Item - 2025.MM26.8

City Council on February 5, 2025, adopted the following:

1. City Council authorize an exemption from taxation for municipal and school purposes for the affordable rental and rent-controlled homes to be developed by the Cedars Development Corporation and/or the Cedars Non-Profit Housing Co-operative, or any related entities, in the project at 253 Markham Road - Building A, as set out in Table 1.

2. City Council authorize the Controller to cancel or refund any taxes paid after the effective date of the exemption from taxation for municipal and school purposes as set out in the applicable municipal housing facility agreement.

3. City Council authorize the Executive Director, Housing Secretariat to execute, on behalf of the City, any security or financing documents required by the Cedars Development Corporation and/or the Cedars Non-Profit Housing Co-operative, or any related entities above to secure construction and conventional financing and subsequent refinancing, including any postponement, tripartite, confirmation of status, discharge or consent documents where and when required during the term of the applicable municipal housing 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.

4. City Council authorize the Executive Director, Housing Secretariat to execute, on behalf of the City, any documents necessary to terminate the Home Ownership Assistance Program agreement, 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.