Item - 2021.RA21.4

The Board of Directors of CreateTO:

1.  Approved negotiated agreements for 777 Victoria Park Avenue which include the Ground Lease and Project Agreement (the "Agreements") based substantially on the terms and conditions set out in Confidential Attachment 1 to the report (February 22, 2021) from the Senior Vice President, Development and the Vice President, Development, and such other terms and conditions deemed appropriate by the Executive 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 777 Victoria Park Avenue described in Confidential Attachment 1 to the report (February 22, 2021) from the Senior Vice President, Development and the Vice President, Development.
 

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 Attachments 1, 2 and 3 to the report (February 22, 2021) from the Senior Vice President, Development and the Vice President, Development remain confidential as they deal with a pending disposition of land by the Board of Directors of CreateTO and the City and are 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 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 777 Victoria Park Avenue (“777 Victoria Park Avenue") which includes the Ground Lease and Project 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 777 Victoria Park Avenue 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 Avenue" Pursuant to this, the selection of the preferred proposal for 777 Victoria Park Avenue was approved by the Deputy City Manager, Corporate Services and the Chief Financial Officer and Treasurer.

On April 14th, 2020 the successful developer proponent executed the Housing Now Ground Lease Term Sheet reflecting the terms negotiated through the market offering process.

The Term Sheet currently remains conditional on reaching agreement on planning requirements relating to the Demised Lands, requirements relating to the relocated TTC PPUDO and finalizing the Ground Lease and Project Agreement, based on the terms contained in Confidential Attachment 1 all of which are anticipated to be waived on March 5, 2021; and confirmation that CMHC financing is available for the Proposed Development no later than September 30, 2021.

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 working on their planning submission site plan application with a current timeline to have formal submission made to City Planning in Q3 2021.

Pending planning approvals, the current schedule is to start construction in Q4 2021.