Item - 2013.EX34.17
Tracking Status
- City Council adopted this item on October 8, 2013 without amendments and without debate.
- This item was considered by the Executive Committee on September 24, 2013 and adopted without amendment. It will be considered by City Council on October 8, 2013.
EX34.17 - Sony Centre Redevelopment - Public Plaza Funding
- Decision Type:
- ACTION
- Status:
- Adopted on Consent
- Ward:
- 28 - Toronto Centre-Rosedale
City Council Decision
City Council on October 8, 9, 10 and 11, 2013, adopted the following:
1. City Council approve the addition of a project entitled "Sony Centre Public Plaza" to the 2013 Capital Budget for the Sony Centre for $1 million gross, funded by the following sources:
a. $700,000 from the Developer, now known as Ferncastle (Front Street) Inc.; and
b. $300,000 from Development Charge funds designated for civic improvements.
2. City Council direct that should the amount of the Developer's contribution be greater than $700,000, the Development Charge contribution be reduced accordingly.
3. City Council direct that any costs to complete the Plaza in excess of $1 million shall be the responsibility of the Developer.
4. City Council direct the City Solicitor and City officials to take whatever steps are necessary to implement Council's decision, including the entering into of agreements.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2013/ex/bgrd/backgroundfile-61627.pdf
EX34.17 - Sony Centre Redevelopment - Public Plaza Funding
- Decision Type:
- ACTION
- Status:
- Adopted
- Ward:
- 28 - Toronto Centre-Rosedale
Committee Recommendations
The Executive Committee recommends that:
1. City Council approve the addition of a project entitled "Sony Centre Public Plaza" to the 2013 Capital Budget for the Sony Centre for $1 million gross, funded by the following sources:
a. $700,000 from the Developer, now known as Ferncastle (Front Street) Inc.; and
b. $300,000 from Development Charge funds designated for civic improvements.
2. City Council direct that should the amount of the Developer's contribution be greater than $700,000, the Development Charge contribution be reduced accordingly.
3. City Council direct that any costs to complete the Plaza in excess of $1 million shall be the responsibility of the Developer.
4. City Council direct the City Solicitor and City officials to take whatever steps are necessary to implement the recommendations set out in this report, including the entering into of agreements.
Origin
Summary
To recommend the addition of a new project to the 2013 Capital Budget for the Sony Centre to deliver the Public Plaza attached to the Centre.
Background Information
https://www.toronto.ca/legdocs/mmis/2013/ex/bgrd/backgroundfile-61627.pdf