Item - 2017.MM27.45
Tracking Status
- City Council adopted this item on March 28, 2017 without amendments.
MM27.45 - Authorization to Release Section 45(9) Funds, 608-618 Yonge Street, 5-9 St. Joseph Street, 15-25 St. Nicholas Street to the 12 Alexander Street Restoration Project (Buddies in Bad Times Theatre) - by Councillor Kristyn Wong-Tam, seconded by Councillor Gord Perks
- Decision Type:
- ACTION
- Status:
- Adopted
- Ward:
- 27 - Toronto Centre-Rosedale
City Council Decision
City Council on March 28 and 29, 2017, adopted the following:
1. City Council increase the 2017 Approved Non-Program Operating Budget by $310,000.00 gross, $0 net, fully funded by Section 45(9) community benefits from the development at 608-618 Yonge Street, 5-9 St. Joseph Street, 15-25 St. Nicholas Street, (Source Account: XR3028- 4500155), for the transfer to the Buddies in Bad Times Theatre for capital improvements to the building at 12 Alexander Street (Cost Centre NP2161).
2. City Council direct that the $310,000.00 be forwarded to the Buddies in Bad Times Theatre upon the signing of an Undertaking by the Theatre governing the use of the funds and the financial reporting requirements.
Background Information (City Council)
https://www.toronto.ca/legdocs/mmis/2017/mm/bgrd/backgroundfile-102225.pdf
(March 29, 2017) Fiscal Impact Statement from the Deputy City Manager and Chief Financial Officer
https://www.toronto.ca/legdocs/mmis/2017/mm/bgrd/backgroundfile-102474.pdf
Motions (City Council)
Speaker Nunziata advised Council that the provisions of Chapter 27, Council Procedures, require that Motion MM27.45 be referred to the Executive Committee. A two-thirds vote of the Council Members present is required to waive referral.