Item - 2025.MM35.14

City Council on December 16 and 17, 2025, adopted the following:

1. City Council amend it previous decision on Item 2024.CC20.24 by:

a. deleting Part 3 of the instructions to staff and replacing it with the following:

City Council authorize the Affordable Rental Housing Units as described in Table 1 below, to be eligible for waivers for planning application, building permit, parkland dedication and development charges exemptions, unless already paid or exempted by provincial legislation.

Table 1: Incentives and Exemption of Municipal and School Taxation for 200 University Avenue

*The 40-year affordability period is expected to begin in the estimated year of occupancy.

**The estimated NPV of property tax exemption reflects an updated forecasting model implemented in 2025.

b. deleting Part 4 of the instructions to staff and replacing it with the following:

City Council authorize an exemption from taxation for municipal and school purposes for the Affordable Rental Housing Units for the period of time described in Table 1 in Part 1 a. above.

c. deleting Part 6 of the instructions to staff and replacing it with the following:

City Council authorize the Executive Director, Housing Secretariat, to negotiate and execute, on behalf of the City, a municipal housing facility agreement (the City's Contribution Agreement), or amendments to existing Contribution Agreements, where applicable, with the owner and/or related legal entities for the development listed in Table 1 in Part 1.a above, to secure the financial assistance and to set out the terms of the development and operation of the new affordable rental housing units, on terms and conditions satisfactory to the Executive Director, Housing Secretariat, in consultation with the Chief Financial Officer and Treasurer, and in a form approved by the City Solicitor.

d. deleting Part 7 of the instructions to staff and replacing it with the following:

City Council authorize the Executive Director, Housing Secretariat, on behalf of the City, to execute any security or financing documents, or any other documents required to facilitate the development, including any documents required by the owner and/or related legal entities for the development described in Table 1 in Part 1 a. above, to complete pre-development activities, construction and secure conventional financing, where required, including any postponement, confirmation of status, discharge or consent documents where and when required during the term of the 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.