Item - 2022.RA31.3

The Board of Directors of CreateTO:

1.  Approved the negotiated agreements for 5207 Dundas Street West which include the Ground Lease and Project Agreement based substantially on the terms and conditions set out in Confidential Attachment 1 to the report (May 3, 2022) from the Chief Executive Officer, CreateTO, and such other terms and conditions deemed appropriate by Chief Development Officer and Executive Vice President Strategic Asset Management and the Chief Legal Counsel and Corporate Secretary, subject to the necessary City of Toronto approvals.

2.  Directed the Chief Executive Officer, CreateTO to request the necessary City of Toronto authorities required to execute the Agreements and such other documents as may be necessary in order to finalize the arrangement with the developer partners for 5207 Dundas Street West as described in Confidential Attachment 1 to the report (May 3, 2022)  from the Chief Executive Officer, CreateTO.

3.  Directed that the names of the developer partners be made public at the discretion of the Chief Executive Officer following execution of the Agreements and that the remainder of the information in Confidential Attachment 1 to the report (May 3, 2022) from the Chief Executive Officer, CreateTO, remain confidential as it deals with a pending disposition of land by the Board of Directors of CreateTO and the City.

The Board of Directors of CreateTO recessed its public session to meet in closed session to consider the item as it pertains to a pending disposition of land by the Board of Directors of CreateTO and the City.

This report recommends that the CreateTO Board of Directors approve the negotiated agreements for Bloor-Kipling (Six Points), Block 1 (5207 Dundas Street West) ("5207 Dundas Street W.") which includes the Ground Lease, the Project Agreement, and the Contribution Agreement (the "Agreements").

The report also recommends that the CreateTO Board of Directors direct the Chief Executive Officer, CreateTO to request the necessary City of Toronto authorities to execute the Agreements and such other documents as may be necessary in order to finalize the arrangement with the developer partners for 5207 Dundas Street W. as described in Confidential Attachment 1.

Following completion of the market offering process in December 2021, the successful developer executed the term sheet on March 14, 2022. On April 12, 2021, the CreateTO Board adopted Item RA 30.5 - "Housing Now - Selection of Proponent for Bloor-Kipling (Six Points), Block 1 (5207 Dundas Street West) approving the selection of the successful developer partners and the term sheet, subject to approval by senior City management.

Subject to approval of this report, and finalization of a few non-material provisions in the Agreements with the proponent, CreateTO management will obtain the approval of the Executive Director, Housing Secretariat, the Deputy City Manager, Corporate Services and the Chief Financial Officer and Treasurer for execution of agreements, and work with the developer partners on obtaining the deposits as outlined in the agreements.

The developer partners are diligently working on their site plan submissions with a current timeline to have formal submissions made to City Planning by Q3, 2022.  

Pending planning approvals, the current schedule is to start site servicing construction in Q2, 2023.