Item - 2009.MM35.10

City Council on April 29 and 30, 2009, adopted the following:

1.         City Council authorize the Deputy City Manager and Chief Financial Officer to extend the deadline for repayment of the $5 million bridge loan facility to the Sony Centre, from March 31, 2009 to June 30, 2009.

2.         City Council authorize the Deputy City Manager and Chief Financial Officer to limit further draws on the bridge loan facility so that the total outstanding balance does not exceed $3 million.

3.         City Council approve the recommendation in Confidential Attachment1 to this report.

4.         City Council direct that the Confidential Attachment remain confidential until the proposed development transaction with Castlepoint Realty Partners Ltd. is completed.

Confidential Attachment 1 to the report (April 29, 2009) from Deputy City Manager and Chief Financial Officer, remains confidential at this time, in accordance with the provisions of the City of Toronto Act, 2006, as it contains information related to a proposed or pending acquisition or disposition of land by the City or one of its agencies, boards and commissions.  The confidential information in Confidential Attachment 1 will be made public once the proposed development transaction with Castlepoint Realty Partners Ltd. is completed.