Item - 2021.RA22.9

The Board of Directors of CreateTO:

1.  Approved the redevelopment plan for 260 Adelaide which will include affordable housing, a new Paramedic post, and community space by endorsing the Development Concept as shown in Attachment 1 to the report (April 27, 2021) from the Vice President, Client Relationship Management and the Major Terms and Conditions outlined in the Confidential Attachment 1 to the report (April 27, 2021) from the Vice President, Client Relationship Management.

2.  Approved the redevelopment plan for 229 Richmond, which will include an at-grade park and a potential below-grade parking garage that minimizes the impact on the function and utility of the park by endorsing the redevelopment plan as shown in Attachment 2 to the report (April 27, 2021) from the Vice President, Client Relationship Management.

3.  Endorsed the business plan for 55 John Street ("Metro Hall"), which will include the relocation of Fire Station 332 to Metro Hall, and the relocation of certain City tenants as outlined in Attachment 3 to the report (April 27, 2021) from the Vice President, Client Relationship Management.

4.  Approved the financial business case for the potential disposition of 260 Adelaide and the requisite funding allocation of the proceeds of that disposal to the delivery of the business and redevelopment plans identified in Recommendations 1, 2, 3 as outlined in Appendix 2 of the Confidential Attachment 1 to the report (April 27, 2021) from the Vice President, Client Relationship Management.

5.  Directed the Interim Chief Executive Officer, CreateTO, in consultation with the Executive Director, Social Development, Finance and Administration along with the Director, Indigenous Affairs Office, to explore opportunities to identify a not-for-profit partner for up to 10,000 square feet of community space at any future redevelopment of 260 Adelaide.

6.  Requested CreateTO staff and stakeholders to integrate sustainability requirements on property disposal and meet the Toronto Green Standard Version 3 Tier 2 with any proposed redevelopment of 260 Adelaide using the approach in the Climate Change Initiative - Energy Consumption and Carbon Emission Reduction section of this report.

7.  Directed the Interim Chief Executive Officer, CreateTO, in consultation with the Executive Director, Corporate Real Estate Management, to locate a City-owned property in the general area of the current YMCA location at Metro Hall to allow for the continued operation of the YMCA.

8.  Directed that the Confidential Attachment 1 to the report (April 27, 2021) from the Vice President, Client Relationship Management, and the Confidential Presentation remain confidential in their entirety as they contain information regarding the proposed disposition of land.

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.

The purpose of this report is to update the Board of Directors of CreateTO (the "Board") regarding the business plan related to the redevelopment of the City-owned property at 260 Adelaide Street West (“260 Adelaide”). Unlocking the value at 260 Adelaide will result in significant city building, including affordable housing, new local parkland, a new and improved fire station and the construction of other important City facilities across a number of City owned properties.

The business plan will fund the relocation of Fire Station 332 ("Fire Station") from 260 Adelaide to Metro Hall fronting on Wellington Street West. It will also repay approximately half of the City's acquisition costs of the adjacent property at 229 Richmond Street West (“229 Richmond”) and pay for the relocation of the existing City tenants to free up space for the new Fire Station at Metro Hall. The balance of the acquisition costs of 229 Richmond will be funded by Section 37 funding, Parks, Forestry & Recreation and the Toronto Parking Authority.

The redevelopment of 260 Adelaide and the resulting revenue generated will contribute other significant city building benefits including a target of 30 percent affordable housing based on average market rent for a minimum of 99 years in the resulting residential redevelopment, a new Paramedic post and a new community space. Across the street at 229 Richmond, the City will realize a new at-grade park in a parkland-deficient neighbourhood along with a below-grade parking garage operated by the Toronto Parking Authority. The allocation of funds and the feasibility of the parking garage are being assessed with the Toronto Parking Authority.