Item - 2022.MM47.3

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

1. City Council authorize the Executive Director, Housing Secretariat to provide $1,000,000.00 inclusive of Harmonized Sales Tax and disbursements, from the Capital Revolving Reserve Fund for Affordable Housing (XR1058) to Riverdale Co-operative Homes to support the renovation of the property municipally known as 685 Queen Street East to create affordable co-operating homes, with such amount to be fully funded from the following:

a. $700,000.00 to be funded from the development 462 Eastern Avenue and 176 Logan Avenue, secured for the provision of affordable housing (Source Account: XR3026-3701089); and

b. $300,000.00 to be funded from the Development Charges Development Charges Reserve Fund for Subsidized Housing (XR-2116).

2. City Council increase the Approved 2022 Operating Budget for the Housing Secretariat by $1,000,000.00 gross, to be payable to Riverdale Co-operative Homes, subject to the following conditions:

a. the transfer of the designated funds referred to in Part 1.a. above from 462 Eastern Avenue and 176 Logan Avenue (XR3026-3701089) to the Capital Revolving Reserve Fund for Affordable Housing (XR1058);

b. the transfer of the designated funds from the Development Charges Development Charges Reserve Fund for Subsidized Housing (XR-2116) referred to in Part 1.b. above; and

c. Riverdale Co-operative Homes and the City of Toronto entering into an 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 to negotiate and execute, on behalf of the City, an agreement to amend the existing Municipal Housing Facility Agreement ("Contribution Agreement"), to provide an additional cash contribution of $1,000,000.00 referred to in Part 1 above, to ensure completion of 685 Queen Street East for future operation as affordable rental co-operative housing, with the agreement to amend 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 45 days of signing the amending Contribution Agreement;

b. 60 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. 10 percent of the contribution to be paid by the City within 30 days of completion of construction.