Item - 2022.MM45.49
Tracking Status
- City Council adopted this item on June 15 and 16, 2022 without amendments.
MM45.49 - Update on City Loan Guarantee for Hugh’s Room Live - by Councillor Paula Fletcher, seconded by Councillor Ana Bailão
- Decision Type:
- ACTION
- Status:
- Adopted
- Ward:
- 14 - Toronto - Danforth
City Council Decision
City Council on June 15 and 16, 2022, adopted the following:
1. City Council express its continued support of Hugh’s Room Live efforts to purchase the property at 296 Broadview Avenue to be operated as a cultural and music hub and provide up to one year for Hugh’s Room Live to satisfy the City that they have secured funding and financing for the full purchase price of the property.
2. City Council request the Deputy City Manager, Community and Social Services, in consultation with the Chief Financial Officer and Treasurer, to conduct the necessary due diligence on the City’s loan guarantee to Hugh’s Room Live and report directly to Council to obtain Council’s approval of the terms and conditions, which will also to the satisfaction of the City Solicitor.
Background Information (City Council)
Motions (City Council)
That Councillor Paula Fletcher be permitted to add to the Agenda of today's meeting an urgent Motion Without Notice concerning:
Update on City Loan Guarantee for Hugh’s Room Live
Reason for Urgency:
An extension is required in order to finalize funding opportunities with major donors and/or commercial financing; and is needed now to increase the likelihood of the success of those endeavours.