Item - 2024.MM18.8

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

1. City Council authorize the General Manager, Parks, Forestry and Recreation, to negotiate and execute a Construction Funding Agreement with 712953 Ontario Limited, 591 Sherbourne Street Limited and 2370165 Ontario Incorporated, for the City to provide funding in the amount of $700,000 for the increased costs associated with improvements to St. James Town West Park, for a term of three (3) years commencing on or about September 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, Parks, Forestry and Recreation, in a form satisfactory to the City Solicitor, and in compliance with City of Toronto policies for Capital Projects.

2. Subject to entering into the agreement, as set out in Part 1 above, with 712953 Ontario Limited, 591 Sherbourne Street Limited and 2370165 Ontario Incorporated, City Council authorize the Chief Planner and Executive Director, City Planning, to transfer up to $700,000 from City Planning’s 2024 Capital Budget and 2025-2033 Capital Plan from the Places Civic Improvements sub-project (account CUR054-06) to 712953 Ontario Limited, 591 Sherbourne Street Limited and 2370165 Ontario Incorporated to fund the increased costs associated with the park improvements.