Item - 2022.MM42.37

City Council on April 6 and 7, 2022 adopted the following:

1. City Council approve the request for a loan guarantee (the "Loan Guarantee") to be provided in support of the Corporation of Massey Hall and Roy Thomson Hall ("Massey Hall") to its lender on an exceptional basis in order to support capital financing arrangements to complete the revitalization of  the Massey Hall property at 178 Victoria Street, for an amount of up to  $3.0 million, inclusive of any accrued interest, plus potential enforcement costs and interest of up to $50,000 should  payment of the guarantee amount not be made within 15 business days of written notification by the lender; and direct the Deputy City Manager, Community and Social Services, to negotiate and enter into the necessary agreements and to take any security deemed necessary by and to the satisfaction of the Chief Financial Officer and Treasurer, in a form satisfactory to the City Solicitor.

2. City Council direct that, should the loan guarantee become payable by the City, the payment would be accommodated through a reallocation of funds within the Economic Development and Culture Approved Operating Budget.

3. City Council authorize and direct appropriate City Officials to take such action as may be necessary to implement City Council's decision.