Item - 2022.MM47.65
Tracking Status
- City Council adopted this item on July 19, 20, 21 and 22, 2022 without amendments.
MM47.65 - Authorization to Release Section 37 (Planning Act) Funds from the 319 Jarvis Street development for capital improvements to the future space of the Indigenous Centre for Innovation and Entrepreneurship at 200 Dundas Street East - by Councillor Robin Buxton Potts, seconded by Mayor John Tory
- Decision Type:
- ACTION
- Status:
- Adopted
- Ward:
- 13 - Toronto Centre
City Council Decision
City Council on July 19, 20, 21 and 22, 2022, adopted the following:
1. City Council amend the Approved 2022-2031 Capital Budget and Plan for Economic Development and Culture by increasing the project cost for the Indigenous Centre for Innovation and Entrepreneurship (CSE015-01) by $2,000,000 gross and $0 debt, from $7,853,237.77 to 9,853,237.77, with cash flow of $2,000,000 in 2023, for the purpose of capital improvements to the future space for the Indigenous Centre for Innovation and Entrepreneurship, fully funded by Section 37 funds obtained from the development at 319 Jarvis Street (Source Account: 220096), secured for a variety of purposes including community facilities within proximity of the lands.
2. City Council authorize the City Manager to request, negotiate and execute an amendment to the existing Contribution Agreement for the Indigenous Centre for Innovation and Entrepreneurship between the City of Toronto and the Federal Economic Development Agency for Southern Ontario to reallocate funding currently allocated for operational start-up costs to the Indigenous Centre for Innovation and Entrepreneurship capital account in a form satisfactory to the City Solicitor.
Background Information (City Council)
https://www.toronto.ca/legdocs/mmis/2022/mm/bgrd/backgroundfile-228801.pdf
(July 19, 2022) Fiscal Impact Statement from the Chief Financial Officer and Treasurer
https://www.toronto.ca/legdocs/mmis/2022/mm/bgrd/backgroundfile-228974.pdf
Motions (City Council)
Speaker Nunziata advised Council that the provisions of Chapter 27, Council Procedures, require that Motion MM47.65 be referred to the Executive Committee. A two-thirds vote of the Council Members present is required to waive referral.