Item - 2025.TA10.6

The Board of Directors of the Toronto Atmospheric Fund:

1.  Adopted the resolution outlined in Confidential Attachment 1 to the report (April 11, 2025) from the Vice President, Impact Investing, Toronto Atmospheric Fund, remain confidential in its entirety, as it contains information that involves the security of property belonging to the City or one of its agencies or corporations.

2.  Adopted the proposed changes to the Direct Investment Committee Terms of Reference as presented in Attachment 1 to the report (April 11, 2025) from the Vice President, Impact Investing, Toronto Atmospheric Fund, remain confidential in its entirety, as it contains information that involves the security of property belonging to the City or one of its agencies or corporations.

3. Directed that the confidential information contained in Confidential Attachment 1 to the report (April 11, 2025) from the Vice President, Impact Investing, Toronto Atmospheric Fund, remain confidential in its entirety, as it contains commercial and financial information, supplied in confidence to the Toronto Atmospheric Fund, which, if disclosed, could reasonably be expected to significantly prejudice the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization. 

The Direct Investment Committee is recommending that an existing credit facility established to advance energy efficient building retrofit projects be restructured to eliminate tax-inefficiencies, better align with market conditions, and increase the use of the facility which supports Toronto Atmospheric Fund's building retrofit objectives. Changes to the Direct Investment Committee’s Terms of Reference are proposed to maintain the existing authority for the Committee to approve each use of the credit facility which has been delegated by the Board.