Item - 2022.MM43.9

City Council on May 11 and 12, 2022, adopted the following:

1. City Council authorize the Executive Director, Housing Secretariat to provide $550,000 inclusive of Harmonized Sales Tax and disbursements, from the Capital Revolving Reserve Fund for Affordable Housing (XR1058) to the owner of 55 Charles Street East to support the renovation of the property municipally known as 218 Carlton Street to create affordable rental housing for Indigenous men, with such amount to be fully funded from Section 37 (Planning Act Reserve Fund) community benefits received by the City for affordable housing purposes, from the development at 88 Queen Street East, 10 Mutual Street and parts of 30-50 Mutual Street (XR3026-3701156).

2. City Council increase the 2022 Approved Operating Budget for the Housing Secretariat by $550,000 gross, to be payable to the owner of 55 Charles Street East, subject to the following conditions:

a. the transfer of the designated funds from XR3026-3701156 to the Capital Revolving Reserve Fund for Affordable Housing (XR1058); and

b. the owner of 55 Charles Street East and the City of Toronto entering into a Section 37 amending Agreement referred to in Part 3 below, on  terms and conditions satisfactory to the Chief Planner and Executive Director, City Planning and the Executive Director, Housing Secretariat.

3. City Council authorize the Executive Director, Housing Secretariat, in consultation with the Chief Planner and Executive Director, City Planning, to negotiate, and the City Clerk and Chief Financial Officer and Treasurer, City of Toronto to execute, on behalf of the City, a Section 37 amending Agreement with the owner of 55 Charles Street East, to provide a cash contribution of $550,000 referred to in Part 1 above, to ensure completion of the 218 Carlton Street property for future operation as affordable rental housing for Indigenous men, which renovations shall be completed in advance of the conveyance of the property to the City without further payments from the City and in accordance with the Section 37 Agreement, with the amending agreement to be in a form satisfactory to the City Solicitor; the agreement will include details respecting a payment schedule as follows:

a. 30 percent of the contribution to be paid by the City within 30 days of signing the Section 37 amending agreement;

b. 50 percent of the contribution to be paid by the City within 30 days of 50 percent completion of construction, as confirmed by a quantity surveyor; and

c. 20 percent of the contribution to be paid by the City within 30 days of completion of construction.