Minutes

Confirmed on
July 9, 2021



Board of Directors of the Toronto Atmospheric Fund


Meeting No. 11   Contact Jennifer Lin, Committee Secretary
Meeting Date Monday, April 26, 2021
  Phone 416-338-5089
Start Time 3:00 PM
  E-mail tafboard@toronto.ca
Location Video Conference
  Chair   Parminder Sandhu  


This meeting of the Board of Directors of the Toronto Atmospheric Fund was held by electronic means and the proceedings of the Board were conducted publicly.

 

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

TA11.1

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
(April 12, 2021) Report from the Chief Executive Officer, Toronto Atmospheric Fund
Summary

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

Background Information
(April 12, 2021) Report from the Chief Executive Officer, Toronto Atmospheric Fund on Chief Executive Officer's Report
(http://www.toronto.ca/legdocs/mmis/2021/ta/bgrd/backgroundfile-165805.pdf)

Motions
Motion to Receive Item moved by Antoine Belaieff (Carried)

That the item be received for information.


TA11.2

Information 

Received 

 

 

Presentation - Berczy Glen Project

Board Decision

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

Decision Advice and Other Information

The Director, Sustainability and Asset Management, City of Markham; the Senior Manager, Innovation, Mattamy Homes; the Senior Director, Community Energy Planning, Enwave; and the Principal, Prime Strategy and Planning gave a presentation on Berczy Glen Geo-Exchange Project.

Summary

In 2018, TAF provided a $225,100 grant to the City of Markham to undertake the planning of Berczy Glen, an innovative, first-of-its-kind net-zero neighbourhood of approximately 400 homes anchored by a district geo-exchange system. Representatives from the City of Markham, Mattamy Homes, and Enwave who collaborated from start to finish will describe the process of designing the geo-exchange system, gaining site plan approval, and share lessons learned which are already influencing consideration of net-zero neighbourhoods across the country.

Background Information
Presentation from the City of Markham, Mattamy Homes, Enwave, and Prime Strategy and Planning on Berczy Glen Geo-Exchange Project
(http://www.toronto.ca/legdocs/mmis/2021/ta/bgrd/backgroundfile-166190.pdf)

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

That the item be received for information.


TA11.3

ACTION 

Adopted 

 

 

Draft Audited Consolidated Financial Statements for the year ended December 31, 2020

Board Decision

The Board of Directors of the Toronto Atmospheric Fund:

 

1.  Approved transfers of:

 

$485,553 to the Toronto Stabilization Fund;


$1,388,507 less adjustment of $874,879 for a net of $513,628 to the Ontario Stabilization Fund; and


$922,778 to the Canada Stabilization Fund.

 

2.  Approved the 2020 Audited Consolidated Financial Statements.

Origin
(April 23, 2021) Report from the Director of Finance
Summary

The 2020 Audited Consolidated Financial Statements and Report have been prepared by Welch LLP and are presented to the Toronto Atmospheric Fund (TAF) Board of Directors for approval. These statements provide separate fund accounting for the City of Toronto, Province of Ontario, and Government of Canada endowment funds.

Background Information
(April 23, 2021) Report from the Director of Finance on Draft Audited Consolidated Financial Statements for the year ended December 31, 2020
(http://www.toronto.ca/legdocs/mmis/2021/ta/bgrd/backgroundfile-166081.pdf)

Attachment 1 - Draft Auditorsí Report to the Audit Committee
(http://www.toronto.ca/legdocs/mmis/2021/ta/bgrd/backgroundfile-166045.pdf)

Attachment 2 - Draft Consolidated Financial Statements for Toronto Atmospheric Fund for the year ended December 31, 2020
(http://www.toronto.ca/legdocs/mmis/2021/ta/bgrd/backgroundfile-166044.pdf)

(April 15, 2021) Report from the Director of Finance on Draft Audited Consolidated Financial Statements for the Year Ended December 31, 2020
(http://www.toronto.ca/legdocs/mmis/2021/ta/bgrd/backgroundfile-166082.pdf)

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

TA11.4

Information 

Received 

 

 

Minutes from the Investment Committee Meeting Held 20 January, 2021

Board Decision

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

Origin
(April 12, 2021) Report from the Vice President, Impact Investing
Summary

Minutes from the Investment Committee meeting held on January 20, 2021.

Background Information
(April 12, 2021) Minutes from the Investment Committee Meeting Held 20 January, 2021
(http://www.toronto.ca/legdocs/mmis/2021/ta/bgrd/backgroundfile-165808.pdf)

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

That the item be received for information.


TA11.5

Information 

Received 

 

 

Minutes from the Investment Committee Meeting Held 4 February, 2021

Board Decision

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

Origin
(March 15, 2021) Report from the Vice President, Impact Investing
Summary

Minutes from the Investment Committee meeting held on February 4, 2021.

Background Information
(March 15, 2021) Minutes from the Investment Committee Meeting Held 4 February, 2021
(http://www.toronto.ca/legdocs/mmis/2021/ta/bgrd/backgroundfile-165809.pdf)

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

That the item be received for information.


TA11.6

ACTION 

Amended 

 

 

Direct Investment Request - 2021 - 3
Confidential Attachment - Commercial and financial information, supplied in confidence to the Toronto Atmospheric Fund, which, if disclosed, could reasonably be expected to significantly prejudice the competitive position, or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization and a plan to be applied to any negotiations carried on or to be carried on by or on behalf of the Board of Directors of the Toronto Atmospheric Fund

Board Decision

The Board of Directors of the Toronto Atmospheric Fund:

 

1.  Approved an investment of up to $500,000 subject to the terms and conditions as set out in Confidential Attachment 1 to the report (April 12, 2021) from the Vice President, Impact Investing.

 

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

 

3.  Directed the Vice President, Impact Investing to undertake a review of all sideletters, ensuring that, in the opinion of the Vice President, Impact Investing, no other LP has been offered any terms which confer an unfair economic advantage or which are of a nature that should have been also offered to the Toronto Atmospheric Fund.

 

4.  Directed that the confidential information contained in the Confidential Attachment 1 to the report (April 12, 2021) from the Vice President, Impact Investing 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 significantly prejudice the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.

 

5.  Directed that the balance of information in Confidential Attachment 2 to the report (April 12, 2021) from the Vice President, Impact Investing remain confidential as it is about a plan to be applied to any negotiations carried on or to be carried on by or on behalf of the Board of Directors of the Toronto Atmospheric Fund.

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

Origin
(April 12, 2021) Report from Vice President, Impact Investing
Summary

Approval is recommended of a Private (Pooled) Equity investment which demonstrates the potential for appropriate risk-adjusted return and strong alignment with TAF’s mandate. This transaction helps to diversify TAF's Impact portfolio; is strongly aligned with our investment philosophy; and is expected to support a pipeline of future deal flow.  The proposed investment of up to $500,000 complies with investment limits, inclusive of the limit specific to private (pooled) equity, and is not subject to additional external approvals, as set out in TAF’s investment policy.

Background Information
(April 12, 2021) Report from the Vice President, Impact Investing on Direct Investment Request - 2021 - 3
(http://www.toronto.ca/legdocs/mmis/2021/ta/bgrd/backgroundfile-165747.pdf)

Confidential Attachment 1
Confidential Attachment 2
Motions
1 - Motion to Amend Item (Additional) moved by Kimberly Marshall (Carried)

That the Board of Directors of the Toronto Atmospheric Fund:

 

1.  Adopt the following recommendation, as set out in Confidential Attachment 2:

 

Direct the Vice President – Impact Investing to undertake a review of all sideletters, ensuring that, in the opinion of the Vice President – Impact Investing, no other LP has been offered any terms which confer an unfair economic advantage or which are of a nature that should have been also offered to TAF

 

2.  Direct that the balance of information in Confidential Attachment 2 remain confidential as it is about a plan to be applied to any negotiations carried on or to be carried on by or on behalf of the Board of Directors of TAF.


2 - Motion to Adopt Item as Amended moved by Kimberly Marshall (Carried)

TA11.7

ACTION 

Amended 

 

 

Direct Investment Request - 2020 - 4B
Confidential Attachment - Commercial and financial information, supplied in confidence to the Toronto Atmospheric Fund, which, if disclosed, could reasonably be expected to significantly prejudice 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.  Directed that the confidential information contained in Confidential Attachment 1 to the report (April 14, 2021) from the Vice President, Impact Investing, and the Confidential Presentation remain confidential in their entirety, as they contain commercial and financial information, supplied in confidence to The Atmospheric Fund, which, if disclosed, could reasonably be expected to significantly prejudice 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 pertains to commercial and financial information, supplied in confidence to the Toronto Atmospheric Fund, which, if disclosed, could reasonably be expected to significantly prejudice the competitive position, or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.

Origin
(April 14, 2021) Report from the Vice President, Impact Investing
Summary

This report pertains to the potential for an additional investment, following on previous investment.  If advanced it would comply with investment limits as set out in TAF’s investment policy.

Background Information
(April 14, 2021) Report from the Vice President, Impact Investing on Direct Investment Request - 2020 - 4B
(http://www.toronto.ca/legdocs/mmis/2021/ta/bgrd/backgroundfile-165835.pdf)

Confidential Attachment 1
Confidential Presentation from the Vice President, Impact Investing on Direct Investment Request - 2020 - 4B
Motions
Motion to Amend Item moved by Kimberly Marshall (Carried)

The recommendation be amended to read as follows:

 

The Board of Directors of the Toronto Atmospheric Fund:

 

1.  Direct the confidential information contained in Confidential Attachment 1 and the Confidential Presentation 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 significantly prejudice the competitive position, or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.


TA11.8

ACTION 

Adopted 

 

 

Rescission of Decision Respecting Item TA 22.6 - Direct Investment

Board Decision

The Board of Directors of the Toronto Atmospheric Fund:

 

1.  Rescinded the November 1, 2018 decision on item TA22.6 - Direct Investment Request respecting a Direct Investment of $1,500,000.

Origin
(April 12, 2021) Report from the Vice President, Impact Investing
Summary

Rescission of a previously approved Direct Investment of $1,500,000 is recommended as the project has been delayed for a number of reasons.

Background Information
(April 12, 2021) Report from the Vice President, Impact Investing on Rescission of Decision Respecting Item TA22.6 - Direct Investment
(http://www.toronto.ca/legdocs/mmis/2021/ta/bgrd/backgroundfile-165749.pdf)

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

TA11.9

ACTION 

Adopted 

 

 

Rescission of Decision Respecting Item TA 4.11 - Direct Investment

Board Decision

The Board of Directors of the Toronto Atmospheric Fund:

 

1.  Rescinded the November 8, 2019 decision on item TA4.11 - Direct Investment Request respecting a Direct Investment of $2,000,000.

Origin
(April 12, 2021) Report from the Vice President, Impact Investing
Summary

Rescission of a previously approved Direct Investment of $2,000,000 is recommended as the project was completely revamped and has been moved to a new location.

Background Information
(April 12, 2021) Report from the Vice President, Impact Investing on Rescission of Decision Respecting Item TA4.11 - Direct Investment
(http://www.toronto.ca/legdocs/mmis/2021/ta/bgrd/backgroundfile-165751.pdf)

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

TA11.10

Information 

Received 

 

 

Minutes from the Grants and Programs Committee Meeting Held April 7, 2021

Board Decision

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

Origin
(April 12, 2021) Report from the Grants Manager
Summary

Minutes from the Grants and Programs Committee meeting held on April 7, 2021.

Background Information
(April 12, 2021) Minutes from the Grants and Programs Committee Meeting Held April 7, 2021
(http://www.toronto.ca/legdocs/mmis/2021/ta/bgrd/backgroundfile-165752.pdf)

Motions
Motion to Receive Item moved by Antoine Belaieff (Carried)

That the item be received for information.


TA11.11

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.  $35,000 over 12 months to the City of Brampton to update the sustainability score thresholds that support the Sustainability Metrics Program in Brampton, Vaughn, Markham, and Richmond Hill, and to create resources that will enable municipal staff to implement the program (funded from the Canada and Ontario endowments only). Approval to be subject to the following conditions:

 

i.  Submit for Toronto Atmospheric Fund (TAF) approval a stakeholder engagement strategy outlining how and when building industry stakeholders, including home builders, designers, and trades associations, will be consulted throughout the process.

 

ii.  Submit for TAF approval an analysis of the feasibility of completing this project before 2023, including a revised project timeline (if feasible) or an explanation for maintaining the initial timeline (if not feasible).

 

iii.  Prioritize carbon emissions reductions in the updates to the sustainability score thresholds, and report back on the estimated emission reductions that will be achieved once the updated Sustainability Metrics Program is implemented.

 

iv.  Demonstrate, in the form of a signed letter, support from at least one Councillor in each of the four municipalities for adopting updates to the Sustainability Metrics Program, including their commitment to participating in a project advisory committee and/or other relevant mechanisms for engaging. stakeholders and advancing the updates.

 

b.  $86,000 over 12 months to the City of Pickering to consult with internal and external stakeholders to inform updates to their Sustainable Development Guidelines, and to develop staff training tools and building industry resources to support implementation (funded from the Canada and Ontario endowments only). Approval to be subject to the following conditions:

 

i.  Submit a stakeholder engagement strategy for TAF approval outlining how and when building industry stakeholders, including home builders, designers, and trades associations, will be consulted throughout the process.

 

ii.  Submit a revised workplan for TAF approval clarifying the project timeline and scheduled completion dates of project activities and deliverables.

 

iii.  The City of Pickering will provide funding for the Project Manager position and will eliminate the associated salary from the TAF funding request.

 

vi.  Prioritize carbon emissions reductions in the updates to the Sustainable Development Guidelines, and report back on the estimated emission reductions that will be achieved once the updated Sustainable Development Guidelines are implemented.

 

c.  $150,320 to the City of Toronto over 12 months to benchmark embodied carbon emissions for the construction of Part 3 buildings in the Greater Toronto and Hamilton Area (GTHA), and to use the results to inform updates to the Toronto Green Standard. Approval to be subject to the following conditions:

 

i.  Submit a detailed knowledge transfer strategy for TAF approval outlining how lessons and project outcomes will be shared with building industry and municipal stakeholders in the GTHA.

 

ii.  Submit a stakeholder engagement strategy for TAF approval outlining how industry stakeholders representing building materials manufacturers and the development community will be consulted throughout the project.

 

d.  $30,040 to Pollution Probe over 8 months to convene and coordinate GTHA municipalities in advancing their interests to inform the Ontario Energy Board’s review of the next multi-year natural gas demand side management plan (funded from the Canada and Toronto endowments only). Approval to be subject to the following condition:

 

i.  Various approaches to municipal representation are explored.

 

e.  $141,565 to QUEST over 20 months to complete feasibility studies to conduct deep energy retrofits on two municipally-owned seniors centres using prefabricated exterior panels and new mechanical systems, and to share lessons learned with municipal and building industry stakeholders across the GTHA. Approval to be subject to the following conditions:

 

i.  Funding requested from Natural Resources Canada is confirmed.

 

ii  The City of Burlington and Town of Oakville each contribute $10,000 to offset costs associated with the feasibility studies exploring deep energy retrofit options in the two municipally-owned seniors centres.

 

f.  $30,000 to the Town of Caledon over 16 months to develop sustainability metrics and an implementation framework for a local Green Development Standard in consultation with internal and external stakeholders (funded from the Canada and Ontario endowments only).

 

g.  $250,000 to the Town of Whitby over 36 months to measure the costs and benefits of integrating the three voluntary tiers of the recently adopted Whitby Green Standard at the design, construction, and occupancy stages, and to share the methodology and results with municipal and industry stakeholders across the GTHA (funded from the Canada and Ontario endowments only). Approval to be subject to the following condition:

 

i.  Submit a revised project budget for TAF approval which requires no more than $250,000 in funding from TAF over the three-year project timeline, and reduces TAF’s contribution to project costs associated with equipment, materials, building performance evaluation, and homeowner incentives.

 

ii.  Funding for project materials and equipment is contingent on a qualified professional's written and signed assessment showing the estimated incremental costs of constructing to the Whitby Green Standard, and on the Town of Whitby demonstrating that total material and equipment funding from all funders is no more than 75 percent of the total incremental costs incurred by the builders.

 

iii.  Submit memoranda of understanding, signed by authorized representatives from the Town of Whitby and the home builder project partner(s), outlining the home builder’s commitment to making all relevant costing information publicly available and to allowing Town of Whitby staff oversight during the design process to ensure compliance with the Whitby Green Standard tiers.

 

2.  Declined one grant request with a total value of $243,714, as set out in Confidential Attachment 1 to the report (April 12, 2021) from the Grants Manager.

 

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

 

a.  $24,000 over 24 months to support TAF’s policy activities through the engagement of subject matter experts as consultants on key policy files, through adequate internal resourcing and the hiring of a Policy Analyst, and through relevant travel, communications, and events.

 

b.  $300,000 over 36 months to provide TAF with the resources to hire a full-time program manager to oversee the day-to-day operations of TAF’s planned program which will facilitate the implementation of EV charging infrastructure. Funding will also support the hiring of expert consultants to support the outreach and engagement effort and development of a ‘turnkey’ option for this program. The allocation for this program is conditional on Natural Resources Canada’s approval of TAF’s funding application to the Zero Emission Vehicle Infrastructure Program.

 

c.  $0 over 24 months for TAF to hire a Communications Coordinator who is responsible for managing the TAF social media communities; tracking and reporting communications metrics; and coordinating website and other content updates. In addition to these core responsibilities, the Coordinator will support the Communications Manager in new content production, project management, liaising with internal teams, event coordination and other special projects.

 

4.  Directed that the confidential information contained in Confidential Attachment 1 to the report (April 12, 2021) from the Grants Manager 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
(April 12, 2021) Report from the Grants Manager
Summary

At its April 7, 2021 meeting, the TAF Grants and Programs Committee recommended that the Board approve seven grants with a combined value of $722,925 and three internal program allocations with a total value of $324,000. This report provides recommendations from the Committee meeting.

Background Information
(April 12, 2021) Report from the Grants Manager on Grants and Program Allocation Recommendations
(http://www.toronto.ca/legdocs/mmis/2021/ta/bgrd/backgroundfile-165815.pdf)

Confidential Attachment 1 - Summary of Declined Grant Requests
Motions
Motion to Adopt Item moved by Antoine Belaieff (Carried)

TA11.12

Information 

Received 

 

 

Minutes of the Executive Compensation and Performance Review Committee Meeting Held April 19, 2021

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.

Origin
(April 26, 2021) Report from the Board Chair
Summary

Minutes of the Executive Compensation and Performance Review Committee meeting held on April 19, 2021.

Background Information
(April 26, 2021) Minutes of the Executive Compensation and Performance Review Committee Meeting Held April 19, 2021
(http://www.toronto.ca/legdocs/mmis/2021/ta/bgrd/backgroundfile-166126.pdf)

(April 15, 2021) Letter from the Board Chair on Executive Compensation and Performance Review Committee
(http://www.toronto.ca/legdocs/mmis/2021/ta/bgrd/backgroundfile-166127.pdf)

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

That the item be received for information.


TA11.13

ACTION 

Adopted 

 

 

Annual Performance Review of the Toronto Atmospheric Fund Chief Executive Officer
Confidential Attachment - Personal matters about an identifiable person

Board Decision

The Board of Directors of the Toronto Atmospheric Fund:  

 

1.  Approved the recommendations contained in Confidential Attachment 1 from the Executive Compensation and Performance Review Committee with respect to Chief Executive Officer Compensation, attached to the report (April 26, 2021) from the Board Chair.


2.  Directed the Executive Compensation and Performance Review Committee to review and update the Chief Executive Officer contract as part of the 2021 Annual Performance Review Process.


3.  Directed that the confidential information contained in Confidential Attachments 1 and 2 to the report (April 26, 2021) from the Board Chair remain confidential in their entirety, as they deal with personal matters about an identifiable person.

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.

Origin
(April 26, 2021) Report from the Board Chair
Summary

This report summarizes the performance review of The Atmospheric Fund's (TAF's) Chief Executive Officer (CEO) and provides a compensation recommendation.

Background Information
(April 26, 2021) Report from the Board Chair on Annual Performance Review of the Toronto Atmospheric Fund Chief Executive Officer
(http://www.toronto.ca/legdocs/mmis/2021/ta/bgrd/backgroundfile-166128.pdf)

Confidential Attachment 1 - Compensation Recommendations and CEO 360 Survey Results Summary, 2019 to 2020
Confidential Attachment 2 - CEO Performance Review Letter
(April 15, 2021) Letter from the Board Chair on Annual Performance Review of Toronto Atmospheric Fund Chief Executive Officer
(http://www.toronto.ca/legdocs/mmis/2021/ta/bgrd/backgroundfile-166131.pdf)

Motions
Motion to Adopt Item moved by Parminder Sandhu (Carried)

TA11.14

ACTION 

Adopted 

 

 

Appointment of Officers

Board Decision

The Board of Directors of the Toronto Atmospheric Fund:

 

1.  Reappointed the following Officers of the Corporation to hold office at the pleasure of the Board, and until their successors are appointed:

 

Vice-Chair - Councillor Mike Layton
Secretary – Graysanne Bedell
Treasurer - Kimberly Marshall.

Origin
(April 22, 2021) Report from the Chief Executive Officer
Summary

Toronto Atmospheric Fund By-law No. 1, Section 5.1. states that the Officers of the Corporation shall be appointed annually by and shall hold their appointments at the pleasure of the Board or until successors are duly appointed. This report recommends appointment of Officers of the Corporation.

Background Information
(April 22, 2021) Report from the Chief Executive Officer on Appointment of Officers
(http://www.toronto.ca/legdocs/mmis/2021/ta/bgrd/backgroundfile-166062.pdf)

Motions
1 - Motion to Add New Business at Committee moved by Wayne Miranda (Carried)

2 - Motion to Adopt Item moved by Parminder Sandhu (Carried)

TA11.15

ACTION 

Adopted 

 

 

External Funding for Electric Vehicle Charging Infrastructure Project

Board Decision

The Board of Directors of the Toronto Atmospheric Fund:

 

1.  Requested, via the City Manager's Office, City Council approval to receive funding of up to $2 million from the Natural Resources Canada Zero Emissions Vehicle Infrastructure Program to accelerate the rollout of Emissions Vehicle (EV) charging infrastructure in the Greater Toronto and Hamilton Area.

Origin
(April 23, 2021) Report from the Chief Executive Officer
Summary

In December 2020 TAF submitted a $2M funding application to Natural Resources Canada’s (NRCan’s) Zero Emission Vehicle Infrastructure Program (ZEVIP). Should funding be awarded, TAF would serve as a Delivery Organization (i.e., grantmaker) and distribute funding – up to 50 percent of project costs – to eligible stakeholders throughout the Greater Toronto and Hamilton Area (GTHA) as an incentive to install electric vehicle (EV) charging infrastructure. The ZEVIP funding would support deployment of approximately 300 connected EV chargers, including 15 fast chargers. Our proposed focus is on installation in public places, on-street and in multi-unit residential buildings (MURBs) with a priority on smaller projects and clients who would otherwise face difficulties securing government funding and/or navigating the process of selecting and installing EV chargers.  

 

Section 6.3.2(iv) of the Toronto Atmospheric Fund Relationship Framework with the City of Toronto requires Council approval of any grants exceeding $500,000. As a decision regarding TAF's ZEVIP application is expected before the end of April and the project must be completed within 30 months of the agreement date, this is a prospective recommendation and would not be acted on until and unless funding is awarded. 

Background Information
(April 23, 2021) Report from the Chief Executive Officer on External Funding for Electric Vehicle Charging Infrastructure Project
(http://www.toronto.ca/legdocs/mmis/2021/ta/bgrd/backgroundfile-166083.pdf)

Motions
1 - Motion to Add New Business at Committee moved by Graysanne Bedell (Carried)

2 - Motion to Adopt Item moved by Karim Bardeesy (Carried)

Procedural Motions
Motion to Adopt Minutes moved by Jacoline Loewen (Carried)

That the minutes of the Board of Directors of the Toronto Atmospheric Fund meeting held on February 5, 2021 be confirmed.


Motion to Meet in Closed Session moved by Graysanne Bedell (Carried)

That the Board of Directors of the Toronto Atmospheric Fund recess its public meeting to meet in closed session to consider the following items:

 

TA11.6 -Direct Investment Request - 2021 - 3
  

TA11.7 - Direct Investment Request - 2020 - 4B

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

 

TA11.12 - Minutes of the Executive Compensation and Performance Review Committee Meeting Held April 19, 2021    

 

TA11.13 - Annual Performance Review of Toronto Atmospheric Fund Chief Executive Officer

 

as they pertain to personal matters about an identifiable person.

Announcements

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 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

Fatimar Crerar, VP, Strategy and Partnerships, Toronto Atmospheric Fund

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

Rob Wotten, Director, Finance, Toronto Atmospheric Fund

Nicole Leite, Director, Impact Investing, Toronto Atmospheric Fund

Julie Leach, Manager, Communications, Toronto Atmospheric Fund

Jaime Klein, People and Operations Manager, Toronto Atmospheric Fund

Tracy Haynes, Manager, Investor Partnerships, Toronto Atmospheric Fund

Ariel Sharir, Analyst, Impact Investing,  Toronto Atmospheric Fund

Ryan O'Connor, Manager, Grants, 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

Graham Seaman, Director, Sustainability and Asset Management, City of Markham
Phillip Santana, Senior Manager, Innovation, Mattamy Homes
Catherine Thorn, Senior Director, Community Energy Planning, Enwave
Lisa Prime, Principal, Prime Strategy and Planning

Monday, April 26, 2021
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
2021-04-26 Afternoon 3:02 PM 3:50 PM Public
2021-04-26 Afternoon 4:01 PM 4:23 PM Public
2021-04-26 Afternoon 4:30 PM 5:41 PM Closed
2021-04-26 Afternoon 5:42 PM 5:48 PM Public
Attendance
Members were present for some or all of the time period indicated.
Date and Time Quorum Members
2021-04-26
03:02 PM - 03:50 PM
(Public Session)
Present Present: Karim Bardeesy, Graysanne Bedell, Antoine Belaieff, Brad Bradford, Shelley Carroll, Andrew Dooner, Jacoline Loewen, Kimberly Marshall, Wayne Miranda, Parminder Sandhu (Chair)
Not Present: Mike Layton
2021-04-26
04:01 PM - 04:23 PM
(Public Session)
Present Present: Karim Bardeesy, Graysanne Bedell, Antoine Belaieff, Brad Bradford, Shelley Carroll, Andrew Dooner, Mike Layton, Jacoline Loewen, Kimberly Marshall, Wayne Miranda, Parminder Sandhu (Chair)
2021-04-26
04:30 PM - 05:41 PM
(Closed Session)
Present Present: Karim Bardeesy, Graysanne Bedell, Antoine Belaieff, Brad Bradford, Shelley Carroll, Andrew Dooner, Mike Layton, Jacoline Loewen, Kimberly Marshall, Wayne Miranda, Parminder Sandhu (Chair)
2021-04-26
05:42 PM - 05:48 PM
(Public Session)
Present Present: Karim Bardeesy, Graysanne Bedell, Antoine Belaieff, Brad Bradford, Shelley Carroll, Andrew Dooner, Mike Layton, Jacoline Loewen, Kimberly Marshall, Wayne Miranda, Parminder Sandhu (Chair)