Minutes Confirmed on December 8, 2016

The Board of Directors of the Toronto Atmospheric Fund received the item for information.

Welcome and Introductions by the Chair of the Board of Directors of the Toronto Atmospheric Fund.

The Board of Directors of the Toronto Atmospheric Fund received the item for information.

This report provides an update on Toronto Atmospheric Fund initiatives with regard to Governance and Organizational Matters and Strategic Programs.

The Board of Directors of the Toronto Atmospheric Fund deferred the item indefinitely.

Presentation by the Director, Programs and Policies, Toronto Atmospheric Fund, on Meeting Toronto's 2020 Climate Change Target.

The Board of Directors of the Toronto Atmospheric Fund received the item for information.

After 6 months of operations the unaudited financial results are compared to the pro-rated budget for the same 6 month period where Toronto Atmospheric Fund (TAF) shows an unfavourable overall variance primarily due to "paper losses" in its marketable securities equity portfolio. TAF has a long-term investment horizon where investment revenue variability due to market fluctuations is normal for TAF.

The Board of Directors of the Toronto Atmospheric Fund:

1.  Approved an increase in the total value of the contract awarded to Ecosystem Energy Inc. by $1.3 million to cover additional measures relating to the retrofit of seven Toronto Community Housing buildings on condition that such costs will be reimbursed to Toronto Atmospheric Fund by Toronto Community Housing Corporation within 15 days of payment.

In 2015, Toronto Atmospheric Fund (TAF) conducted a Request for Proposal (RFP) and selected Ecosystem to design and implement the retrofit of seven Toronto Community Housing Corporation (TCHC) buildings.  The Board of Directors of the Toronto Atmospheric Fund authorized TAF staff to negotiate and enter into an agreement for the quoted value of the project, which is to remain confidential. Subsequently, TCHC secured funding for and added additional retrofit measures totalling $1.3 million which are cost-effective to undertake in the context of the project.  Implementation of any TCHC-funded measures involves TAF paying Ecosystem Energy Inc. and being reimbursed by TCHC, since TAF is the purchaser of record. As such, the total value of the contract has increased, although at no incremental cost to TAF.  Approval for increasing the total value of the contract with Ecosystem is requested.

The Board of Directors of the Toronto Atmospheric Fund adopted the Grants and Programs Committee meeting minutes (September 9, 2016).

Draft minutes of the Grants and Programs Committee meeting held on September 9, 2016 for approval.

The Board of Directors of the Toronto Atmospheric Fund:

1.  Approved a grant request for the Pembina Institute for up to $188,800 over three years to establish a Neighbourhood Freight Forum (NFF) with the Duke Heights Business Improvement Area (BIA), and to apply learnings from this pilot in developing a framework for enabling NFFs across Toronto.

2.  Supported the following Chief Executive Officer-approved internal project allocations:

a.  Up to $15,000 over four months to advance the implementation of low carbon policy solutions at all levels of government and to develop a strategy for refining Toronto Atmospheric Fund's policy research and advocacy approach in light of the proposed provincial endowment and expansion to the Greater Toronto and Hamilton Area.

b.  Up to $5,000 over one month to sponsor the Minden Symposium and support Toronto Atmospheric Fund's success in creating a meaningful engagement process for the TransformTO initiative.

The Toronto Atmospheric Fund Grants and Programs Committee met on June 15, 2016 and recommended that the Board of Directors of the Toronto Atmospheric Fund approve one grant with a value of up to $188,800.

The Board of Directors of the Toronto Atmospheric Fund:

1.  Directed that Toronto Atmospheric Fund enter into the Transfer Payment Agreement negotiated with the Government of Ontario and the City of Toronto for an endowment fund of $17 million reflecting the terms and conditions approved in principle by the Board on July 18, 2016 and authorized the Chair of the Board of Directors of the Toronto Atmospheric Fund to sign the Transfer Payment Agreement on behalf of Toronto Atmospheric Fund.

The Chief Executive Officer, Toronto Atmospheric Fund gave a verbal update on Provincial Endowment Transfer Payment Agreement.

The Chief Executive Officer, Toronto Atmospheric Fund will give a verbal update on Provincial Endowment Transfer Payment Agreement.

The Board of Directors of the Toronto Atmospheric Fund adopted the Investment Committee meeting minutes (September 8, 2016).

Draft minutes of the Investment Committee meeting held on September 8, 2016 for approval.

The Board of Directors of the Toronto Atmospheric Fund received the item for information.

The Chief Executive Officer, and the Vice President, Impact Investing, Toronto Atmospheric Fund gave a presentation on Impact Investing at Toronto Atmospheric Fund.

Presentation by the Chief Executive Officer and the Vice President, Impact Investing, Toronto Atmospheric Fund, on Impact Investing at Toronto Atmospheric Fund.

Also Present - Non-Members:

Julia Langer, Chief Executive Officer, Toronto Atmospheric Fund
Mary Pickering, Vice President, Programs and Partnerships, Toronto Atmospheric Fund
Tim Stoate, Vice President, Impact Investing, Toronto Atmospheric Fund

Richard Rysak, Director, Finance, Toronto Atmospheric Fund

Cliff Goldfarb, Solicitor, Gardiner Roberts LLP

Bryan Purcell, Director, Programs, Toronto Atmospheric Fund

Karen Jones, Senior Corporate Management Policy Consultant, City Manager's Office

Julie Leach, Communications Manager, Toronto Atmospheric Fund

Jaime Klein, Executive Coordinator, Toronto Atmospheric Fund