Item - 2024.MM23.7
Tracking Status
- City Council adopted this item on November 13 and 14, 2024 with amendments.
MM23.7 - Commercial Property Assessed Clean Energy (C-PACE) Financing Tools - by Councillor Jennifer McKelvie, seconded by Councillor Shelley Carroll
- Decision Type:
- ACTION
- Status:
- Amended
- Wards:
- All
City Council Decision
City Council on November 13 and 14, 2024, adopted the following:
1. City Council direct the Executive Director, Environment and Climate, with the support of relevant City divisions, to:
a. assess the feasibility of developing a voluntary financial tool to enable housing supply, spur construction and economic development and help Toronto meet our sustainability goals outlined in TransformTO without use of public funds (“Commercial Property Assessed Clean Energy financing”);
b. identify any changes to Ontario Regulation 596/06: Local Improvement Charges - Priority Lien Status to support the establishment of Commercial Property Assessed Clean Energy financing by the City, including, if recommended, any changes that leverage private capital to make investments in energy efficiency, water efficiency, and resilience related qualifying improvements; and
c. report back to City Council on the above as a part of the report addressing future amendments to City of Toronto Municipal Code Chapter 367, Building Emissions Performance in the third quarter of 2025.
2. City Council direct the City Manager to request the Government of Ontario to review and analyze the use of Commercial Property Assessed Clean Energy as a voluntary financing tool and identify regulatory changes required to enable its use by municipalities.
3. City Council forward this item to the Ontario Minister of Municipal Affairs and Housing, Ontario Minister of Finance, and Ontario Minister of Energy and Electrification.
Background Information (City Council)
Motions (City Council)
Speaker Nunziata advised Council that the provisions of Chapter 27, Council Procedures, require that Motion MM23.7 be referred to the Infrastructure and Environment Committee. A two-thirds vote of the Council Members present is required to waive referral.
That City Council delete the Recommendation and adopt instead the following:
1. City Council direct the Executive Director, Environment and Climate, with the support of relevant City divisions, to:
a. assess the feasibility of developing a voluntary financial tool to enable housing supply, spur construction and economic development and help Toronto meet our sustainability goals outlined in TransformTO without use of public funds (“Commercial Property Assessed Clean Energy financing”);
b. identify any changes to Ontario Regulation 596/06: LOCAL IMPROVEMENT CHARGES - PRIORITY LIEN STATUS to support the establishment of Commercial Property Assessed Clean Energy financing by the City, including, if recommended, any changes that leverage private capital to make investments in energy efficiency, water efficiency, and resilience related qualifying improvements; and
c. report back to City Council on the above as a part of the report addressing future amendments to City of Toronto Municipal Code Chapter 367, Building Emissions Performance in the third quarter of 2025.
(New)
2. City Council direct the City Manager to request the Government of Ontario review and analyze the use of Commercial Property Assessed Clean Energy as a voluntary financing tool and identify regulatory changes required to enable its use by municipalities.
3. City Council forward this item to Ontario Minister of Municipal Affairs and Housing, Ontario Minister of Finance, and Ontario Minister of Energy and Electrification.