Item - 2018.GM27.13

The Government Management Committee recommends that:

1.  City Council authorize the assumption by the City for nominal value from the Toronto Transit Commission of title to the property municipally known as 546 Lansdowne Avenue and leases and licenses relating thereto, on terms and conditions acceptable to the Director, Real Estate Services and in a form acceptable to the City Solicitor.

2.  City Council authorize the Director, Real Estate Services to assume and amend the existing Air Rights Lease with Tamil Co-operative Homes Inc. (the "Air Rights Lease") substantially on the terms and conditions set out in the attached Appendix A to the report (April 13, 2018) from the Director, Real Estate Services and the General Manager, Shelter, Support and Housing Administration, and on such other terms and conditions acceptable to the Director, Real Estate Services and in a form acceptable to the City Solicitor.

3.  City Council authorize the Director, Real Estate Services to execute such documents as required, referred to in Recommendation 1 and Recommendation 2.

4.  City Council authorize the Director, Real Estate Services or his designate to administer and manage the Property and all agreements relating thereto, including the provision of amendments, consents, approvals, notices, and notices of termination provided that the Director of Real Estate Services may, at any time, refer determination and direction to City Council.

5.  City Council authorize the City Solicitor to complete the proposed transactions on behalf of the City, including paying any necessary expenses, amending the closing, due diligence and other dates, and amending and waiving terms and conditions, on such terms as she considers reasonable.

6.  City Council grant authority to fund the City's outstanding expenses related to the Property in this report from the Council Approved Operating Budget for Facilities Management and Real Estate, Environment and Energy ("FREEE") and to transfer the funding for these expenses from the Land Acquisition Reserve Fund ("LARF") (XR1012), with appropriate adjustments to FREEE's Council Approved Operating Budget, as necessary, through subsequent Quarterly Variance Reports.

7.  City Council forward the report (April 13, 2018) from the Director, Real Estate Services and the General Manager, Shelter, Support and Housing Administration to the Toronto Transit Commission (TTC) Board for information as it responds to the December 16, 2015 TTC Board request for direction from City Council.

The purpose of this report is to obtain City Council's authority to accept title of the property municipally known as 546 Lansdowne Avenue (the "Property") from the Toronto Transit Commission ("TTC"), and to assume and amend an existing long-term Air Rights Lease agreement with a tenant of the Property, Tamil Co-operative Homes Inc. ("Tamil Co-op"). The Tamil Co-op is a social housing provider, under the jurisdiction of the City of Toronto as Service Manager, pursuant to the Housing Services Act, 2011.