Minutes

Confirmed on
February 5, 2021



Board of Directors of the Toronto Atmospheric Fund


Meeting No. 9   Contact Jennifer Lin, Committee Secretary
Meeting Date Friday, November 6, 2020
  Phone 416-338-5089
Start Time 9:00 AM
  E-mail tafboard@toronto.ca
Location Video Conference
  Chair   Parminder Sandhu  


This meeting of the Board of Directors of the Toronto Atmospheric Fund was conducted by electronic means. 

 

These measures were necessary to comply with physical distancing requirements and as civic buildings were closed to the public.

 

The proceedings of the Board of Directors of the Toronto Atmospheric Fund were conducted publicly.  Members, staff and the public participated electronically in this meeting and the video can be viewed at: http://app.toronto.ca/tmmis/video.do?id=18251.

 

TA9.1

Information 

Received 

 

 

Chief Executive Officer's Report

Board Decision

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

Decision Advice and Other Information

The Chief Executive Officer gave an overview of the Chief Executive Officer's Report.

Origin
(October 23, 2020) Report from the Chief Executive Officer
Summary

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

Background Information
(October 23, 2020) Report from the Chief Executive Officer on Chief Executive Officer's Report
(http://www.toronto.ca/legdocs/mmis/2020/ta/bgrd/backgroundfile-157848.pdf)

Motions
Motion to Receive Item moved by Kimberly Marshall (Carried)

That the item be received for information.


TA9.2

Presentation 

Received 

 

 

Climate Policy and the Whitby Green Development Standard

Board Decision

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

Decision Advice and Other Information

TAF's Climate Policy Manager and Jade Schofield, Project Manager, Sustainability and Climate Change, Strategic Initiatives, Office of the CAO, Town of Whitby gave a presentation on TAF's recent policy advocacy to support the Town of Whitby in adopting a Green Development Standard.

Summary

Policy advocacy is an important tool Toronto Atmospherics Fund (TAF) uses to advance our mandate of achieving a carbon-neutral Greater Toronto and Hamilton Area (GTHA).  Evan Wiseman, TAF's Climate Policy Manager, will provide an overview of why, when, how and with who TAF undertakes policy work. This will be illustrated with a case study of TAF's recent policy advocacy to support the Town of Whitby in adopting a Green Development Standard.

Background Information
Presentation from the Climate Policy Manager, Toronto Atmospheric Fund and the Project Manager, Sustainability and Climate Change, Town of Whitby on TAF Climate Policy
(http://www.toronto.ca/legdocs/mmis/2020/ta/bgrd/backgroundfile-158141.pdf)

Motions
Motion to Receive Item moved by Councillor Jennifer McKelvie (Carried)

That the item be received for information.


TA9.3

ACTION 

Adopted 

 

 

Draft 2021 Consolidated Operating Budget

Board Decision

The Board of Directors of the Toronto Atmospheric Fund:

 

1.  Approved Toronto Atmospheric Fund's 2021 Consolidated Operating Budget as set out in Attachment 1 to the report (October 23, 2020) from the Director of Finance.

Origin
(October 23, 2020) Report from the Director of Finance
Summary

Toronto Atmospheric Fund (TAF)’s 2021 Operating Budget is presented for Board consideration and approval.

 

A key driver of the proposed 2021 Budget is having three endowments totalling approximately $90 million. Revenues are based on: historically conservative assumptions for the performance on marketable securities (5.5% annual return), a larger portfolio of Direct Investments in keeping with the Target Portfolio and risk/return expectations; and ambitious expectation for attracting external revenues for specific projects.

 

Expenditures are based on: the available resources, including investment proceeds and external funds (which are not spent until raised); compliance with the Payout Ratio established to protect the endowments; the minimum grant making and maximum administrative expense requirements. The proposed budget reflects 15 core staff positions (an increase of two) and 15 term contract positions of which five would be supported by external revenues.

 

The 2021 Business Plan to advance climate solutions for the Greater Toronto and Hamilton Area (GTHA), which will be presented to the Board at the first meeting in 2021, will be crafted in keeping with the proposed 2021 Consolidated Operating Budget, and the fund-specific requirements.

Background Information
(October 23, 2020) Report from the Director of Finance on Draft 2021 Consolidated Operating Budget
(http://www.toronto.ca/legdocs/mmis/2020/ta/bgrd/backgroundfile-157906.pdf)

Attachment 1 - Draft 2021 Consolidated Operating Budget
(http://www.toronto.ca/legdocs/mmis/2020/ta/bgrd/backgroundfile-157907.pdf)

Motions
Motion to Adopt Item moved by Kimberly Marshall (Carried)

TA9.4

Information 

Received 

 

 

Unaudited Financial Reports for the Third Quarter of 2020

Board Decision

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

Origin
(October 23, 2020) Report from the Director of Finance
Summary

The unaudited financial results for the third quarter of 2020 period are provided in Attachment 1.

Background Information
(October 23, 2020) Report from the Director of Finance on Unaudited Financial Reports for the Third Quarter of 2020
(http://www.toronto.ca/legdocs/mmis/2020/ta/bgrd/backgroundfile-157849.pdf)

Attachment 1 - Year to Date Quarterly Financial Statement of Revenues and Expenditures as of September 30, 2020
(http://www.toronto.ca/legdocs/mmis/2020/ta/bgrd/backgroundfile-157866.pdf)

Motions
Motion to Receive Item moved by Karim Bardeesy (Carried)

That the item be received for information.


TA9.5

Information 

Received 

 

 

Minutes from the Investment Committee Meeting Held 8 July 2020

Board Decision

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

Origin
(October 23, 2020) Report from the Vice President, Impact Investing
Summary

Minutes from the Investment Committee meeting held on July 8, 2020.

Background Information
(October 23, 2020) Minutes from the Investment Committee Meeting Held 8 July 2020
(http://www.toronto.ca/legdocs/mmis/2020/ta/bgrd/backgroundfile-157868.pdf)

Motions
Motion to Receive Item moved by Jacoline Loewen (Carried)

That the item be received for information.


TA9.6

Information 

Received 

 

 

Minutes from the Investment Committee Meeting Held 20 August 2020

Board Decision

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

Origin
(October 22, 2020) Report from the Vice President, Impact Investing
Summary

Minutes from the Investment Committee meeting held on August 20, 2020.

Background Information
(October 22, 2020) Minutes from the Investment Committee Meeting Held 20 August 2020
(http://www.toronto.ca/legdocs/mmis/2020/ta/bgrd/backgroundfile-157872.pdf)

Motions
Motion to Receive Item moved by Councillor Jennifer McKelvie (Carried)

That the item be received for information.


TA9.7

ACTION 

Amended 

 

 

Direct Investment Update and Request - 2020 - Number 4
Confidential Attachment - Commercial and financial information, supplied in confidence to the Toronto Atmospheric Fund, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.

Board Decision

The Board of Directors of the Toronto Atmospheric Fund:

 

1.  Approved an additional investment of up to $350,000 in subordinated debt or limited partnership equity units, subject to the terms and conditions, inclusive of the stated Conditions Precedent, outlined by the Investment Committee at its meeting of October 15, 2020 and as set out in Confidential Attachment 1 to the report (October 23, 2020) from the Chair, Investment Committee.

 

2.  Directed the Vice President, Impact Investing to implement the investment to the satisfaction of Toronto Atmospheric Fund’s Solicitor.

 

3.  Directed that the confidential information contained in Confidential Attachments 1 and 2 to the report (October 23, 2020) from the Chair, Investment Committee remain confidential in their entirety, as they contains commercial and financial information, supplied in confidence to The Atmospheric Fund, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.

Decision Advice and Other Information

The Board of Directors of the Toronto Atmospheric Fund recessed its public meeting to meet in closed session to consider the item as it contains commercial and financial information, supplied in confidence to The Atmospheric Fund, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.

Origin
(October 23, 2020) Report from the Chair, Investment Committee
Summary

Approval of a direct investment of up to $600,0000 in subordinated debt is recommended. This investment demonstrates the potential for appropriate risk-adjusted return and strong alignment with TAF's mandate.

Background Information
(October 23, 2020) Report from the Chair, Investment Committee on Direct Investment Update & Request - 2020 - Number 4
(http://www.toronto.ca/legdocs/mmis/2020/ta/bgrd/backgroundfile-157851.pdf)

Confidential Attachment 1 - Update and Request
Confidential Attachment 2 - Original Approved Request
Motions
Motion to Amend Item moved by Kimberly Marshall (Carried)

That the recommendations be approved with the following amendment to recommendation 1:

  

1.  Approve an additional investment of up to $350,000 in subordinated debt or limited partnership equity units, subject to the terms and conditions, inclusive of the stated Conditions Precedent, outlined by the Investment Committee at its meeting of 15 October 2020 and as set out in Confidential Attachment 1.


2.  Direct the Vice President, Impact Investing to implement the investment to the satisfaction of the Toronto Atmospheric Fund’s Solicitor.


3.  Direct that the confidential information contained in Confidential Attachments 1 and 2 remain confidential in its entirety, as it contains commercial and financial information, supplied in confidence to The Atmospheric Fund, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.


TA9.8

Information 

Received 

 

 

Minutes from the Grants and Programs Committee Meeting Held October 2, 2020

Board Decision

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

Origin
(October 23, 2020) Report from the Grants Manager
Summary

Minutes from the Grants and Programs Committee meeting held on October 2, 2020.

Background Information
(October 23, 2020) Minutes from the Grants and Programs Committee Meeting Held October 2, 2020
(http://www.toronto.ca/legdocs/mmis/2020/ta/bgrd/backgroundfile-157920.pdf)

Motions
Motion to Receive Item moved by Jacoline Loewen (Carried)

That the item be received for information.


TA9.9

ACTION 

Adopted 

 

 

Grants and Program Allocation Recommendations
Confidential Attachment - Financial information supplied in confidence to the Toronto Atmospheric Fund, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.

Board Decision

The Board of Directors of the Toronto Atmospheric Fund:

 

1.  Approved the following grant requests to be funded jointly from the Canada, Ontario and Toronto endowments except where otherwise indicated:

 
a.  $300,000 over 36 months to Building Up to develop and implement a recurring 16-week green building training program designed for individuals who face barriers to employment in the trades industry. Approval to be subject to the following conditions:

 

- The training curriculum and train-the-trainer module will be open-source and shared with other training programs and institutions across the GTHA.


- Building Up will commit to collaborating with the Workforce 2030 Coalition and its members to advance policy and programs that will increase training opportunities in the green building industry.

 

b.  $125,000 over 12 months to the City of Mississauga to assess the feasibility of creating a district energy system in downtown Mississauga (funded from the Canada and Ontario endowments only). Approval to be subject to the following conditions:

 

- Commit to facilitating reimbursement of up to the full value of TAF’s grant if the proposed district energy system is built with private or commercial participation.

 

- Renewable sources of energy for the district energy system are prioritized, and the business case will include a robust analysis of scenarios in which renewable sources comprise between 50-100% of the energy used for the district energy system


- Do not consider the business case for a district energy system that is wholly reliant on non-renewable energy sources.


- Submit a stakeholder engagement strategy for TAF approval outlining how and when building owners, municipal staff, councilmembers, residents and other key stakeholders will be consulted throughout the process.


- Submit a knowledge transfer strategy for TAF approval describing actions that will be taken to share lessons from this project with staff in other GTHA municipalities.
 

c.  $122,000 to Clean Air Partnership over 12 months to undertake a study to support the cost-effective design and implementation of EV charging stations in new multi-unit residential buildings in the GTHA, and to promote the business case for “EV Ready” parking requirements to local governments and industry members through a series of stakeholder consultations. Approval to be subject to the following condition:

 

- Commit to consulting and sharing project outcomes with stakeholders in the development industry and municipal staff across the GTHA to support the inclusion of EV charging infrastructure requirements in new and updated municipal building standards as well as voluntary building standards.

 

d.  $32,800 to Heating, Refrigeration and Air Conditioning Institute of Canada (HRAI) over 4 months to identify the training and support tools needed to enable heating, ventilation, and air conditioning (HVAC) contractors to drive demand for and implementation of home energy retrofits by engaging industry members and stakeholders through a series of focus groups, interviews, and surveys (funded from the Canada and Ontario endowments only). Approval to be subject to the following conditions:

 

- Consult with large employers in the HVAC industry, equipment manufacturers, and other stakeholders with a vested interest in project outcomes to inform the research findings and build support for future phases of work.


- Engage with Enbridge to incorporate the lessons from its previous contractor training program focused on selling energy efficiency solutions to homeowners.

 

e.  $16,050 to Harbord Village Residents’ Association over 12 months to develop a neighbourhood-based education campaign and electric vehicle (EV) bulk purchase program, as well as a strategy to install a public EV charger in the Harbord Village neighbourhood. Approval to be subject to the following condition:

 

- Engage stakeholders who can support the scale-up and knowledge transfer of project outcomes beyond the Harbord Village neighbourhood, including the City of Toronto, Plug ‘n Drive, and at least one energy utility company.

 

f.  $27,450 to Mohawk College over 12 months to develop a business plan for a regional retrofit delivery centre which will support homeowners in undertaking energy retrofits (funded from the Canada and Ontario endowments only). Approval to be subject to the following conditions:

 

- Eliminate the home energy audit activities and associated budget from the TAF funding request.

 

- Submit an analysis regarding the feasibility of completing this project in less than 12 months, including a revised project timeline (if feasible) or an explanation for maintaining the initial timeline (if not feasible).

 

-  Incorporate into the business plan an analysis of local building industry capacity to deliver energy retrofit targets.

 

g.  $26,050 to Ontario Geothermal Association over 10 months to develop a guideline document that can be used by municipal staff to advance building projects that involve geothermal drilling within their jurisdiction while ensuring the protection of ground water supply systems (funded from the Canada and Ontario endowments only). Approval to be subject to the following condition:

 

- The Guideline will provide a summary of the other barriers, beyond concerns about aquifer protection, to scaling up geo-exchange systems in the GTHA.

 

h.  $90,325 to Passive Buildings Canada over 12 months to conduct a benchmarking study and develop a report that includes a comprehensive data set of the emissions embedded in the building materials for residential homes in the GTHA, with a view towards promoting lower carbon material selection in the future. Approval to be subject to the following condition:

 

- Engage the Independent Electricity System Operator, local utilities and GTHA municipalities outside of Toronto to promote the incorporation of embodied carbon considerations into municipal building codes.

 

i.  $114,824 to Sustainable Buildings Canada over 12 months to develop a software tool, with input from key stakeholders, that enables non-technical users to review building energy models for compliance with municipal energy performance requirements. Approval to be subject to the following conditions:

 

- Engage with provincial building code officials to collect insights on how this software can be coordinated with provincial requirements.


- Provide written confirmation that the software tool developed through this project will be made available in perpetuity to the target markets on a cost-recovery basis.
 

j.  $25,000 to the Town of Halton Hills over 6 months to host a series of workshops for local development industry professionals to increase their awareness of the Town’s updated Green Development Standards and to provide guidance on how to comply with the new standards (funded from the Canada and Ontario endowments only). Approval to be subject to the following condition:

 

- Develop and implement a knowledge transfer strategy, which outlines specific actions that will be taken to share the workshop curriculum and project outcomes with representatives from at least one municipality in Durham, Halton, York, and Peel Regions as well as the City of Toronto and City of Hamilton.
 

2.  Declined five grant requests listed in Confidential Attachment 1 to the report (November 4, 2020) from the Chair, Grants and Programs Committee with a total value of $542,486.

 
3.  Approved the following project allocation requests to be funded jointly from the Canada, Ontario and City of Toronto endowments:

 

a.  $181,200 over 24 months for TAF to enhance the capacity of community practitioners, TAF grantees, and TAF staff leading internal programs by providing access to professional coaches and mentors and training opportunities in targeted skills areas such as program design, developmental evaluation, policy advocacy, and partnership brokering.
 
b.  $74,311 over 12 months to provide TAF with the resources to support strategic greenhouse gas-related research in the areas of industrial emissions, co-benefits of climate actions, and the potential roles of natural gas and related infrastructure in the pathway to decarbonize, and also to enable TAF’s engagement with and advisory support for both local quantification practitioners as well as the Low Carbon Cities network. 

c.  $600,000 over 12 months to enable TAF to launch and operate a Retrofit Delivery Centre, and attract additional external funding, which is dedicated to delivering high-quality energy retrofits in the multi-unit residential building sector at scale by standardizing and optimizing administrative work, leveraging economies of scale, reducing transaction costs, and building up needed industry capacity by creating demand and sending market signals needed to drive investment.

 
4.  Directed that the confidential information contained in Confidential Attachment 1  to the report (November 4, 2020) from the Chair, Grants and Programs Committee remain confidential in its entirety, as contains financial information supplied in confidence to the Toronto Atmospheric Fund, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.

Origin
(November 4, 2020) Report from the Chair, Grants and Programs Committee
Summary

At its October 2, 2020 meeting, the TAF Grants and Programs Committee recommended that the Board approve 10 grants with a combined value of $879,795 and three internal program allocations with a total value of $855,511. This report provides recommendations from the Committee meeting.

Background Information
(November 4, 2020) Revised Report from the Chair, Grants and Programs Committee on Grants and Program Allocation Recommendations
(http://www.toronto.ca/legdocs/mmis/2020/ta/bgrd/backgroundfile-158091.pdf)

Confidential Attachment 1 - Summary of Declined Grant Requests
(October 23, 2020) Report from the Chair, Grants and Programs Committee on Grants and Program Allocation Recommendations
(http://www.toronto.ca/legdocs/mmis/2020/ta/bgrd/backgroundfile-157923.pdf)

Motions
Motion to Adopt Item moved by Councillor Shelley Carroll (Carried)

TA9.10

Information 

Received 

 

 

Minutes from the Executive Compensation and HR Committee Meeting Held August 26, 2020

Board Decision

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

Decision Advice and Other Information

The Board of Directors of the Toronto Atmospheric Fund recessed its public meeting to meet in closed session to consider the item as it pertains to personal matters about an identifiable person or persons and labour relations or employee negotiations.

Origin
(October 23, 2020) Report from the Board Chair
Summary

Minutes from the Executive Compensation and HR Committee meeting held on August 26, 2020.

Background Information
(October 23, 2020) Minutes from the Executive Compensation & HR Committee Meeting Held August 26, 2020
(http://www.toronto.ca/legdocs/mmis/2020/ta/bgrd/backgroundfile-157924.pdf)

Motions
Motion to Receive Item moved by Councillor Jennifer McKelvie (Carried)

That the item be received for information.


Procedural Motions
Motion to Adopt Minutes moved by Councillor Shelley Carroll (Carried)

That the minutes of the Board of Directors of the Toronto Atmospheric Fund meeting held on July 27, 2020 be confirmed.


Motion to Meet in Closed Session moved by Parminder Sandhu (Carried)

10:49 a.m. - That the Board of Directors of the Toronto Atmospheric Fund recess its public meeting to meet in closed session to consider the following items:

 

TA9.7 - Direct Investment Update and Request - 2020 - Number 4

 

as it pertains to financial information supplied in confidence to the Toronto Atmospheric Fund, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization

  

TA9.10 - Minutes from the Executive Compensation and HR Committee Meeting Held August 26, 2020

 

as it pertains to personal matters about an identifiable person or persons and labour relations or employee negotiations.

The Chair acknowledged that the Board of Directors of the Toronto Atmospheric Fund was meeting on the traditional territory of many nations including the Mississaugas of the Credit, the Anishnabeg, the Chippewa, the Haudenosaunee and the Wendat peoples and is now home to many diverse First Nations, Inuit and Métis peoples. The Chair also acknowledged that Toronto is covered by Treaty 13 with the Mississaugas of the Credit.

 

The Chair acknowledged outgoing Board member Deepak Ramachandran and thanked him for his services and contributions to the Toronto Atmospheric Fund.

 

The Directors of the Board of Directors of the Toronto Atmospheric Fund listed in the attendance for this meeting participated remotely and were counted for the purposes of quorum, as permitted by the Municipal Emergency Act, 2020 and the Board of Directors of the Toronto Atmospheric Fund By-law No. 1.

 

Also Present - Non-Members:

 

Julia Langer, Chief Executive Officer, Toronto Atmospheric Fund

Tim Stoate, VP, Impact Investing, Toronto Atmospheric Fund

Bryan Purcell, VP, Policy and Programs, Toronto Atmospheric Fund

Ian Klesmer, Director, Strategy and Grants, Toronto Atmospheric Fund

Rob Wotten, Director, Finance, Toronto Atmospheric Fund

Ryan O'Connor, Manager, Grants, Toronto Atmospheric Fund

Julie Leach, Manager, Communications, Toronto Atmospheric Fund

Evan Wiseman,  Climate Policy Manager, Toronto Atmospheric Fund 

Jaime Klein, Operations Lead, Toronto Atmospheric Fund

Chris Vincent, Accountant, Toronto Atmospheric Fund

Iryna Halubkova, Manager, Impact Investing, Toronto Atmospheric Fund

Cliff Goldfarb, Lawyer, Gardiner Roberts LLP

Heather Keachie, Lawyer, Gardiner Roberts LLP

Scott Pasternack, Solicitor, Legal Services, City of Toronto

Rich Whate, Corporate Management Policy Consultant, City Manager's Office, City of Toronto

Jade Schofield, Project Manager, Sustainability and Climate Change, Office of the CAO, Town of  Whitby

Friday, November 6, 2020
Parminder Sandhu, Chair, Board of Directors of the Toronto Atmospheric Fund
Meeting Sessions
Session Date Session Type Start Time End Time Public or Closed Session
2020-11-06 Morning 9:04 AM 10:49 AM Public
2020-11-06 Morning 10:53 AM 11:44 AM Closed
2020-11-06 Morning 11:46 AM 12:01 PM Public
Attendance
Members were present for some or all of the time period indicated.
Date and Time Quorum Members
2020-11-06
09:04 AM - 10:49 AM
(Public Session)
Present Present: Karim Bardeesy, Shelley Carroll, Andrew Dooner, Mike Layton, Jacoline Loewen, Kimberly Marshall, Jennifer McKelvie, Deepak Ramachandran, Parminder Sandhu (Chair)
Not Present: Antoine Belaieff
2020-11-06
10:53 AM - 11:44 AM
(Closed Session)
Present Present: Karim Bardeesy, Shelley Carroll, Andrew Dooner, Mike Layton, Jacoline Loewen, Kimberly Marshall, Jennifer McKelvie, Deepak Ramachandran, Parminder Sandhu (Chair)
Not Present: Antoine Belaieff
2020-11-06
11:46 AM - 12:01 PM
(Public Session)
Present Present: Karim Bardeesy, Shelley Carroll, Andrew Dooner, Mike Layton, Jacoline Loewen, Kimberly Marshall, Jennifer McKelvie, Deepak Ramachandran, Parminder Sandhu (Chair)
Not Present: Antoine Belaieff