Item - 2023.MM8.11

City Council on July 19 and 20, 2023, adopted the following:

1. City Council authorize the Executive Director, Housing Secretariat, to provide $800,000 inclusive of Harmonized Sales Tax and disbursements, from the Capital Revolving Reserve Fund for Affordable Housing (XR1058), to St. Clare’s – Monaco Place to acquire the property municipally known as 1112 Ossington Avenue for the purpose of expanding the existing affordable rental housing located at 1120 Ossington Avenue to create improved and fully wheelchair-accessible amenity space for tenants, fully funded from the Section 37 Planning Act Reserve Fund, with funds received by the City from the development at 1245 Dupont Street (Galleria Mall) in the amount of $800,000 (Source Account: XR3028-4500242), for this purpose.

2. City Council increase the 2023 Operating Budget for the Housing Secretariat by $800,000 gross, to be payable to St. Clare’s – Monaco Place, subject to the following conditions:

a. the transfer of the designated funds from XR3028-4500242 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. St. Clare’s – Monaco Place and/or a related corporation entering into a municipal housing facility agreement (the "Contribution Agreement") with the City, on terms and conditions satisfactory to the Executive Director, Housing Secretariat.

3. City Council authorize the Executive Director, Housing Secretariat to negotiate and enter into a municipal housing facility agreement (the "Contribution Agreement') with St. Clare’s – Monaco Place and/or a related corporation, on terms and conditions satisfactory to the Executive Director, Housing Secretariat and in a form acceptable to the City Solicitor, to secure the property as improved and wheelchair-accessible amenity space for tenants at the 1120 Ossington Avenue affordable rental property, subject to Part 2 above.

4. City Council exempt the property at 1112 Ossington Avenue from taxation for municipal and school purposes for the term of the City's Contribution Agreement with St. Clare’s – Monaco Place, which will be 99 years.

5. City Council authorize the Controller to cancel or refund any taxes paid after the effective date of the exemption from taxation for municipal and school purposes.

6. City Council authorize the Executive Director, Housing Secretariat or designate, to execute, on behalf of the City, any security or financing documents required by the non-profit housing provider, including any postponement, confirmation of status, discharge or consent documents where and when required during the term of the municipal housing facility agreement, as required by normal business practices, and provided that such documents do not give rise to financial obligations on the part of the City that have not been previously approved by City Council, subject to Part 2 above.