Item - 2022.MM42.16

City Council on April 6 and 7, 2022 adopted the following:

1. City Council amend the 2022-2031 Council Approved Capital Budget and Plan for Parks, Forestry and Recreation to create a new capital sub-project known as LAP Terry Fox at 439 Queens Quay W in the Park Development project, with a project cost of $340,907 and future cash flow commitments of $340,907 in 2023, fully funded by Section 37 (Planning Act Reserve Fund) community benefits collected from the following developments, to transfer funds to Waterfront Toronto for implementation of the Legacy Art Project at 439 Queens Quay West:

a. $129,101.59 from 250 Wellington Street West and 5 Mercer Street (Source Account: XR3026-3700933); and

b. $211,805.41 from 357-363 King Street West and 62 Peter Street (Source Account: XR3026-3701040)

2. City Council direct that the $340,907 be forwarded to Waterfront Toronto upon the start of construction or at such time as determined by the General Manager, Parks, Forestry and Recreation, conditional upon the signing of a Delivery Agreement governing the use of the funds and the financial reporting requirements, to be negotiated and signed on behalf of the City by the General Manager, Parks, Forestry and Recreation on terms and conditions satisfactory to the General Manager, Parks, Forestry and Recreation (including compliance with the City's Fair Wage and Labour Trades Contractual Obligations in the Construction Industry) and in a form satisfactory to the City Solicitor.