Item - 2023.RA1.3
Tracking Status
- This item was considered by CreateTO on November 18, 2022 and was adopted without amendment.
RA1.3 - 254 and 260 Adelaide Street West - Amendment to the Joint Development Agreement
- Decision Type:
- ACTION
- Status:
- Adopted
- Ward:
- 10 - Spadina - Fort York
Confidential Attachment - a proposed or pending acquisition or disposition of property belonging to the City, and a plan to be applied to negotiations carried on or to be carried on by or on behalf of the Board of Directors of CreateTO and City of Toronto
Board Decision
The Board of Directors of CreateTO:
1. Authorized the Chief Executive Officer, CreateTO, in consultation with the Executive Director, Corporate Real Estate Management, to amend the timelines in the Joint Development Agreement (October 6, 2021) to allow time to explore a joint venture opportunity with the owner of 254 Adelaide Street West until end of March 2023.
2. Directed that the Confidential Attachment 1 to the report (November 1, 2022) from the Chief Executive Officer, CreateTO remain confidential in its entirety as it contains information that relates to both a proposed or pending acquisition or disposition of property belonging to the City and a plan to be applied to negotiations carried on or to be carried on by or on behalf of the Board of Directors of CreateTO and City of Toronto.
Origin
Summary
The purpose of this report is to receive Board approval to amend the timelines in the Joint Development Agreement, triggered by rezoning of 254 and 260 Adelaide Street West, to explore a joint venture opportunity with the owner of 254 Adelaide Street West.
Background Information
https://www.toronto.ca/legdocs/mmis/2023/ra/bgrd/backgroundfile-229883.pdf
Confidential Attachment 1