Item - 2021.MM34.13

City Council on June 8 and 9, 2021, adopted the following:

1. City Council require the owner of the lands at 11-25 Yorkville Avenue and 16-18 Cumberland Street to enter into and register, in priority, against title to the respective lands an Amended Section 37 Agreement, to the satisfaction of the General Manager, Parks, Forestry and Recreation and the City Solicitor, in accordance with the following terms:

a. prior to the issuance of the any above grade building permit(s), including any conditional above-grade building permits the Owner shall:

i. post Financial Security to secure the Above Base Park Improvements in the amount of 120 percent of the value of the Parks and Recreation component of the Development Charges; this Financial Security shall be held for the installation and warranty of the Park Improvements; and no credit shall be given towards the Parks and Recreation component of the Development Charges for costs associated with the Base Park Improvements;

ii. post Financial Security in the amount of the value of the parkland as appraised by the Executive Director, Corporate and Real Estate Management in the form of a Letter of Credit and such security shall not be released until the parkland is conveyed to the City in a manner satisfactory to the General Manager, Parks, Forestry and Recreation; and

iii. register in priority a Section 118 Restriction pursuant to the Land Titles Act against title to said parcel of land prohibiting the transfer or charge of the parkland without the prior written consent of the General Manager, Parks, Forestry and Recreation, to the satisfaction of the City Solicitor, concurrent with the registration of amending Section 37 Agreement for 11-21 Yorkville Avenue and 16-18 Cumberland Street; and

b. within six (6) months after the issuance of the first Above-Grade Building Permit, including any conditional above-grade building permits, the Owner shall:

i. convey a minimum 306 square metres of the Lands for public parkland purposes, to the satisfaction of General Manager, Parks, Forestry and Recreation, pursuant to Section 42 of the Planning Act, which shall satisfy the Owner’s Statutory Parkland Dedication requirement;

ii. convey an additional 149 square metres of the Lands for public parkland purposes, to the satisfaction of the General Manager, Parks, Forestry and Recreation, pursuant to Section 37 of the Planning Act;

iii. where the conveyance of Parts 1.b.i. and ii. above, combined together form a minimum of 455 square metres of land for public parkland purposes (“Public Park”);

iv. complete the conveyance referred to above to be free and clear above-grade and below-grade of all physical obstructions and easements, encumbrances and encroachments, including surface and subsurface easements, to the satisfaction of General Manager, Parks, Forestry and Recreation and the City Solicitor; 

v. complete the environmental obligations as outlined in the Section 37 Agreement registered on title; and

vi. in no event shall there be any residential occupancy or registration of any condominium on any part of the lands under the Condominium Act until such a time as the Public Park is conveyed to the City.

2. City Council direct the City Solicitor to prepare such amendments to the registered Section 37 Agreement and any other such amendments determined necessary to implement City Council's decision on this matter to the satisfaction of the General Manager, Parks Forestry and Recreation and the City Solicitor.