Item - 2015.EX5.14
Tracking Status
- City Council adopted this item on May 5, 2015 without amendments.
- This item was considered by the Executive Committee on April 22, 2015 and adopted without amendment. It will be considered by City Council on May 5, 2015.
- See also 2019.EX4.7
EX5.14 - Annual Report on City's Loan and Loan Guarantee Portfolios
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
City Council Decision
City Council on May 5, 6 and 7, 2015, adopted the following:
1. City Council approve the renewal of the line of credit guarantee issued on behalf of the Toronto Symphony Orchestra (TSO) to its lender in the amount of $3,000,000 (inclusive of all interest payable by TSO), for a three year period commencing on November 1, 2015 and ending October 31, 2018.
2. City Council request the Board of the Lakeshore Arena Corporation, in consultation with the Deputy City Manager and Chief Financial Officer, to report to Executive Committee in the fall of 2015, on options and a recommendation for permanently financing the approximately $20 million in funds currently provided by the City to it on a short-term interest-only basis.
3. City Council approve the key terms of the settlement of the $500,000 loan to Just for Laughs Festival (JFL) as outlined in Confidential Attachment 1 to the report (April 8, 2015) from the Deputy City Manager and Chief Financial Officer.
4. City Council authorize the General Manager, Economic Development and Culture to enter into an agreement with Just for Laughs Festival, to the satisfaction of the City Solicitor, in accordance with these terms.
5. City Council direct that Confidential Attachment 1 to the report (April 8, 2015) from the Deputy City Manager and Chief Financial Officer remain confidential until the necessary agreements have been executed.
Confidential Attachment 1 to the report (April 8, 2015) from the Deputy City Manager and Chief Financial Officer remains confidential in its entirety at this time in accordance with the City of Toronto Act, 2006, as it relates to litigation or potential litigation, including matters before administrative tribunals, affecting the municipality or local board. Confidential Attachment 1 to the report (April 8, 2015) from the Deputy City Manager and Chief Financial Officer will be made public once the necessary agreements have been executed.
Confidential Attachment - Litigation or potential litigation, including matters before administrative tribunals, affecting the municipality or local board
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2015/ex/bgrd/backgroundfile-78949.pdf
Confidential Attachment 1
Background Information (City Council)
https://www.toronto.ca/legdocs/mmis/2015/cc/bgrd/backgroundfile-132430.pdf
Motions (City Council)
Vote (Adopt Item) May-05-2015 10:34 AM
| Result: Carried | Majority Required - EX5.14 - Adopt the item |
|---|---|
| Total members that voted Yes: 42 | Members that voted Yes are Paul Ainslie, Maria Augimeri, Ana Bailão, Michelle Berardinetti, Jon Burnside, John Campbell, Christin Carmichael Greb, Shelley Carroll, Raymond Cho, Josh Colle, Gary Crawford, Joe Cressy, Janet Davis, Glenn De Baeremaeker, Justin J. Di Ciano, Frank Di Giorgio, Sarah Doucette, John Filion, Paula Fletcher, Mary Fragedakis, Mark Grimes, Stephen Holyday, Jim Karygiannis, Norman Kelly, Mike Layton, Giorgio Mammoliti, Josh Matlow, Pam McConnell, Mary-Margaret McMahon, Joe Mihevc, Denzil Minnan-Wong, Ron Moeser, Frances Nunziata (Chair), Cesar Palacio, James Pasternak, Gord Perks, Anthony Perruzza, Jaye Robinson, David Shiner, Michael Thompson, John Tory, Kristyn Wong-Tam |
| Total members that voted No: 1 | Members that voted No are Rob Ford |
| Total members that were Absent: 2 | Members that were absent are Vincent Crisanti, Chin Lee |
EX5.14 - Annual Report on City's Loan and Loan Guarantee Portfolios
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
Confidential Attachment - Litigation or potential litigation, including matters before administrative tribunals, affecting the municipality or local board
Committee Recommendations
The Executive Committee recommends that:
1. City Council approve the renewal of the line of credit guarantee issued on behalf of the Toronto Symphony Orchestra (TSO) to its lender in the amount of $3,000,000 (inclusive of all interest payable by TSO), for a three year period commencing on November 1, 2015 and ending October 31, 2018.
2. City Council request the Board of the Lakeshore Arena Corporation, in consultation with the Deputy City Manager and Chief Financial Officer, to report to Executive Committee in the fall of 2015, on options and a recommendation for permanently financing the approximately $20 million in funds currently provided by the City to it on a short-term interest-only basis.
3. City Council approve the key terms of the settlement of the $500,000 loan to Just for Laughs Festival (JFL) as outlined in Confidential Attachment 1 to the report (April 8, 2015) from the Deputy City Manager and Chief Financial Officer.
4. City Council authorize the General Manager, Economic Development and Culture to enter into an agreement with Just for Laughs Festival, to the satisfaction of the City Solicitor, in accordance with these terms.
5. City Council direct that Confidential Attachment 1 to the report (April 8, 2015) from the Deputy City Manager and Chief Financial Officer remain confidential until the necessary agreements have been executed.
Origin
Summary
This report provides an annual update on the City's loan and loan guarantee portfolios.
The City currently guarantees three operating lines of credit and seven capital loans under Council approved policies for line of credit and loan guarantees for cultural and community-based organizations. In addition to the guarantees, the City currently provides seven direct loans to City agencies and corporations, and one to an external organization. All loans and guarantees with one exception are in good standing.
Noteworthy changes to the portfolio since last year's report include:
1. An early discharge of the capital loan guarantee ($4.8 million) on behalf of the Centre for Social Innovation (CSI), as the lender is satisfied with the improved property as full security for its loan.
2. A direct city loan being made to the Lakeshore Arena Corporation in the amount of $19.9 million on a temporary basis, to replace a loan from an external lender which matured in September 2014.
3. An extension to the term of the capital loan guarantee ($4.8 million) on behalf of the Evergreen Brickworks to 2023 (instead of 2016) due to shortfalls in their capital fundraising for this project.
Recommendations concerning the loan that is currently in default are contained in the Confidential Attachment to this report.
Background Information
https://www.toronto.ca/legdocs/mmis/2015/ex/bgrd/backgroundfile-78949.pdf
Confidential Attachment 1