Item - 2022.MM42.39

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

1. City Council authorize the Executive Director, Housing Secretariat, subject to Part 2 below, to provide $3 million inclusive of Harmonized Sales Tax and disbursements, from the Capital Revolving Reserve Fund for Affordable Housing (XR1058) to Youth Without Shelter Terra House North Toronto Emergency and Referral Agency, the Kensington Market Community Land Trust and/or a related corporation under the Multi-Unit Residential Acquisition Program to acquire, renovate and operate the property municipally known as 556 Bathurst Street as affordable rental housing for a minimum of 99 years, and fully funded from $3 million in Section 37 (Planning Act Reserve Fund) community benefits for this purpose, received by the City from the following developments:

a. 68 and 70 Charles Street East and 628, 634, 636 and 638 Church Street, secured for  new or existing affordable housing facilities, in the amount of $385,225 (Source Account: XR3026-3701165);

b. 826-834 Yonge Street and 2-8 Cumberland Street, secured for affordable housing in the amount of $130,038 (Source Account: XR3026-3701083); and

c. 11-25 Yorkville Avenue and 16-18 Cumberland Street, secured for capital improvements for new or existing Toronto Community Housing and/or affordable housing in the amount of $2,484,737 (Source Account: 220096).

2. City Council increase the Approved 2022 Operating Budget for the Housing Secretariat by $3 million gross, to be payable to Youth Without Shelter Terra House North Toronto Emergency and Referral Agency, the Kensington Market Community Land Trust and/or a related corporation, subject to the following conditions:

a. the transfer of the designated funds from XR3026-3701165, XR3026-3701083, and 220096 to the Capital Revolving Reserve Fund for Affordable Housing (XR1058);

b. the successful acquisition of the property by Youth Without Shelter Terra House North Toronto Emergency and Referral Agency, the Kensington Market Community Land Trust and/or a related corporation by no later than July 31, 2022 or such other date as is acceptable to the Executive Director, Housing Secretariat;

c. approval of a business case for the property outlining the management plan, management qualifications and financial viability of the project, satisfactory to the Executive Director, Housing Secretariat; and

d. Youth Without Shelter Terra House North Toronto Emergency and Referral Agency, the Kensington Market Community Land Trust and/or a related corporation entering into a municipal housing facility agreement (the "Contribution Agreement") with the City, on terms and conditions satisfactory to the Executive Director, Housing Secretariat.
 

3. City Council authorize the Executive Director, Housing Secretariat to negotiate and enter into a municipal housing facility agreement (the "Contribution Agreement') with Youth Without Shelter Terra House North Toronto Emergency and Referral Agency, the Kensington Market Community Land Trust and/or a related corporation, on terms and conditions satisfactory to the Executive Director, Housing Secretariat and in a form acceptable to the City Solicitor, to secure the property as affordable rental housing for a 99 year term.

4. City Council exempt the 24 affordable rental units at 556 Bathurst Street from taxation for municipal and school purposes for the term of the City's Contribution Agreement with Youth Without Shelter, Terra House North Toronto Emergency and Referral Agency and/or the Kensington Market Community Land Trust, which will be 99 years.

5. City Council authorize the Controller to cancel or refund any taxes paid after the effective date of the exemption from taxation for municipal and school purposes.

6. City Council authorize the Executive Director, Housing Secretariat to provide a waiver of all building permit fees for the 24 affordable rental housing units at 556 Bathurst Street.

7. City Council authorize the Executive Director, Housing Secretariat, or such person's delegates to execute, on behalf of the City, any security or financing documents required by the non-profit housing provider, including any postponement, confirmation of status, discharge or consent documents where and when required during the term of the municipal housing facility agreement, as required by normal business practices, and provided that such documents do not give rise to financial obligations on the part of the City that have not been previously approved by City Council.