Item - 2026.MM43.7

City Council on July 29 and 30, 2026, adopted the following:

1. City Council increase the 2026 Operating Budget for Non-Program on a one-time basis by $500,000 gross, $0 net, fully funded by Section 37 community benefits obtained from the following developments in the following amounts:

a. 195 to 195 McCaul Street, secured for affordable housing in the ward, in the amount of $43,982.87 (Source Account: XR3026-3701328); and

b. 27 to 37 Yorkville Avenue and 26 to 32 and 50 Cumberland Street, secured for new or existing affordable housing, in the amount of $456,017.13 (Source Account: XR3026-3701295);

to be forwarded to the Toronto Chinatown Land Trust for the purpose of purchasing 81 Huron Street to facilitate the provision of affordable rental housing in the building (Cost Centre: NP2161).

2. City Council increase the 2026 Operating Budget for Non-Program on a one-time basis by $200,000 gross, $0 net, fully funded by Section 37 and Section 45(9) community benefits obtained from the following developments in the following amounts:

a. 571 to 597 Bloor Street West, 738 to 782 Bathurst Street, 26 to 38 Lennox Street, 581 to 603 and 588 to 612 Markham Street, secured for non-profit community or cultural space, in the amount of $56,078.39 (Source Account: XR3026-3700987; and

b. 292 Dundas Street West, secured for cultural space, in the amount of $143,921.61 (Source Account: XR3028-4500251).

to be forwarded to the Toronto Chinatown Land Trust for the purpose of providing a cultural hub on the ground floor of the building at 81 Huron Street. (Cost Centre: NP2161).

3. City Council direct that the $700,000 be forwarded to the Toronto Chinatown Land Trust subject to:

a. the execution by the Toronto Chinatown Land Trust of appropriate agreements with the Economic Development and Culture Division and the Housing Secretariat, including financial reporting requirements and conditions to safeguard the use of City funding and maintain the property long-term as affordable housing and as a community cultural space, to the satisfaction of the General Manager, Economic Development and Culture, and the Executive Director, Housing Secretariat, and in a form satisfactory to the City Solicitor;

b. the successful acquisition of 81 Huron Street by the Toronto Chinatown Land Trust by no later than June 30, 2027;

c. approval of a business case for the property outlining the management plan, management qualifications and financial viability of the project, satisfactory to the General Manager, Economic Development and Culture, and Executive Director, Housing Secretariat; and

d. the Toronto Chinatown Land Trust entering into a municipal housing facility agreement (the "Contribution Agreement') with the City to the satisfaction of the Executive Director, Housing Secretariat and in a form satisfactory to the City Solicitor.

4. City Council authorize the General Manager, Economic Development and Culture to negotiate and enter into an agreement with the Toronto Chinatown Land Trust to maintain a cultural hub at 81 Huron Street for a period of at least 10 years to the satisfaction of the General Manager, Economic Development and Culture, and in a form satisfactory to the City Solicitor.

5. City Council authorize the Executive Director, Housing Secretariat to negotiate and enter into a Contribution Agreement with Toronto Chinatown Land Trust and/or a related corporation on terms and conditions satisfactory to the Executive Director, Housing Secretariat and in a form acceptable to the City Solicitor, to secure the two affordable rental housing units at 81 Huron Street as affordable rental housing for a 99-year term.

6. 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 Toronto Chinatown 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 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.

7. City Council authorize an exemption from taxation for municipal and school purposes for the two affordable rental housing units at 81 Huron Street for the 99-year term of the Contribution Agreement.

8. City Council authorize the Controller to cancel or refund any taxes paid after the effective date of the Contribution Agreement.

9. City Council authorize the City Solicitor to introduce the necessary bills to give effect to City Council's decision.