Item - 2021.RA21.7
Tracking Status
- This item was considered by CreateTO on March 8, 2021 and was adopted with amendments.
RA21.7 - Redevelopment of 260 Adelaide Street West
- Decision Type:
- ACTION
- Status:
- Amended
- Ward:
- 10 - Spadina - Fort York
Confidential Attachment - proposed disposition of land by the City of Toronto
Board Decision
The Board of Directors of CreateTO:
1. Directed the Executive Vice President, Development to negotiate a term sheet with a partner or partners, for the property at 260 Adelaide Street West and report back to the May 11, 2021 Board meeting.
2. Authorized the public release of the confidential information contained in Confidential Attachment 1 to the report (February 23, 2021) from the Executive Vice President, Development, CreateTO upon completion of any negotiations, and at the discretion of the Chief Executive Officer.
Decision Advice and Other Information
The Board of Directors of CreateTO recessed its public session to meet in closed session to consider the item as it pertains to proposed disposition of land by the City of Toronto.
Origin
Summary
The purpose of this report is to provide the Board of Directors of CreateTO (the "Board") with a confidential update regarding the business plan for the City-owned property at 260 Adelaide Street West (“260 Adelaide”).
Background Information
https://www.toronto.ca/legdocs/mmis/2021/ra/bgrd/backgroundfile-164367.pdf
Confidential Attachment 1 and Confidential Appendices 1 to 3
Motions
That the Board of Directors of CreateTO:
1. Direct the Executive Vice President, Development to negotiate a term sheet with a partner or partners, for the property at 260 Adelaide Street West and report back to the May 11, 2021 meeting.
2. Authorize the public release of the confidential information contained in Confidential Attachment 1 upon completion of any negotiations, and at the discretion of the Chief Executive Officer.