Building & Investment Committee (BIC) Meeting - March 25, 2013

Public Agenda

1. Approval of Agenda and Review of Agenda Order

Action: Approval

Pre-read: Agenda

Presenter: All

2. Confirmation of Public Meeting Minutes of January 23, 2013

Action: Approval

Pre-read: Minutes

Presenter: All

3. Business Arising from the Minutes and Committee Action Items Update

Action: Discussion

Pre-read: Action Item List

Presenter: All

Reports from Management

4. Amendments to the BIC and IAC Terms of Reference

Action: Approval

Pre-read: BIC:2013-15

Presenter: Legal Counsel and Assistant Corporate Secretary

5. Q4 2012 Quarterly Performance Report

Action: Information

Pre-read: BIC:2013-16

Presenter: Director, Strategic Planning & Stakeholder Relations

6. Municipal Licensing & Standards – Status of Orders

Action: Information

Pre-read: BIC:2013-17

Presenter: Director, Strategic Planning & Stakeholder Relations

7. Financial Performance Report Q4 2012

Action: Information

Pre-read: BIC:2013-18

Presenter: Chief Financial Officer

8. Putting People First Recommendations

Action: Information

Pre-read: BIC:2013-19

Presenter: Director, Strategic Planning & Stakeholder Relations

9. Stand-alone Properties – Sales Approach and Update

Action: Information

Pre-read: BIC:2013-20

Presenter: Director, Strategic Planning & Stakeholder Relations

Closed Meeting Agenda

A. Approval of Agenda and Review of Agenda Order

Action: Approval

Pre-read: Agenda

Presenter: All

B. Confirmation of Closed Meeting Minutes of January 23, 2013

Action: Approval

Pre-read: Minutes

Presenter: All

C. Confirmation of Closed Meeting Minutes of March 13, 2013

Action: Approval

Pre-read: Minutes

Presenter: All

D. Business Arising from the Minutes and Committee Action Items Update

Action: Discussion

Pre-read: Action Item List

Presenter: All

Reports from Management

E. Confidential item from the Chief Development Officer

Action: Information

Pre-read: —

Presenter: Chief Development Officer

F. Confidential item including, but not limited to a proposed or pending transaction with a third party

Action: Approval

Pre-read: BIC:C2013-21

Presenter: Chief Financial Officer

G. Confidential item including, but not limited to identifiable individuals, a proposed or pending transaction with a third party and recommendations of proposed policy or processes

Action: Approval

Pre-read: BIC:C2013-22

Presenter: Chief Development Officer

H. Confidential item including, but not limited to identifiable individuals, a proposed or pending transaction with a third party and recommendations of proposed policy or processes

Action: Approval

Pre-read: BIC:C2013-23

Presenter: VP (Interim), Facilities Management

I. Confidential item including, but not limited to identifiable individuals, a proposed or pending transaction with a third party and recommendations of proposed policy or processes

Action: Approval

Pre-read: BIC:C2013-24

Presenter: VP (Interim), Facilities Management

J. Confidential item including, but not limited to identifiable individuals, a proposed or pending transaction with a third party and recommendations of proposed policy or processes

Action: Approval

Pre-read: BIC:C2013-25

Presenter: Chief Development Officer

K. Confidential item including, but not limited to identifiable individuals, proposed, pending and current transaction with a third party and recommendations of proposed policy or processes

Action: Information

Pre-read: BIC:C2013-26

Presenter: Chief Development Officer

L. Confidential item including, but not limited to identifiable individuals, a proposed or pending transaction with a third party and recommendations of proposed policy or processes

Action: Information

Pre-read: BIC:C2013-27

Presenter: Chief Development Officer

M. Confidential item respecting the financial affairs of the RPAD Joint Venture

Action: Information

Pre-read: BIC:C2013-28

Presenter: Chief Development Officer

N. Confidential item respecting confidential matters and potential risks  

Action: Information

Pre-read: BIC:C2013-29

Presenter: Chief Financial Officer

O. Confidential item including, but not limited to identifiable individuals, a proposed or pending transaction with a third party and recommendations of proposed policy or processes

Action: Information

Pre-read: BIC:C2013-30

Presenter: Chief Financial Officer

P. Confidential item including, but not limited to identifiable individuals, a proposed or pending transaction with a third party and recommendations of proposed policy or processes

Action: Information

Pre-read: BIC:C2013-31

Presenter: Chief Financial Officer

Q. Confidential item including, but not limited to identifiable individuals, a proposed or pending transaction with a third party and recommendations of proposed policy or processes

Action: Information

Pre-read: BIC:C2013-32

Presenter: Chief Financial Officer

R. Confidential item including, but not limited to identifiable individuals, a proposed or pending transaction with a third party and recommendations of proposed policy or processes

Action: Information

Pre-read: BIC:C2013-33

Presenter: Chief Financial Officer

TERMINATION

Public Meeting Minutes

The Building and Investment Committee of Toronto Community Housing Corporation met on March 25, 2013, in the Main Floor Conference Room, 931 Yonge Street, commencing at 12:18 p.m.

Committee Directors present:

Audrey Wubbenhorst, Chair 

Zahir Bhaidani

Regrets:

N/A

Additional Directors present:

Catherine Wilkinson

Also present:

Marta Asturi, Legal Counsel and Assistant Corporate Secretary

Tom Burr, Development Director, Regent Park

Valesa Faria, Manager, Commercial Business Unit

Jason Gorel, Chief Financial Officer    

Heather Grey-Wolf, Development Director

Hugh Lawson, Director, Strategic Planning & Stakeholder Relations

Graham Leah, Vice President, Facilities Management (Interim)

Janice Lewkoski, Board Secretary

Roman Mesec, Senior Director, Asset Planning

Greg Spearn, Chief Development Officer

Cindy Yung, Director, Financial Planning

Bora Zekavica, Senior Director, Finance

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

Item 1 - Confirmation of Agenda

Motion carried

ON MOTION DULY MADE by Ms. Audrey Wubbenhorst, seconded by Mr. Zahir Bhaidani, 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.

Item 2 - Confirmation of Building and Investment Committee Minutes - January 23, 2013

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 4 - Amendments to the BIC and IAC Terms of Reference, BIC:2013-15

The Building and Investment Committee had before it the above-captioned report (BIC:2013-15) from the President and Chief Executive Officer.

Motion carried

ON MOTION DULY MADE by Ms. Audrey Wubbenhorst, seconded by Mr. Zahir Bhaidani, the Building and Investment Committee adopted the report and recommended that the report be forwarded to the Governance, Risk and Human Resources Committee for review and approval of the amended BIC and IAC’s Terms of Reference as set out in Attachment A and Attachment B.

Item 5 - Q4 2012 Quarterly Performance Report, BIC:2015-16

The Building and Investment Committee had before it the above-captioned report (BIC:2013-16) from the President and Chief Executive Officer.

Motion carried

ON MOTION DULY MADE by Ms. Audrey Wubbenhorst, seconded by Mr. Zahir Bhaidani, the Building and Investment Committee received the report for information.

Item 6 - Municipal Licensing & Standards – Status of Orders, BIC:2013-17

The Building and Investment Committee had before it the above-captioned report (BIC:2013-17) from the President and Chief Executive Officer.

Motion carried

ON MOTION DULY MADE by Ms. Audrey Wubbenhorst, seconded by Mr. Zahir Bhaidani, the Building and Investment Committee received the report for information.

Item 7 - Financial Performance Report Q4 2012, BIC:2013-18

The Building and Investment Committee had before it the above-captioned report (BIC:2013-18) from the President and Chief Executive Officer.

The Committee and management discussed the following:

• Delayed property taxes exemptions and rationale.
  • Management explained that:
    • During last several weeks there were weekly discussions with the City of Toronto to finalize the property tax exemption process.
    • There is no net impact on the Corporation: if taxes are paid TCHC is fully subsidized for the amounts paid.
    • The first phase of the property tax exemption has been implemented and resulted in $6.9 million of the budgeted $9 million of accrued education tax savings. The second phase of property tax exemptions has been passed by the City Council and is effective January 1, 2013. The balance of $2.1 million is expected to be realized by Q4 2013.
• Delayed energy projects that were not completed in 2012 due to delays in funding approvals from the Ontario Power Authority.
  • Management explained that:
    • TCHC has not hooked into the grid because the rates have not yet been confirmed. Management is working with OPA on this matter.
    • The 2012 budget anticipated more grants for the energy projects, which means some of the TCHC energy activity was stalled for lack of grant funding.
    • Use of energy savings towards funding the energy projects.

Motion carried

ON MOTION DULY MADE by Ms. Audrey Wubbenhorst, seconded by Mr. Zahir Bhaidani, the Building and Investment Committee received the report for information.

Item 8 - Putting People First Recommendations, BIC:2013-19

The Building and Investment Committee had before it the above-captioned report (BIC:2013-19) from the President and Chief Executive Officer.

Motion carried

ON MOTION DULY MADE by Ms. Audrey Wubbenhorst, seconded by Mr. Zahir Bhaidani, the Building and Investment Committee received the report for information.

Item 9 - Stand-alone Properties – Sales Approach and Update, BIC:2013-20

The Building and Investment Committee had before it the above-captioned report (BIC:2013-20) from the President and Chief Executive Officer.

A discussion ensued, including the following:

• The RFP process to select the three (3) real estate agents to  handle the sale of 68 properties.
• Removal of 13 out of 68 properties from the list – Management explained that based on a review by Development staff, 13 properties have been held back from the sale due to their development potential that would generate more value and to ensure that the Corporation is not at risk of losing potential revenues.
• Communications with residents to inform them in due time with respect to the sale process and any related updates.
• Management will provide a list with the buildings that have MLS orders against them.
• The Committee requested management to report back to the Committee with an update on the stand-alone properties, specifically addressing the status of the 13 properties that have been held back for determining their development potential.

Motion carried

ON MOTION DULY MADE by Ms. Audrey Wubbenhorst, seconded by Mr. Zahir Bhaidani, the Building and Investment Committee received the report for information and recommended that the report be forwarded to the Board of Directors for information.

PUBLIC MEETING PROCEEDINGS

Motion carried

ON MOTION DULY MADE by Ms. Audrey Wubbenhorst, seconded by Mr. Zahir Bhaidani, the Building and Investment Committee adjourned the public meeting at 12:38 p.m. 

CLOSED MEETING PROCEEDINGS

Motion carried

ON MOTION DULY MADE by Ms. Audrey Wubbenhorst, seconded by Mr. Zahir Bhaidani the Building and Investment Committee resolved to meet in closed meeting at 12:39 p.m. to consider items A to R.

TERMINATION

The meeting of the Building and Investment Committee terminated at 1:41 p.m.