Item - 2021.MM34.27

City Council on June 8 and 9, 2021, adopted the following:

1. City Council authorize the Executive Director, Housing Secretariat, to exempt the development of ten affordable rental housing units by 11216368 Canada Inc. (operating as Dream Affordable Housing), or a related corporation, at 1423 Dufferin Street from the payment of development charges and parkland dedication fees.

 
2. City Council authorize an exemption from taxation for municipal and school purposes of the ten affordable rental housing units owned by 11216368 Canada Inc. (operating as Dream Affordable Housing), or a related corporation, at 1423 Dufferin Street for a period of forty years.

 
3. City Council authorize the Controller to cancel or refund any taxes paid after the effective date of the municipal housing facility agreement (the City's Contribution Agreement).

 
4. City Council authorize the Executive Director, Housing Secretariat, to negotiate and execute, on behalf of the City, a municipal housing facility agreement (the City's Contribution Agreement) with 11216368 Canada Inc. (operating as Dream Affordable Housing), or a related corporation, to secure the financial assistance and to set out the terms of the development and the operation of the new affordable rental housing, on terms and conditions satisfactory to the Executive Director, Housing Secretariat, in consultation with the Chief Financial Officer and Treasurer and the General Manager, Shelter, Support and Housing Administration, in a form approved by the City Solicitor.

 
5. City Council authorize severally each of the Executive Director, Housing Secretariat and the General Manager, Shelter, Support and Housing Administration to execute, on behalf of the City, any security or financing documents or any other documents required to facilitate the funding process, by 11216368 Canada Inc. (operating as Dream Affordable Housing), or related corporation, to complete construction and secure conventional financing, where required, including any postponement, confirmation of status, discharge or consent documents where and when required during the term of the municipal housing facility agreement, as required by normal business practices, and provided that such documents do not give rise to financial obligations on the part of the City that have not been previously approved by City Council.