Item - 2022.TA16.3
Tracking Status
- This item was considered by Board of Directors of the Toronto Atmospheric Fund on April 27, 2022 and was adopted without amendment.
TA16.3 - Rescission of Decision Respecting Item TA6.7 - Direct Investment 2020 - No. 2
- Decision Type:
- ACTION
- Status:
- Adopted
Board Decision
The Board of Directors of the Toronto Atmospheric Fund:
1. Rescinded approval of the May 21, 2020 Item TA6.7 - Direct Investment Request 2020 - No. 2.
Origin
(April 11, 2022) Report from the Vice President, Impact Investing, Toronto Atmospheric Fund
Summary
Rescission of a previously approved Direct Investment of up to $1,500,000 of working capital is recommended. TAF's financing is no longer required as the company raised additional equity and was able to secure low-cost unsecured debt to grow its business.
Background Information
(April 11, 2022)
Report from the Vice President, Impact Investing on Rescission of Decision Respecting Item TA6.7 - Direct Investment 2020 - No. 2
https://www.toronto.ca/legdocs/mmis/2022/ta/bgrd/backgroundfile-224465.pdf
https://www.toronto.ca/legdocs/mmis/2022/ta/bgrd/backgroundfile-224465.pdf
Motions
Motion
to Adopt Item
moved by
Councillor Mike Layton
(Carried)