Item - 2023.TA4.8
Tracking Status
- This item was considered by Board of Directors of the Toronto Atmospheric Fund on November 21, 2023 and was adopted with amendments.
TA4.8 - Direct Investment Request 2023 E
- Decision Type:
- ACTION
- Status:
- Amended
Confidential Attachment - Commercial information, supplied in confidence to the Toronto Atmospheric Fund which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization
Board Decision
The Board of Directors of the Toronto Atmospheric Fund:
1. Approved an investment of up to $3,500,000 in a warehouse debt facility and unfunded credit enhancements, subject to the conditions outlined by the Direct Investment Committee at its meeting on October 17, 2023, and set out in Confidential Attachment 1 to the report (November 7, 2023) from the Vice President, Impact Investing, Toronto Atmospheric Fund.
2. Delegated final approval of the terms and conditions of the investment to the Direct Investment Committee.
3. Directed Toronto Atmospheric Fund’s Vice President, Impact Investing to implement the investment to the satisfaction of Toronto Atmospheric Fund’s Solicitor.
4. Directed staff to ensure that funds under this facility be made available only to individuals who drive vehicles for hire and not to any ride-sharing companies.
5. Directed that the confidential information contained in Confidential Attachment 1 to the report (November 7, 2023) from the Vice President, Impact Investing, Toronto Atmospheric Fund remain confidential in its entirety, as it contains commercial and financial information, supplied in confidence to the Toronto Atmospheric Fund, which, if disclosed, could reasonably be expected to significantly prejudice the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.
Decision Advice and Other Information
The Board of Directors of the Toronto Atmospheric Fund recessed its public meeting to meet in closed session to consider the item as it pertains to commercial information, supplied in confidence to the Toronto Atmospheric Fund which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.
Origin
Summary
The Direct Investment Committee recommends an investment of up to $3,500,000 in an innovative financing structure designed to enable Vehicle-for-Hire (VFH) drivers to purchase electric vehicles (EVs). This investment is strongly aligned with Toronto Atmospheric Fund’s mandate to mobilize capital for low-carbon solutions and accelerate EV adoption. The proposed allocation complies with Toronto Atmospheric Fund’s investment policy and target portfolio.
Background Information
https://www.toronto.ca/legdocs/mmis/2023/ta/bgrd/backgroundfile-240573.pdf
Confidential Attachment 1 - Direct Investment Request 2023 E
Speakers
Motions
That the Board of Directors of the Toronto Atmospheric Fund defer the item until Toronto Atmospheric Fund staff conduct due diligence on the matter.
Vote (Defer Item) Nov-21-2023
Result: Lost | Majority Required |
---|---|
Total members that voted Yes: 1 | Members that voted Yes are Josh Matlow |
Total members that voted No: 7 | Members that voted No are Graysanne Bedell, Shelley Carroll, Andrew Dooner, Stuart Galloway, Kimberly Marshall, Parminder Sandhu (Chair), Dianne Saxe |
Total members that were Absent: 3 | Members that were absent are Wayne Miranda, Jean Olemou, Dan Zilnik (Interest Declared) |
That:
1. The Board of Directors of the Toronto Atmospheric Fund direct staff to ensure that funds under this facility be made available only to individuals who drive vehicles for hire and not to any ride-sharing companies.
Vote (Amend Item (Additional)) Nov-21-2023
Result: Carried | Majority Required |
---|---|
Total members that voted Yes: 8 | Members that voted Yes are Graysanne Bedell, Shelley Carroll, Andrew Dooner, Stuart Galloway, Kimberly Marshall, Josh Matlow, Parminder Sandhu (Chair), Dianne Saxe |
Total members that voted No: 0 | Members that voted No are |
Total members that were Absent: 3 | Members that were absent are Wayne Miranda, Jean Olemou, Dan Zilnik (Interest Declared) |
Vote (Adopt Item as Amended) Nov-21-2023
Result: Carried | Majority Required |
---|---|
Total members that voted Yes: 7 | Members that voted Yes are Graysanne Bedell, Shelley Carroll, Andrew Dooner, Stuart Galloway, Kimberly Marshall, Parminder Sandhu (Chair), Dianne Saxe |
Total members that voted No: 1 | Members that voted No are Josh Matlow |
Total members that were Absent: 3 | Members that were absent are Wayne Miranda, Jean Olemou, Dan Zilnik (Interest Declared) |
Declared Interests
Dan Zilnik - Ernst and Young audits one of the parties in the investment request
Written Declaration: https://secure.toronto.ca/council/declared-interest-file.do?id=11739