Item - 2014.EX44.22
Tracking Status
- City Council adopted this item on August 25, 2014 without amendments and without debate.
- This item was considered by the Executive Committee on August 20, 2014 and adopted without amendment. It will be considered by City Council on August 25, 2014.
EX44.22 - Strategic Property Acquisitions
- Decision Type:
- ACTION
- Status:
- Adopted on Consent
- Wards:
- All
City Council Decision
City Council on August 25, 26, 27 and 28, 2014, adopted the following:
1. City Council authorize funding from the Land Acquisition Reserve Fund ("LARF"), in the amount of 15 percent of the uncommitted balance in the Land Acquisition Reserve Fund as an approved budget for the acquisition of property that is determined to be strategically important to the City in accordance with Table 1 in the report (August 6, 2014) from the Deputy City Manager and Chief Financial Officer.
2. City Council direct the Chief Corporate Officer to report back to Council on all properties acquired pursuant to this strategic property acquisitions framework as part of the regular semi-annual reporting on real estate transactions.
3. City Council authorize an amendment to the Delegation of Authority in Certain Real Estate Matters (Item EX43.7, adopted by Council on May 11 and 12, 2010) by adding a General Condition that provides a higher level of approving authority for the acquisition of strategically important properties as outlined in Table 2 in the report (August 6, 2014) from the Deputy City Manager and Chief Financial Officer.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2014/ex/bgrd/backgroundfile-72747.pdf
EX44.22 - Strategic Property Acquisitions
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
Committee Recommendations
The Executive Committee recommends that:
1. City Council authorize funding from the Land Acquisition Reserve Fund ("LARF"), in the amount of 15 percent of the uncommitted balance in the Land Acquisition Reserve Fund as an approved budget for the acquisition of property that is determined to be strategically important to the City in accordance with Table 1 in the report (August 6, 2014) from the Deputy City Manager and Chief Financial Officer.
2. City Council direct the Chief Corporate Officer to report back to Council on all properties acquired pursuant to this strategic property acquisitions framework as part of the regular semi-annual reporting on real estate transactions.
3. City Council authorize an amendment to the Delegation of Authority in Certain Real Estate Matters (Item EX43.7, adopted by Council on May 11 and 12, 2010) by adding a General Condition that provides a higher level of approving authority for the acquisition of strategically important properties as outlined in Table 2 in the report (August 6, 2014) from the Deputy City Manager and Chief Financial Officer.
Origin
Summary
The purpose of this report is to seek funding for the acquisition of property that is determined to be strategically important for the City to acquire, but for which there is no approved capital budget available.
It is proposed that 15 percent of the uncommitted balance in the Land Acquisition Reserve Fund be dedicated towards the acquisition of strategically important property on a one time basis.
Background Information
https://www.toronto.ca/legdocs/mmis/2014/ex/bgrd/backgroundfile-72747.pdf