Item - 2022.MM47.112

City Council on July 19, 20, 21 and 22, 2022 adopted the following:

1. City Council direct the following, subject to receipt of funds of $4,000,000.00 dollars from the property identified in Confidential Attachment 1 to Motion MM47.112 and the deposit of such funds into the Planning Act Reserve Fund:

a. City Council increase the 2022 Council approved Operating Budget for Economic Development and Culture  on a one-time basis by $4 million gross, $0 net, fully funded by the Planning Act Reserve Fund for the Toronto Business Development Centre, subject to:

i. the entering into an Agreement with the Toronto Business Development Centre to implement City Council's decision; and

ii. the Zoning By-law Amendment for the property identified in Confidential Attachment 1 to Motion MM47.112 coming into full force and effect;

b. City Council delegate authority to City staff to implement City Council's decision, through the preparation of an Agreement identifying the terms and conditions of the capital contribution to the Toronto Business Development Centre to the satisfaction of the City Solicitor, the Chief Planner and Executive Director, City Planning and the General Manager, Economic Development and Culture; and

c. City Council direct that Confidential Attachment 1 to Motion MM47.112 remain confidential at the discretion of the City Solicitor.

Confidential Attachment 1 to Motion MM47.112 remains confidential at this time in accordance with the provisions of the City of Toronto Act, 2006, as it pertains to litigation or potential litigation that affects the City or one of its agencies or corporations. Confidential Attachment 1 to Motion MM47.112 will be made public at the discretion of the City Solicitor.

August 30, 2022

Confidential Attachment 1 to Motion MM47.112 has been made public, the City Solicitor having exercised the City Solicitor's discretion to make it public, and it can be accessed under Background Information (City Council).