Item - 2024.MM18.1

City Council on May 22 and 23, 2024, adopted the following:

1. City Council authorize the Executive Director, Housing Secretariat, subject to Part 3 below, to provide $1,221,924.47 in funding, inclusive of Harmonized Sales Tax and disbursements, from the Capital Revolving Reserve Fund for Affordable Housing (XR1058) to the Parkdale Activity-Recreation Centre (Toronto) to address structural issues at the affordable rental housing building at 1501 Queen Street West, fully funded from the following development:

a. 1182 and 1221 King Street West, secured for affordable housing in Ward 4, Parkdale-High Park,(Source Account: XR3026-3701180).

2. City Council authorize the Executive Director, Housing Secretariat, to negotiate and execute on behalf of the City an agreement with the Parkdale Activity-Recreation Centre (Toronto), or an amendment to the existing agreement with the Parkdale Activity-Recreation Centre (Toronto) under the Ontario Priorities Housing Initiative, to secure the financial assistance being provided and set out the terms for the renovation of the housing at 1501 Queen Street West, on terms and conditions satisfactory to the Executive Director, Housing Secretariat, and in a form acceptable to the City Solicitor.

3. City Council increase the 2024 Operating Budget for the Housing Secretariat by $1,221,924.47 gross, $0 net, to be payable to the Parkdale Activity-Recreation Centre (Toronto) subject to the following conditions:

a. the transfer of the designated funds from XR3026-3701159 to XR1058; and

b. the funds being secured through an agreement as set out in Part 2 above.