Item - 2025.MM30.1

City Council on May 21 and 22, 2025, adopted the following:

1. City Council increase the 2025-2034 Capital Budget and Plan for the Housing Secretariat by $1,200,000.00, fully funded by Section 37 community benefits, to be payable to Kensington Market Community Land Trust, subject to the funds being secured through an agreement as set out in Part 2 below.

2. City Council authorize the Executive Director, Housing Secretariat to negotiate and execute on behalf of the City a municipal capital facility agreement under the Multi-Unit Residential Acquisition Program with Kensington Market Community Land Trust to secure the financial assistance referred to in Part 1, on such terms and conditions satisfactory to the Executive Director, Housing Secretariat, and in a form acceptable to the City Solicitor.

3. City Council authorize the Executive Director, Housing Secretariat to provide $1,200,000.00 in funding, inclusive of Harmonized Sales Tax and disbursements, to Kensington Market Community Land Trust to fund the purchase of an affordable rental housing and commercial building in Ward 11 University-Rosedale, fully funded from Section 37 funds from the development at 27-37 Yorkville Avenue, 26-32 and 50 Cumberland Street (Source Account: XR3026-3701295) in Ward 11.

4. City Council direct that the use of Section 37 community benefits be prominently recognized in documents and promotional materials, including on any construction hoarding, in consultation with the Ward Councillor as a requirement within the agreement between the City and Kensington Market Community Land Trust.