Building & Investment Committee (BIC) Meeting - January 23, 2013

Public Agenda

Revision #2 (revised on January 22, 2013)

Approval of Agenda and Review of Agenda Order

(all items not held will be voted together without discussion)

Chair’s Poll re: Conflict of Interest

Confirmation of Building and Investment Committee Public Minutes – November 8, 2012

Business Arising from the Minutes and Action Item List

For Approval

1. Regent Park: 180 Sackville St. (Block 22) IAHP Contribution Agreement   
    

Closed Meeting Agenda

Approval of Agenda and Review of Agenda Order

(all items not held will be voted together without discussion)

Chair’s Poll re: Conflict of Interest

(A) Confirmation of Building and Investment Committee Minutes – November 8, 2012 Business Arising from the Minutes and Action Item List

(B) Confidential item respecting the business of the corporation

For Approval:

(C) Confidential item respecting the business of the corporation

(D) Confidential item respecting the business of the corporation

(E) Confidential item respecting the business of the corporation

(F) – deferred

(Fa) – deferred

(G) Confidential item respecting the business of the corporation

(H) Confidential item respecting the business of the corporation

(I) Confidential item respecting the business of the corporation

For Information:

(J) Confidential item respecting the business of the corporation

(K) Confidential item respecting the business of the corporation

(L) Confidential item respecting the business of the corporation

(M) Confidential item respecting the business of the corporation

(N) Confidential item respecting the business of the corporation

(O) Confidential item respecting the business of the corporation

Public Meeting Minutes

The Building and Investment Committee of Toronto Community Housing Corporation met on January 23, 2013, in the Main Floor Conference Room, 931 Yonge Street, commencing at 12:07 p.m.

Committee Directors present:

Audrey Wubbenhorst, Chair

Zahir Bhaidani

Regrets:

N/A

Additional Directors present:

Councillor Ana Bailao

Councillor Maria Augimeri

Also present:

Marta Asturi, Legal Counsel and Assistant Corporate Secretary

Tom Burr, Director Regent Park

Lisa Davies, Senior Legal Counsel

Chuck Dowdall, Vice-President, Operations (Interim)

Jason Gorel, Chief Financial Officer    

Hugh Lawson, Director, Strategic Planning & Stakeholder Relations

Janice Lewkoski, Board Secretary

Laurie Payne, Development Director

Greg Spearn, Chief Development Officer

Ms. Audrey Wubbenhorst, the Chair, called the meeting to order and Ms. Mirela Bolentiru served as recording secretary.

Confirmation of Agenda

Motion carried

ON MOTION DULY MADE by Mr. Zahir Bhaidani, seconded by Ms. Audrey Wubbenhorst, the Building and Investment Committee unanimously approved the agenda as presented.

Declaration of Conflict of Interest

The Chair requested members of the Building and Investment Committee to indicate any agenda item in which they had a conflict of interest, together with the nature of the interest. None were declared.

Deputations

The Committee Chair polled for any deputations to be heard at the meeting and explained the deputation process. None were declared.

Minutes - Confirmation of Building and Investment Committee Minutes - November 8, 2012

Motion carried

ON MOTION DULY MADE by Ms. Audrey Wubbenhorst, seconded by Mr. Zahir Bhaidani, the Building and Investment Committee confirmed the above-captioned minutes.

Item 1 - Regent Park: 180 Sackville St. (Block 22) IAHP Contribution Agreement, BIC:2013-01

The Building and Investment Committee had before it the above-captioned report (BIC:2013-1) from the President and Chief Executive Officer.

The Committee and management discussed the report, including the following matters:

• The City of Toronto, as Service Manager for Toronto, has allocated $16.4M to TCHC towards new affordable rental construction in Regent Park.
• The Committee noted that “half of the available program funds” were allocated to Regent Park and asked for an explanation of “half”.
  • Management explained that $16.4M is half of $32M allocated towards new construction of affordable rental across the city (not only on TCHC properties), indicating the strategic importance placed on revitalization.
• Management advised the Committee of amendments to the report in that it was seeking approval to enter into a Contribution Agreement with the City of Toronto for $4.8M (versus $3M as noted in the report) funding towards the provision of 40 (versus 25) new Affordable Rental Housing units at 180 Sackville St. (Block 22, Phase 2 Regent Park) under IAHP.
• Under the Funding Terms, $4.8M will be advanced by the City as a forgivable loan, to be used solely to fund the development activities related to the 40 IAHP units in the building.
• This program will allow increasing the income range in TCHC buildings and will help reduce polarization between rental and condominium buildings.

Motion carried

ON MOTION DULY MADE by Ms. Audrey Wubbenhorst, seconded by Mr. Zahir Bhaidani, the Building and Investment Committee resolved to approve amendments in recommendation 1 of the report to replace $3,000,000 funding with $4,800,000, and 25 new Affordable Rental Housing units with 40.

Motion carried

ON MOTION DULY MADE by Ms. Audrey Wubbenhorst, seconded by Mr. Zahir Bhaidani, the Building and Investment Committee approved the following recommendations and requested that the report be forwarded to the Board of Directors for approval:

1. Authorize the President and CEO or his designate to enter into a Contribution Agreement with City of Toronto for $4,800,000 funding towards the provision of 40 new Affordable Rental Housing units at 180 Sackville St. (Block 22, Phase 2 Regent Park) under IAHP.
2. Authorize the President and CEO or his designate to take the necessary action and incur capital commitments executing documents required as may be necessary and otherwise to give effect to the above recommendations.

PUBLIC MEETING PROCEEDINGS

Motion carried

ON MOTION DULY MADE by Mr. Zahir Bhaidani, seconded by Ms. Audrey Wubbenhorst, the Building and Investment Committee adjourned the public meeting at 12:22 p.m. 

CLOSED MEETING PROCEEDINGS

Motion carried

ON MOTION DULY MADE by Mr. Zahir Bhaidani, seconded by Ms. Audrey Wubbenhorst, the Building and Investment Committee resolved to meet in closed meeting at 12:22 p.m. to consider items A to O.

PUBLIC PROCEEDINGS

Motion carried

At 2:06 p.m. the Chair announced the resumption of the public proceedings and the public meeting reconvened at that time.

ON MOTION DULY MADE by Ms. Audrey Wubbenhorst, seconded by Mr. Zahir Bhaidani, the Building and Investment Committee ratified the actions authorized during the closed meeting.

TERMINATION

ON MOTION DULY MADE by Ms. Audrey Wubbenhorst, seconded by Mr. Zahir Bhaidani, the meeting of the Building and Investment Committee terminated at 2:06 p.m.