Item - 2023.MM12.8
Tracking Status
- City Council adopted this item on November 8 and 9, 2023 with amendments.
MM12.8 - Authorization to Release Section 37 Funds from the Development at 900 and 980 Lansdowne Avenue and 30 Powerhouse Street to Magellan Community Charities for 640 Lansdowne Avenue - by Councillor Alejandra Bravo, seconded by Councillor Paula Fletcher
- Decision Type:
- ACTION
- Status:
- Amended
- Ward:
- 9 - Davenport
City Council Decision
City Council on November 8 and 9, 2023, adopted the following:
1. City Council authorize the Executive Director, Housing Secretariat, to provide $1,616,085.79 inclusive of Harmonized Sales Tax and disbursements, from the Capital Revolving Reserve Fund for Affordable Housing (XR1058), to Magellan Community Housing for construction of the mixed-use building at 640 Lansdowne Avenue containing long-term care beds and affordable rental homes for seniors, fully funded from the Section 37 Planning Act Reserve Fund, with funds received by the City from the development at 900 and 980 Lansdowne Avenue, 30 Powerhouse Street in the amount of $1,616,085.79 (Source Account: XR1058), for this purpose.
2. City Council increase the 2023 Operating Budget for the Housing Secretariat by $1,616,085.79 gross, $0 net, to be payable to Magellan Community Housing, subject to the following conditions:
a. the transfer of the designated funds from XR3026-3701318 to the Capital Revolving Reserve Fund for Affordable Housing (XR1058);
b. approval of a business case for the property outlining the management plan, management qualifications and financial viability of the project, satisfactory to the Executive Director, Housing Secretariat; and
c. Magellan Community Housing, and the City of Toronto entering into an agreement referred to in Part 3 below, on terms and conditions satisfactory to 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 the additional cash contribution referred to in Part 1 above, subject to Part 2 above, with the agreement to amend to be in a form satisfactory to the City Solicitor.
Background Information (City Council)
https://www.toronto.ca/legdocs/mmis/2023/mm/bgrd/backgroundfile-240479.pdf
Fiscal Impact Statement from the Chief Financial Officer and Treasurer
https://www.toronto.ca/legdocs/mmis/2023/mm/bgrd/backgroundfile-240661.pdf
Motions (City Council)
Speaker Nunziata advised Council that the provisions of Chapter 27, Council Procedures, require that Motion MM12.8 be referred to the Executive Committee. A two-thirds vote of the Council Members present is required to waive referral.
That City Council delete the Recommendations and replace with the following:
1. City Council authorize the Executive Director, Housing Secretariat, to provide $1,616,085.79 inclusive of Harmonized Sales Tax and disbursements, from the Capital Revolving Reserve Fund for Affordable Housing (XR1058), to Magellan Community Housing for construction of the mixed-use building at 640 Lansdowne Avenue containing long-term care beds and affordable rental homes for seniors, fully funded from the Section 37 Planning Act Reserve Fund, with funds received by the City from the development at 900 and 980 Lansdowne Avenue, 30 Powerhouse Street in the amount of $1,616,085.79 (Source Account: XR1058), for this purpose.
2. City Council increase the 2023 Operating Budget for the Housing Secretariat by $1,616,085.79 gross, $0 net, to be payable to Magellan Community Housing, subject to the following conditions:
a. the transfer of the designated funds from XR3026-3701318 to the Capital Revolving Reserve Fund for Affordable Housing (XR1058);
b. approval of a business case for the property outlining the management plan, management qualifications and financial viability of the project, satisfactory to the Executive Director, Housing Secretariat; and
c. Magellan Community Housing, and the City of Toronto entering into an agreement referred to in Part 3 below, on terms and conditions satisfactory to 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 the additional cash contribution referred to in Part 1 above, subject to Part 2 above, with the agreement to amend to be in a form satisfactory to the City Solicitor.