Item - 2020.RA19.7

The Board of Directors of CreateTO:

1.  Approved negotiated agreements for 50 Wilson Heights Boulevard which include the Ground Lease, Purchase Agreement, Contribution Agreement, Project Agreement and Development Agreement (the "Agreements") based substantially on the terms and conditions set out in Confidential Attachment 1 to the report (November 20, 2020) from the Vice President, Development, CreateTO, and such other terms and conditions deemed appropriate by the Senior Vice President, Development and the Chief Legal Counsel and Corporate Secretary, subject to the necessary City of Toronto approvals.

2.  Directed the Interim Chief Executive Officer, CreateTO to request the necessary City of Toronto authorities to execute the Agreements and such other documents as may be necessary in order to finalize the transaction with the developer partners for 50 Wilson Heights Boulevard as described in Confidential Attachment 1 to the report (November 20, 2020) from the Vice President, Development, CreateTO.

3.  Directed that the names of the developer partners be made public at the discretion of the Interim Chief Executive Officer following execution of the Agreements and that the remainder of the information in Confidential Attachment 1 to the report (November 20, 2020) from the Vice President, Development, CreateTO remain confidential as it deals with a pending disposition of land by the Board of Directors of CreateTO and the City, and is about a position, plan, or instruction to be applied to negotiations carried on or to be carried on by or on behalf of the Board of Directors of CreateTO.

The Board of Directors of CreateTO recessed its public session to meet in closed session to consider the item as it pertains to a pending disposition of land by the Board of Directors of CreateTO and the City, and is about a position, plan, or instruction to be applied to negotiations carried on or to be carried on by or on behalf of the Board of Directors of CreateTO.

This report recommends that the CreateTO Board of Directors approve the negotiated agreements for 50 Wilson Heights Boulevard ("50 Wilson Heights") which includes the Ground Lease, Purchase Agreement, Contribution Agreement, Project Agreement and Development Agreement (the "Agreements").

The report also recommends that the CreateTO Board of Directors direct the Interim Chief Executive Officer, CreateTO to request the necessary City of Toronto authorities to execute the Agreements and such other documents as may be necessary in order to finalize the arrangement with the developer partners for 50 Wilson Heights Boulevard as described in Confidential Attachment 1.

Upon completion of the market offering process, on January 27th, 2020 the CreateTO Board approved Item No. RA10.2 "Housing Now - Results of Marketing Process for 50 Wilson Heights Blvd, 705 Warden Ave. and 777 Victoria Park Ave."  Pursuant to this, the selection of the preferred bid for 50 Wilson Heights Boulevard was approved by the Deputy City Manager, Corporate Services and the Chief Financial Officer and Treasurer.

On August 31st, 2020 the successful developer proponent executed the Housing Now Ground Lease Term Sheet as well as the Freehold Transfer Term sheet for 50 Wilson Heights based on the terms negotiated through the market offering process.

On October 31st, 2020 the due diligence period for the transaction had expired with the proponent waiving conditions to further firm up the transaction. 

CreateTO management will obtain the approval of the Executive Director, Housing Secretariat, the Deputy City Manager, Corporate Services and the Chief Financial Officer and Treasurer for execution of agreements, and work with the developer partners on obtaining the deposits as outlined in the agreements.

The developer partners are diligently working on their planning submissions (subdivision and site plan applications) with a current timeline to have formal submissions made to City Planning by the end of 2020.  

Pending planning approvals, the current schedule is to start site servicing construction by summer/fall 2021.