Item - 2024.MM20.28

City Council on July 24 and 25, 2024, adopted the following:

1. City Council authorize the Deputy City Manager, Development and Growth Services, in consultation with the Executive Director, Housing Secretariat, the Chief Financial Officer and Treasurer and the City Solicitor, to enter into and execute agreements pursuant to the Development Charges Act to provide residential units intended to be affordable residential units with an exemption from development charges and exclusions from the community benefits charge and parkland dedication requirements as contemplated by the Planning Act, which agreements will include the following terms and conditions, or as otherwise prescribed in accordance with the Development Charges Act:

a. the landowner must register the agreement on title to land at their cost, in first priority, to the satisfaction of the City Solicitor;

b. the tenant/purchaser must be at arms length with the landlord/seller;

c. the tenant/purchaser must be an eligible tenant/purchaser as determined by the Executive Director, Housing Secretariat;

d. units must meet the definition of an affordable residential unit set out in the Development Charges Act and the Provincial Affordable Residential Units Bulletin, as may be amended from time to time, for at least 25 years from the date the unit is first rented or sold;

e. the value of the exemption and exclusions be secured in an amount and a form satisfactory to the Chief Financial Officer and Treasurer, in consultation with the City Solicitor;

f. requirements for the landowner to provide documentation and information annually or as otherwise required by and to the satisfaction of the Executive Director, Housing Secretariat, to demonstrate compliance with the agreement;

g. if an event of default occurs, the value of the development charges attributable to the affordable residential unit(s) shall be due and payable immediately, and will be deemed to be an unpaid amount and will be required to be paid as a late payment, with interest, failing which the City may collect such amounts through the tax roll and the City may take such other actions deemed necessary to recover the value of the development charges exemption and community benefit charges and parkland dedication discounts, with interest; and

h. such other terms and conditions as may be required by the Deputy City Manager, Development and Growth Services, in consultation with the Executive Director, Housing Secretariat, the Chief Financial Officer and Treasurer, all in a form satisfactory to the City Solicitor.

2. City Council authorize the Deputy City Manager, Development and Growth Services, to require and execute any security documents that they consider appropriate, to secure any financial or other obligations under the agreement, which may include but is not limited to section 118 restrictions under the Land Titles Act, in consultation with the Chief Financial Officer and Treasurer and the City Solicitor.

3. City Council authorize the Deputy City Manager, Development and Growth Services, on behalf of the City, to execute any security or financing documents, or any other documents required in connection with the agreement referenced in Part 1 above or the security referenced in Part 2 above, including any postponement, confirmation of status, discharge or consent documents where and when required during the term of the agreement, as required by normal business practices, in consultation with the Chief Financial Officer and Treasurer and the City Solicitor, 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.