Item - 2025.RA20.4

The Board of Directors of CreateTO:

1. Endorsed the business case and transaction terms for 72 Amroth Avenue as presented in Confidential Attachment 1 and Confidential Attachment 2 to the report (July 8, 2025) from the Chief Executive Officer, CreateTO, subject to the following amendments:

a. the Chief Executive Officer, CreateTO shall, in consultation with the Executive Director, Housing Secretariat and the Executive Director, Housing Development Office, pursue opportunities to increase the requirement for affordable housing on the site, subject to available funding from the City; and

b. the market offering shall prioritize the selection of a non-profit developer and a developer that will deliver more affordable housing than the minimum required amount.
 

2. Subject to authorization from City Council, and subject to further approvals of the business case from relevant City officials, directed the Chief Executive Officer, CreateTO to:

a. in consultation with the Executive Director, Housing Secretariat, and Executive Director, Housing Development Office, administer the market offering process for 72 Amroth Avenue, select the recommended proponent and negotiate the leases and other agreements for the project with them in accordance with the terms of the approved business case and market offering process, and report back to the Board of Directors of CreateTO and City Council with the recommended proponent for approval; and

b. retain the services of a fairness monitor to oversee and ensure a fair, open and transparent market offering process.

3. Directed the information in Confidential Attachments 1 and 2 to the report (July 8, 2025) from the Chief Executive Officer, CreateTO, to remain confidential in its entirety as it relates to a proposed or pending disposition of land by the City and a position or plan to be applied to negotiations carried on or to be carried on by or on behalf of the Board of Directors of CreateTO or the City.

The Director, Development and Housing Now, CreateTO gave a presentation on 72 Amroth Avenue - Business Case Approval and Update on Authorities and Delivery Model.

The Board of Directors of CreateTO recessed its public session to meet in closed session to consider the item as the Confidential Attachments to this report relate to (1) a proposed or pending disposition of land by the City, and (2) a position or plan to be applied to negotiations carried on or to be carried on by or on behalf of the Board of Directors of CreateTO or the City.

The purpose of this report is to inform the Board of Directors of CreateTO of the updated Council priorities and direction for 72 Amroth Avenue (‘the Site’) to contemplate the retention of public ownership through a long-term land lease and the delivery of affordable housing. Council-direction received through items 2023.EX9.3 and 2024.EX12.4 prioritizes retention of public land and requires that any development planning contemplated on a Toronto Parking Authority lot include affordable housing, respectively. City Council adopted amendments to the transfer and disposition authorities previously secured for the Site to address the updated Council priorities and direction.

This report further recommends the CreateTO Board of Directors endorse the Business Case and Transaction Terms in support of a market offering for the Site. Through item 2023.RA6.2, the Board of Directors of CreateTO directed staff to report back with a final business case prior to initiating a market offering for the Site.

The intent is to bring this site to market in the third quarter of 2025. Following the market offering process, CreateTO staff will report to the Board of Directors on the proponent selection for approval, prior to finalization of legal agreements.