Item - 2026.RA23.7

The Board of Directors of CreateTO:

1. Authorized the public release of the name of the Selected Proponent contained in Confidential Attachment 2 to the report (January 12, 2026) from the Chief Executive Officer, CreateTO, at the discretion of the Chief Executive Officer, CreateTO, in consultation with the Executive Director Housing Development Office.

2. Directed that the entirety of Confidential Attachments 1 and 3 and the remainder of the information contained in Confidential Attachment 2 to the report (January 12, 2026) from the Chief Executive Officer, CreateTO, remain confidential as such attachments deal with both a proposed or pending acquisition or disposition of land by the Board of Directors of CreateTO or the City of Toronto, and a plan to be applied to any negotiations carried on or to be carried on by or on behalf of the Board of Directors of CreateTO and the City of Toronto.

The Board of Directors of CreateTO recessed its public session to meet in closed session to consider the item as it pertains to proposed or pending acquisition or disposition of land by the Board of Directors of CreateTO or the City of Toronto, and a plan to be applied to any negotiations carried on or to be carried on by or on behalf of the Board of Directors of CreateTO and the City of Toronto.

This report provides an update on the CreateTO-led market offering process for the development and operation of affordable and rental housing at 931 Yonge Street (the "Site") and identifies the selected proponent in Confidential Attachment 2.

The Site is one of the eight City-owned properties that are targeted to be unlocked through the ModernTO program. This block is 0.21 acres in area, in close proximity to the Rosedale subway station, and a Toronto Builds site subject to the Toronto Builds Policy Framework.

An external Fairness Monitor was retained to oversee the full market offering process. On July 09, 2025, CreateTO launched the market offering process for the Site on behalf of the City of Toronto. The market offering closed on October 22, 2025. An Evaluation Committee including representatives from CreateTO, the Housing Secretariat and the Housing Development Office then reviewed, scored, and shortlisted the bids and interviewed the proponents.

Upon completion of the evaluation process, the highest-ranked proponent was selected to enter negotiations on the terms of the development project with the intent of confirming the selection process. The selected proponent is identified in Confidential Attachment 2. A term sheet containing the key business terms is being negotiated with the highest-ranked proponent on terms satisfactory to the proponent, CreateTO and the City of Toronto.

Under the Toronto Builds Policy Framework, the selection of the proponent for 931 Yonge Street is subject to ratification through the City's Housing Delivery Governance Framework. CreateTO staff will work with the Housing Secretariat, Housing Development Office and Corporate Real Estate Management (CREM) divisions to negotiate and finalize the definitive agreements with the selected proponent, based on the key business terms summarized in Confidential Attachment 3.