Item - 2025.MM28.8

City Council on March 26 and 27, 2025, adopted the following:

1. City Council amend its previous decision on Item 2022.MM45.51, as amended by Item 2024.MM18.25, by amending Part 4 by:

a. deleting the amount $450,000.00 and replacing with $400,000.00;

b. deleting the words “together with any remainder from Part 3 above” and “renovate”; and
 

c. adding the words “and additional $50,000 inclusive of Harmonized Sales Tax and disbursements, from the Capital Revolving Reserve Fund for Affordable Housing (XR1058) to renovate the affordable rental housing property after the closing of the acquisition”;
 

so that the lead paragraph of Part 4 now reads as follows:

4. City Council authorize the Executive Director, Housing Secretariat to provide up to $400,000.00 inclusive of Harmonized Sales Tax and disbursements, from the Capital Revolving Reserve Fund for Affordable Housing (XR1058) to the Kensington Market Community Land Trust, and/or a related non-profit corporation to acquire and operate for a minimum of 99 years an affordable rental housing property in Ward 11, University-Rosedale, under the Multi-Unit Residential Acquisition Program, and additional $50,000 inclusive of Harmonized Sales Tax and disbursements, from the Capital Revolving Reserve Fund for Affordable Housing (XR1058) to, renovate the affordable rental housing property after the closing of the acquisition, subject to:

a. the successful acquisition of the property by Kensington Market Community Land Trust and/or a related non-profit corporation by no later than June 1, 2025, or such other date as is acceptable to the Executive Director, Housing Secretariat;

b. approval of a business case in respect of the property to be purchased that outlines a management plan, management qualifications and financial viability of the affordable housing project, property acquisition plan, satisfactory to the Executive Director, Housing Secretariat; and

c. Kensington Market Community Land Trust and/or a related non-profit corporation entering into a municipal housing facility agreement for housing purposes (the "Contribution Agreement") with the City, on terms and conditions satisfactory to the Executive Director, Housing Secretariat, and in a form acceptable to the City Solicitor.

2. City Council increase the 2025 Capital Budget for the Housing Secretariat by $450,000 gross, to be payable as set out in Part 1 above, fully funded by the Capital Revolving Reserve Fund for Affordable Housing (XR1058).

3. City Council authorize the Executive Director, Housing Secretariat to negotiate and enter into a municipal housing facility agreement (the City’s Contribution Agreement”) with respect to the funding set out in Part 1 above, to secure the financial assistance for the renovation and operation of the affordable rental housing, above on terms and conditions satisfactory to the Executive Director, Housing Secretariat and in a form acceptable to the City Solicitor.

4. City Council authorize the Executive Director, Housing Secretariat, or their delegate, to execute on behalf of the City, any security or financing documents required by Kensington Market Community Land Trust and/or a related corporation, including any postponement, confirmation of status, discharge or consent documents where and when required during the term of the City’s Contribution 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.