Item - 2015.GM7.6

The Government Management Committee recommends that:

1.  City Council direct that an Offer to Purchase from Toronto Community Housing Corporation for the City-owned property located at 679 Queens Quay West described as the whole of PIN 21418-0008(LT); Parcel Block 6-5, Sec AD1429; Parts 1, 2, 6 and 7 on Plan 66R-14209; Parts 9, 18, 22, 26, 27, 28 and 29 on Plan 66R-15185 except Parts 18, 19 and 24 on Plan 66R 14491; and together with rights of way as in C439834 (the "Property"), for nominal consideration, be accepted substantially on the terms and conditions outlined in Appendix A to the report (September 14, 2015) from the Chief Corporate Officer and the General Manager, Shelter, Support and Housing Administration, together with such other terms and conditions as may be deemed appropriate by the Chief Corporate Officer, and that either one of the Chief Corporate Officer or the Director of Real Estate Services be authorized to accept the Offer on behalf of the City.

2.  If required by Toronto Hydro, City Council authorize the Chief Corporate Officer to grant an easement to Toronto Hydro for its existing infrastructure on the Property on terms and conditions acceptable to the Chief Corporate Officer and in form acceptable to the City Solicitor, prior to completion of the sale of the Property to Toronto Community Housing Corporation; and that the granting of such easement be a condition precedent to the sale.

3.  City Council declare that it is in the interests of the City to transfer the Property to Toronto Community Housing Corporation for nominal consideration.

4.  City Council authorize the Chief Corporate Officer to administer and manage the sale transaction, including the provision of any consents, approvals, waivers and notices (including termination), provided that she may, at any time, refer consideration of any such matters (including their content) to City Council for its consideration and direction.

5.  City Council authorize the City Solicitor to complete the transactions on behalf of the City, including making payment of any necessary expenses and amending the closing date to such earlier or later date(s) and on such terms and conditions as she may from time to time consider reasonable.

6.  City Council declare that the housing project operated by Toronto Community Housing Corporation on the Property continues to be a social housing program within the meaning of s.453.1 of the City of Toronto Act, 2006.

7.  City Council authorize the General Manager, Shelter, Support and Housing Administration to execute on behalf of the City an amending agreement to the Assisted Housing Agreement dated December 1, 1987  as an agreement pursuant to s.453.1 of the City of Toronto Act, 2006 to ensure that the agreement continues until November 1, 2047 following transfer to Toronto Community Housing Corporation and that the required rental rates comply with the requirements of the City's Municipal Capital Facilities Housing By-law, together with such other terms and conditions as the General Manager, Shelter, Support and Housing Administration may require, and in form satisfactory to the City Solicitor, to be registered on title to the Property on closing.

8.  City Council authorize the General Manager, Shelter, Support and Housing Administration to execute on behalf of the  City an amending agreement  to the Operating Agreement dated February 12, 1986, to ensure that the agreement continues until November 1, 2047 following transfer to Toronto Community Housing Corporation, together with such other terms and conditions as the General Manager, Shelter, Support and Housing Administration may require, and in form satisfactory to the City Solicitor.

9.  City Council authorize the General Manager, Shelter, Support and Housing Administration to request and obtain any consents or approvals required under the Housing Services Act, 2011.

Toronto Community Housing Corporation ("TCHC"), operating assisted housing on part of the City-owned property known as 679 Queens Quay West (the "Property") under a nominal rent  lease expiring November 30, 2047, is obligated, under its refinancing terms with Ontario Infrastructure and Lands Corporation ("OILC"), to request the City transfer of the fee simple ownership in the Property to TCHC. The refinancing was approved by City Council on April 3, 2013 under Item EX29.2.

The remaining part of the Property is leased by the City to a tenant operating a parking garage under a nominal rent lease also expiring November 30, 2047 (the "Dylex Lease") more particularly described in this report.

The City acquired the Property from the Federal Government in 1995 for nominal consideration, subject to the said existing leases.

The purpose of this report is to obtain Council authority to transfer ownership title of the Property to TCHC at nominal consideration.