Item - 2022.MM47.59

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

1. City Council amend its previous decision on item 2021.EC26.6 by:

1. City Council authorize the General Manager, Economic Development and Culture to enter into and execute on behalf of the City a funding agreement with Blackhurst Cultural Centre to contribute the net proceeds from the sale of Honest Ed's Alley, being an amount of approximately $1.78 million towards building demolition, construction and heritage preservation at 756 Bathurst Street in such amount and on such terms deemed necessary and appropriate by the General Manager, Economic Development and Culture and in a form satisfactory to the City Solicitor.

2. City Council increase the 2022 Approved Operating Budget for Economic Development and Culture by $1.78 million gross, $0 net, fully funded by the Land Acquisition Reserve Fund (XR1012) for the purposes of providing funding to Blackhurst Cultural Centre towards the demolition, heritage conservation and construction of the new building at 756 Bathurst Street, subject to Part 1 above.

3. City Council amend its previous decision on Item EC26.6 by amending Attachment 1 to the report (November 18, 2021) from the Interim General Manager, Economic Development and Culture, the Executive Director, Corporate Real Estate Management and the Director, Strategic Partnerships to reflect the contribution identified in Part 1 of Motion MM47.59 on terms and conditions satisfactory to the Executive Director, Corporate Real Estate Management, and in a form satisfactory to the City Solicitor.