final list of proponents in order to proceed with finalizing the transaction, including securing required City approvals.