Item - 2018.ED31.7

July 26, 2018 at 3:46 p.m. - Speaker Nunziata advised that City Council had completed its closed meeting consideration of Item ED31.7 headed "Imagination, Manufacturing, Innovation and Technology (IMIT) Property Tax Incentive Program- Applications".  No motions were placed in the closed session. City Council would now proceed with the public debate on the Item.

That : 

1.  City Council approve Imagination, Manufacturing, Innovation and Technology(IMIT) incentives for the following applications:

a.  440 Front Street- in the estimated amount of $40,000,000;

b.  1755 Steeles Avenue West- in the estimated amount of $15,000,000;

c.  100 Queens Quay East- in the estimated amount of $28,000,000;

d.  16 York Street- in the estimated amount of $40,000,000;

e.  30 Bay Street and 60 Harbour Street- in the estimated amount of $93,000,000;

f.  56 Yonge Street et al- in the estimated amount of $110,000,000;

g.  40 Temperance Street- in the estimated amount of $46,000,000; and

h.  160 Front Street West- in the estimated amount of $47,000,000.

2. City Council authorize the General Manager of Economic Development and Culture to negotiate and execute a Financial Incentive Agreement with respect to each of the projects approved in accordance with Recommendation 1 above, in a form satisfactory to the City Solicitor.

3. City Council direct that the confidential information contained in Confidential Attachment 1 to the supplementary report (July 20, 2018) from the General Manager, Economic Development and Culture and the City Solicitor remain confidential in its entirety, as it contains advice which is subject to solicitor-client privilege.

That City Council adopt the supplementary report (July 20, 2018) from the General Manager, Economic Development and Culture and the City Solicitor [ED31.7a]: 

1.  City Council adopt the recommendations contained in the report from the General Manager of Economic Development and Culture (July 4, 2018) as follows:

1.  City Council approve Imagination, Manufacturing, Innovation and Technology (IMIT) incentives for the following applications:

a.440 Front Street- in the estimated amount of $40,000,000; and

b.1755 Steeles Avenue West- in the estimated amount of $15,000,000.

2.  City Council refuse Imagination, Manufacturing, Innovation and Technology (IMIT) incentives for the following applications:

a. 100 Queens Quay East;

b. 16 York Street;

c. 30 Bay Street & 60 Harbour Street;

d. 56 Yonge Street et al;

e. 40 Temperance Street; and

f. 160 Front Street West.

3.  City Council authorize the General Manager of Economic Development and Culture to negotiate and execute a Financial Incentive Agreement with respect to each of the projects approved in accordance with Recommendation 1, in a form satisfactory to the City Solicitor.

2.  City Council direct that the confidential information contained in Confidential Attachment 1 to this supplementary report remain confidential in its entirety, as it contains advice which is subject to solicitor-client privilege.

That in accordance with the provisions of Chapter 27, Council Procedures, City Council reconsider the vote on Motion 2 by Councillor Fletcher.

Councillor Kelly, rising on a Point of Order, stated that Councillor Davis incorrectly stated that the City would be giving away money.

Councillor Thompson, rising on a Point of Order, stated that he wished to vote on each part of Councillor Fletcher's motion 2 separately.

That:

The Economic Development Committee meet in closed session to consider a matter relating to the receiving of advice that is subject to solicitor-client privilege.

That:

1.  The item be forwarded to City Council without recommendation; and

2.  The General Manager, Economic Development and Culture report directly to City Council on July 23, 2018 on alternative options for those applicants being refused Imagination, Manufacturing, Innovation and Technology incentives.