Item - 2024.MM18.14

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

1. City Council amend Parks, Forestry and Recreation’s 2024 Capital Budget and 2025-2033 Capital Plan to create a new capital sub-project known as Labatt Avenue Right-of-Way Improvements, in the Park Development project, with a total project cost of $850,000 gross and $0 debt in 2024, with cash flow commitments in 2025, fully funded by the Section 37 funds received from 1-25 Defries Street (Source Account: XR3026-3701146) for public realm upgrades and park expansion into the Labatt Avenue Right-of-Way.
 

2. City Council authorize the General Manager, Parks, Forestry and Recreation, to negotiate and execute an Agreement with Defries Developments Limited, for the construction of public realm upgrades and park expansion into the adjacent Labatt Avenue Right-of-Way, for a term of one (1) year commencing on or about July 1, 2024, with the City having the option to extend the agreement on a month-to-month basis at the sole discretion of the General Manager, Parks, Forestry and Recreation, for up to one additional year, all on terms and conditions satisfactory to the General Manager, in a form satisfactory to the City Solicitor and in compliance with City of Toronto policies for Capital Projects.
 

3. Subject to entering into the agreement set out in Parts 1 and 2 above with Defries Developments Limited, City Council authorize the General Manager, Parks, Forestry and Recreation to transfer up to $850,000 from Parks, Forestry and Recreation's 2024 Capital Budget and 2025-2033 Capital Plan from the Labatt Avenue Right-of-Way Improvements sub-project in the Park Development project to Defries Developments Limited to fund the cost of the public realm upgrades and park expansion into the Labatt Avenue Right-of-Way.