Minutes Confirmed on September 29, 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 Chief Executive Officer welcomed Jonathan Brinias to Toronto Atmospheric Fund and gave an overview of Chief Executive Officer's Report (June 22, 2016).

This report provides an update on Toronto Atmospheric Fund initiatives.

The Heat Pump Researcher, Toronto Atmospheric Fund gave a presentation on Heat Pumps - A Key Technology for Low-carbon Cities.

Presentation from Devon Calder, Heat Pump Researcher on Urban Carbon Reduction Using Heat Pumps.

The Board of Directors of the Toronto Atmospheric Fund:

1.  Approved increasing Toronto Atmospheric Fund's operating line of credit to up to $4 million, subject to City Council approval.

2.  Directed staff to seek approval from City Council and the Province to establish security for the line of credit in proportion to the underlying endowment capital to be effective once the new endowment is in place, subject to all expenditures related to the Provincial endowment to be paid from the Provincial endowment, in their entirety.

It is recommended that Toronto Atmospheric Fund's operating line of credit (LOC) be increased from $2 million to $4 million, to be secured by the current endowment and the anticipated endowment from the Province of Ontario. This will provide operating flexibility and facilitate prudent investment decisions when Toronto Atmospheric Fund is transitioning to larger endowment fund.

The Board of Directors of the Toronto Atmospheric Fund:

1.  Rescinded Toronto Atmospheric Fund's current policies relating to business expenses.

2.  Adopted the enclosed policy as set out in Appendix A to the report (June 22, 2016) from the Chief Executive Officer, Toronto Atmospheric Fund.

An update of Toronto Atmospheric Fund's Business Expense Policy, which is consistent with the provisions of the Toronto Business Expense Policy, is proposed for adoption.

The Board of Directors of the Toronto Atmospheric Fund:

1.  Approved, pending approval of the transfer payment agreement governing Toronto Atmospheric Fund's new $17 million endowment from the Province of Ontario, spending of up to $300,000 to support:

a.  reviewing and strengthening Toronto Atmospheric Fund's existing administrative structures (up to $75,000).

b.  building familiarity with regional Greenhouse Gas reduction actions and approaches (up to $75,000).

c.  establishing regional Greenhouse Gas impact evaluation tools (up to $150,000).

2.  Directed that the funds advanced under Parts 1a, 1b and 1c above be fully repaid from the Provincial Endowment Funds.

Given the momentum provided by climate policy developments at both provincial and federal government levels, Toronto Atmospheric Fund aims to position itself to deploy the new assets in the regional service area as soon as possible. An organizational development plan and $300,000 budget is proposed, pending approval of the Provincial Transfer Payment Agreement (TPA).  Funds will be drawn from Toronto Atmospheric Fund's operating line of credit (see Item 10.4 of the agenda) and repaid by the earnings of the Ontario endowment. This approval-in-principle will enable Toronto Atmospheric Fund to start implementing purchasing and staffing decisions so that work can begin without delay upon signing of the Provincial Transfer Payment Agreement.

The Board of Directors of the Toronto Atmospheric Fund adopted the Investment Committee minutes (June 2, 2016) as amended.

Draft minutes of the Investment Committee meeting held on June 2, 2016 for approval.

The Board of Directors of the Toronto Atmospheric Fund:

1.  Rescinded offer of Energy Savings Performance Agreement financing to Legend Power.

It is recommended that the $1,000,000 in financing for Energy Savings Performance Agreement (ESPA) transactions made available to Legend Power be rescinded. Staff have worked with the company to consider several transaction opportunities and have yet to find a good fit, mainly because the company has determined that their customers will accept Legend Power's own performance guarantee.

The Board of Directors of the Toronto Atmospheric Fund adopted the Grants and Programs Committee meeting minutes (June 15, 2016).

Draft minutes of the Grants and Programs Committee meeting held on June 15, 2016 for approval.

The Board of Directors of the Toronto Atmospheric Fund:

1.  Approved a grant request from YMCA for up to $30,000 over five months to perform a life cycle analysis (LCA) on two YMCA developments currently under design. The results will be used to help inform lower-carbon material selection for these buildings and educate Toronto's design community and building owners regarding the potential of the life cycle analysis to lead to lower carbon buildings.

2.  Declined a grant request from Veritas for up to $19,200 over four months and invite a resubmission of the proposal which sets out a comprehensive research methodology and a clear plan for advancing any policy recommendations emerging from the research.

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

a.  up to $20,800 over three months to hire an external facilitator to support the execution of three meetings with the Transform TO Modelling Advisory Committee and produce a summary report; and

b.  up to $25,000 to develop and secure stakeholder support for updated energy performance requirements for Version 3 of the Toronto Green Standard.

The Toronto Atmospheric Fund Grants and Programs Committee met on June 15, 2016 and recommended that the Board approve one grant with a value of up to $30,000.

Also Present - Non-Members:

Julia Langer, Chief Executive Officer, Toronto Atmospheric Fund

Ian Klesmer, Grants Program Manager, Toronto Atmospheric Fund
Mary Pickering, Vice President, Programs and Partnerships, Toronto Atmospheric Fund
Bryan Purcell, Director, Policy and Programs

Vivian Chung, Policy Researcher, Toronto Atmospheric Fund

Richard Rysak, Director of Finance, Toronto Atmospheric Fund

Cliff Goldfarb, Solicitor, Gardiner Roberts LLP

Devon Calder, Heat Pump Researcher, Toronto Atmospheric Fund

Jaime Klein, Executive Coordinator, Toronto Atmospheric Fund