Item - 2021.MM35.43

City Council on July 14, 15 and 16, 2021, adopted the following:

1.  City Council direct the Chief Planner and Executive Director, City Planning, to enter into an amending agreement to the Section 37 Agreement dated March 17, 2016 between the City and the Owner of the Lands, in a form satisfactory to the City Solicitor, to implement the following provisions:

a.  on or before August 1, 2021, the Owner shall post a letter of credit in the City’s standard form in the amount of $2,116,451;

b.  within 12 months of the posting of the letter of credit, the City shall either:

i.  enter into a lease for the Small Business Incubator Space, which requires commencement of rent payments no later than 15 months after posting the letter of credit, and return the letter of credit to the Owner; or

ii. provide notice to the Owner if the City does not intend to lease the Small Business Incubator Space and upon the City giving such notice the City and the Owner shall take all necessary steps to replace the letter of credit with a payment to the City in the amount of $2,116,451; and

c.  in the event the 12 month period in Part 1.b. above expires, and the City has neither entered into a lease as set out in Part 1.b.i. above, nor provided notice to the Owner as set out in Part 1.b.ii. above, the City shall be deemed to have elected not to lease the Small Business Incubator Space, and upon receipt of payment in the amount of $2,116,451 from the Owner shall return the Owner’s letter of credit.

2.  City Council direct the Chief Planner and Executive Director, City Planning to bring forward a report in the fourth quarter of 2021, if any amendments are needed to the Zoning By-law for the Lands or if any further amendments to the Section 37 agreement are required.