Item - 2024.MM19.37

City Council on June 26 and 27, 2024, adopted the following:

1. City Council authorize the Executive Director, Housing Secretariat, to negotiate and enter into  a municipal capital facility agreement between the City and the Neighbourhood Land Trust in respect of the property at 26 Maynard Avenue for the provision of a tax exemption for municipal and school purposes to secure the property as affordable rental housing for the remaining 94 years of the 99 year affordability term as set out in the Existing Funding Agreement (the " Municipal Capital Facility Agreement') with the Neighbourhood Land Trust, on terms and conditions satisfactory to the Executive Director, Housing Secretariat and in a form acceptable to the City Solicitor.

2. City Council enact a site specific by-law amending the criteria for "Affordable Housing" in the Municipal Housing Facility By-law 183-2022 or its successor by-law, to exempt the 15 affordable rental housing units at 26 Maynard Avenue to be operated by the Neighbourhood Land Trust from the restriction that affordable rental housing units be “new” to meet the definition of “Affordable Housing” in Municipal Housing Facility By-law 183-2022 or its successor by-law.

3. City Council, conditional on the enacting of the site-specific by-law amendment referred to in Part 2 above, exempt the 15 affordable rental units at 26 Maynard Avenue from taxation for municipal and school purposes for the remaining 94 years of the 99 year affordability term set out in the Existing Funding Agreement.

4. City Council authorize the Controller to cancel or refund any taxes paid after the effective date set out in the Municipal Capital Facility Agreement.

5. City Council authorize the City Solicitor to introduce the necessary bills to give effect to City Council’s decision.

6. City Council authorize the Executive Director, Housing Secretariat to execute, on behalf of the City, any security or financing documents required by the Neighbourhood Land Trust, including any postponement, confirmation of status, discharge or consent documents where and when required during the term of the Municipal Capital Facility Agreement, as required by normal business practices, and provided that such documents do not give rise to financial obligations on the part of the City that have not been previously approved by City Council.