Item - 2021.RA24.6

The Board of Directors of CreateTO received the item for information.

The Director, City-wide Real Estate Program, CreateTO gave an overview of the item.

A presentation will be given to the Board of Directors of CreateTO on the next phase of implementation of the City-wide Real Estate Model and content of the staff report on the same topic that will be going to Executive Committee and City Council in June 2021.

The Deputy City Manager, Corporate Services, will be bringing a report on the next phase of implementation of the City-wide real estate Model ("the Model") to the October 2021 meetings of Executive Committee and Council. The report will provide a summary of accomplishments achieved during the first three-year period of implementation of the Model and the continued advancement of the centralization of real estate functions into the Model, in support of the City's Divisions, Agencies and Corporations' real estate needs, City-building opportunities, and City Council priorities.

Prior to the report going to Executive Committee and Council, it is important that the CreateTO Board, as the real estate advisor to Council, has an opportunity to weigh in and provide feedback on this next phase of implementation. This report to the CreateTO Board seeks the Board's input and endorsement on key elements of the work ahead, including ongoing efforts to strengthen the "supply demand" model; the next phase of the City's roadmap to centralization of real estate functions and activities; and the overall approach and framework to enable the City to strategically invest in real estate, and for CreateTO to advise Council on such matters. The report to City Council will also include key financial recommendations to ensure CreateTO's financial sustainability.

The present report includes high level information and details on these matters, in particular as it relates to impacts on CreateTO as well as on the future ability of the CreateTO Board to fulfill its mandate and responsibility.