Item - 2015.EX5.9

The Executive Committee recommends that:

1.  City Council establish an obligatory Reserve Fund titled "Sheppard East Corridor Parkland Acquisition Reserve Fund" (the "Reserve Fund") with criteria set out in Appendix 1 to the report (April 7, 2015) from the General Manager, Parks, Forestry and Recreation and the Deputy City Manager and Chief Financial Officer, to provide funding for the acquisition of lands, and any related expenses, for parks and recreation purposes along the Sheppard East Corridor. 

2.  City Council direct that Schedule 10 of Chapter 227 of the Toronto Municipal Code, Reserve and Reserve Funds, be amended to add the Sheppard East Corridor Parkland Acquisition Reserve Fund.

3.  City Council authorize that the following be deposited to the Reserve Fund:

a.  the above 5% of the portion of the Section 42 cash-in-lieu of parkland payment that is expected to be received for 2-14 Cusack Court and 1200, 1210 and 1220 Sheppard Avenue East; and

b.  the entire Section 42 cash-in-lieu of parkland payment expected to be received for 784 Sheppard Avenue East, by replacing reference to the City's  Parkland Acquisition Reserve Fund Account XR2216 in Recommendation 5 of NY29.19 - Zoning By-law Amendment Application - 784 Sheppard Avenue East, adopted by City Council on February 19 and 20, 2014, with the Reserve Fund.

4.  City Council authorize that up to $3.0 million be borrowed from Parkland Acquisition - City Wide Land Acquisition Reserve Fund (XR2210) should, at any time, the Reserve Fund not have adequate funds, including as an initial contribution to the Reserve Fund, if necessary.

5.  City Council direct that once all the lands shown as the priority lands on Map 1 (the "Priority Lands") attached to Confidential Attachment 1 to the report (April 7, 2015) from the General Manager, Parks, Forestry and Recreation and the Deputy City Manager and Chief Financial Officer have been acquired and any funds borrowed from the Parkland Acquisition City Wide Land Acquisition Reserve Fund has been repaid, any remaining funds in the Reserve Fund be transferred to the Alternative Parkland Dedication Reserve Fund (XR2213) and the Reserve Fund be closed and deleted from Chapter 227.

6.  City Council amend the Parks, Forestry and Recreation 2015 Capital Budget by adding a project called "Sheppard East Corridor Parkland Acquisition" for $3.0 million funded from the "Sheppard East Corridor Parkland Acquisition Reserve Fund" to be used to acquire the Priority Lands as set out in the Confidential Attachment 1 to the report (April 7, 2015) from the General Manager, Parks, Forestry and Recreation and the Deputy City Manager and Chief Financial Officer

7.  City Council authorize that the Confidential Attachment 1 to the report (April 7, 2015) from the General Manager, Parks, Forestry and Recreation and the Deputy City Manager and Chief Financial Officer remain confidential until all the Priority Lands have been acquired by the City.

8.  City Council grant leave for the City Solicitor to introduce any necessary bills in City Council to give effect thereto.

The purpose of this report is to obtain authority to establish a new reserve fund called the Sheppard East Corridor Parkland Acquisition Reserve Fund (the "Reserve Fund") whose purpose will be to accumulate funds to purchase lands for parks and recreation purposes along the Sheppard East Corridor. The "Sheppard East Corridor" is defined as the area within Ward 24 between Hawkesbury Drive to the West, Leslie Street to the East, Highway 401 to the South and a line drawn parallel to and approximately 500 metres to the North of Sheppard Avenue East (Appendix 2 – Key Map).  As well, this report seeks to amend the Parks, Forestry and Recreation (PF&R) 2015 Capital Budget and 2016 to 2024 Capital Plan to add a project to acquire parkland in the Sheppard East Corridor, called "Sheppard East Corridor Parkland Acquisition" (the "Capital Project").

Funding for this Capital Project will be provided from future Section 42 payments under the Planning Act from development in the Sheppard East Corridor. Since funds from these sources are not currently available, and it will take some time for the development process to accumulate adequate funding, this report is also seeking authority to borrow funds from the Parkland Acquisition City-Wide Land Acquisition Reserve Fund (XR2210) in the meantime.