Item - 2021.PH25.11

The Planning and Housing Committee recommends that:  

1.  City Council authorize up to 752 affordable rental units to be constructed on the lands known as 3377 Bayview Avenue to be eligible for waivers of applicable planning application, parkland dedication, and building permit fees, and an exemption of development charges.

2.  City Council authorize an exemption from taxation for municipal and school purposes for 99 years for up to 752 affordable rental units to be constructed on the lands known as 3377 Bayview Avenue.

3.  City Council authorize the Executive Director, Housing Secretariat to negotiate and enter into, on behalf of the City, a municipal housing project facility agreement (the "Contribution Agreement") with Tyndale University and Markee Developments for the development of the affordable housing to be constructed on the lands known as 3377 Bayview Avenue, to secure the financial assistance being provided and to set out the terms of the operation of the new affordable rental housing, on terms and conditions satisfactory to the Executive Director, Housing Secretariat and in a form approved by the City Solicitor.

4.  City Council authorize the Controller to cancel or refund any taxes paid after the effective date the Contribution Agreement.

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 required by Tyndale University and Markee Developments to secure construction and conventional financing and subsequent refinancing, including any postponement, tripartite, confirmation of status, discharge or consent documents of any City security 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 Council.

This report recommends that City Council approve Open Door Program incentives for up to 752 affordable rental homes anticipated to be created as part of the upcoming Tyndale Green development proposal on the Tyndale University lands at 3377 Bayview Avenue. The project is proposed to be developed through a partnership between Tyndale University and Markee Developments, which aims to design, build, and operate affordable rental housing through partnerships with groups such as with municipalities, not-for-profits and universities. This project is currently in the initial planning stages, and as such, the details of the proposal as noted within this report, including the number of affordable rental homes, are subject to change and are also subject to planning application approvals.

Tyndale University and Markee Developments are proposing that 50% of the units to be built in the Tyndale Green development will be new affordable rental homes that will remain affordable for a minimum of 99 years. The initial development proposal is for 1,504 residential units to be built over four phases, of which approximately 752 would be provided as affordable rental homes. The affordable rental homes would be equally distributed across all phases. The project is also striving to be an energy efficient community and aims to include at least 15% fully accessible units.

The Open Door Program incentives recommended for Council approval include exemptions from payment of planning application, parkland dedication, and building permit fees, and development charges, to support delivery of the affordable housing in the proposed development. Should the required planning applications be approved and the development proceed, it would provide a significant number of affordable housing options to low-and-moderate-income households, including those from equity-deserving groups. Approval of this project will also contribute towards the delivery of the City's HousingTO 2020-2030 Action Plan which aims to approve 40,000 new affordable homes, including 18,000 supportive housing units by 2030.