Item - 2024.MM18.23

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

1. City Council exempt the stratified parcel of fee simple land at 55-77 Wade Avenue, Toronto, designated as Parts 14, 15, 16 and 17 and a negative support easement through Parts 1, 2, 3, 4 and 5 on Plan 66R-31574 (the "Conveyance Lands"), required to be conveyed to the City as a condition of development approval pursuant to the City of Toronto Act, 2006, by 77 WADE LP, by its general partner, 77 WADE GP INC., (the "Developer") from the application of the Policy for Accepting Potentially Contaminated Lands (the "Policy"), subject to the recommendations provided by the City’s Peer Reviewer, PGL Environmental Consultants and including such other terms and conditions as deemed appropriate by the Executive Director, Corporate Real Estate Management (the “Executive Director”), and in a form satisfactory to the City Solicitor.

2. City Council authorize the conveyance of the Conveyance Lands defined in Part 1 above, even though the Phase Two Environmental Site Assessment was limited based on the presence of the underlying Toronto Transit Commission infrastructure which restricted the investigation and the ability to meet the City’s Conveyance Policy.

3. City Council authorize the Executive Director, Corporate Real Estate Management, or their designate, to enter into an indemnity agreement whereby the Developer assumes all responsibility and indemnifies the City from any and all liability associated with the acceptance of the Conveyance Lands defined in Part 1 above.