Item - 2015.TE12.108

This Motion seeks to support the rapid population growth of the King-Spadina area by investing in desperately-needed community services and facilities.

Pursuant to Zoning Bylaw No. 1503-2013 approved by City Council in October 2013, agreements under Section 37 of the Planning Act were secured with the Owner of 81-87 Peter Street. A cash payment to the City in the amount of $1,300,000, to be paid before the issuance of an above-grade building permit, is to be applied toward streetscape improvements in the East Precinct of King-Spadina. (Such amount indexed upwardly in accordance with the Statistics Canada Non-Residential Building Construction Price Index for Toronto, calculated from the date of the Section 37 Agreement to the date of payment.).  This required payment has been received by the City and is accruing interest.

Earlier this fall, City Council endorsed in principle a partnership with YMCA Canada to build a new YMCA facility as part of the redevelopment of the City-owned property at 505 Richmond Street West. City Council agreed that existing and future Section 37 and Section 45 benefits from Ward 20, to a maximum of two-thirds of the construction cost of the facility, will be allocated toward the YMCA. Re-allocating a portion of the Section 37 cash contribution from 81-87 Peter Street will accelerate achieving full funding for this YMCA. City staff have determined that the proposed YMCA will help to address the serious deficit of community services in the area, including the need for additional multi-purpose community space as well as new aquatics facilities.

Reallocating this funding from streetscape improvements in the East Precinct of King-Spadina will not affect the priority project in that area, the John Street Cultural Corridor. The City of Toronto's share of that project will continue to be fully funded with $15 million from local Section 37 and Section 45 benefits.

The site specific Zoning By-law will need to be amended in order to revise the Section 37 provisions and provide authority for an amending Section 37 agreement with different community benefits.