Item - 2018.EX34.15

The Executive Committee recommends that:

1.  City Council authorize the developments at 33 King Street and 22 John Street be exempt from the payment of development charges, planning and parkland dedication fees and building permit fees consistent with the City's Open Door Program.

 
2.  City Council exempt the 26 new affordable housing units at 33 King Street from taxation for municipal and school purposes for the term of 25 years, which tax exemption is to be effective from the date the tax exemption by-law is enacted.

 
3.  City Council exempt the 21 new affordable housing units at 22 John Street from taxation for municipal and school purposes for the term of 25 years, which tax exemption is to be effective from the date the tax exemption by-law is enacted.

 
4.  City Council authorize the City Solicitor to execute, postpone, confirm the status of and discharge any City security documents registered as required by normal business practices.

 
5.  City Council authorize City staff to cancel or refund any taxes paid from the by-law exempting the property from taxation.

This item was considered after Item EX34.4.

This report recommends that City Council approve Open Door incentives and relief from property taxes for a period of 25 years for an additional 47 new affordable rental homes at the Weston Community Hub in Ward 11 York South-Weston.

In December 2015, City Council approved the funding model and directed the Director, Affordable Housing Office, to implement actions to secure 32 rental units, including 26 live/work units for artists at the Weston Community Hub, as part of the revitalization of the Weston/Mount Dennis community near Weston Road and Lawrence Avenue West.

In early 2018, with available Federal/Provincial Investment in Affordable Housing Program funding, the Affordable Housing Office successfully negotiated an additional 47 units of affordable housing in 33 King Street and 22 John Street for a 25-year term. The value of the Open Door incentives for an additional 47 units is estimated at $644,927. The Net Present Value (NPV) of the requested property tax exemptions for the 25-year term is estimated at $658,499.

Together, this investment at the Weston Community Hub will provide 79 new affordable rental homes and contribute to the revitalization of the Weston/Mount Dennis community.