Item - 2019.MM5.6
Tracking Status
- City Council adopted this item on March 27, 2019 without amendments.
MM5.6 - Authorization to Release Section 37 Funds from the Development at 740 Dupont Street to the Dupont by the Castle Business Improvement Area for Streetscape Improvements - by Councillor Mike Layton, seconded by Councillor Joe Cressy
- Decision Type:
- ACTION
- Status:
- Adopted
- Ward:
- 11 - University - Rosedale
City Council Decision
City Council on March 27 and 28, 2019, adopted the following:
1. City Council increase the Approved 2019 Operating Budget for Non-Program by $50,000.00 gross, $0 net fully funded by Section 37 community benefits obtained in the development at 740 Dupont Street (Source Account: XR3026-3700955), for the purpose of forwarding funds to the Dupont by the Castle Business Improvement Area for capital improvements to Dupont Street (Cost Centre: NP2161).
2. City Council direct that the $50,000 be forwarded to the Dupont by the Castle Business Improvement Area, subject to the Business Improvement Area signing an Undertaking governing the use of the funds and the financial reporting requirements.
Background Information (City Council)
https://www.toronto.ca/legdocs/mmis/2019/mm/bgrd/backgroundfile-131058.pdf
(March 26, 2019) Fiscal Impact Statement from the Chief Financial Officer and Treasurer
https://www.toronto.ca/legdocs/mmis/2019/mm/bgrd/backgroundfile-131255.pdf
Motions (City Council)
Speaker Nunziata advised Council that the provisions of Chapter 27, Council Procedures, require that Motion MM5.6 be referred to the Executive Committee. A two-thirds vote of the Council Members present is required to waive referral.