Building & Investment Committee (BIC) Meeting - March 25, 2014

Public Agenda

1. Approval of Public Meeting Agenda and Review of Agenda Order

Action: Approval

Pre-read: Agenda

Presenter: All

2. Chair’s Poll re: Conflict of Interest

Action: Declaration

Pre-read

• Agenda
• Conflict of Interest Policy

Presenter: All

3. Confirmation of the Public Meeting Minutes of January 20, 2014

Action: Approval

Pre-read: Minutes

Presenter: All

4. Business Arising from the January 20, 2014 Minutes and Committee Action Items Update

Action: Discussion

Pre-read: Action Item List

Presenter: Chair

5. Chair’s Report and Remarks

Action: Information

Pre-read: -

Presenter: Chair

6. Putting People First Recommendations Update

Action: Information

Pre-read: BIC:2014-16

Presenter: Director, Strategic Planning & Stakeholder Relations

7. Sale of Stand-Alone Properties – Sales and Relocation Update

Action: Information

Pre-read: BIC:2014-17

Presenter: VP & Chief Development Officer /Sr. Manager, Commercial & Business Development

8. Regent Park Legacy Funds

Action: Approval

Pre-read: BIC:2014-18

Presenter: VP & Chief Development Officer/Senior Developer Manager/ Community Revitalization Consultant

TERMINATION

No comments or remarks from the Chair.

The Building and Investment Committee of the Toronto Community Housing Corporation held a public meeting on March 25, 2014 at 9:06 a.m. in the Main Floor Conference Room at 931 Yonge Street, Toronto, M4W 2H2.

Directors in Attendance:

Brian Kwan, Chair

Councillor Ana Bailao

Karen Newman

Jennifer Wood

Directors Absent:

Councillor Maria Augimeri

Audrey Wubbenhorst

Also present:

Marta Asturi, Legal Counsel and Assistant Corporate Secretary

Valesa Faria, Senior Manager, Commercial & Business Development

Jason Gorel, Chief Financial Officer and Treasurer

Heather Grey-Wolf, Development Director

Hugh Lawson, Director of Strategic Planning & Stakeholder Relations

Greg Spearn, Chief Development Officer

Pamela Spencer, General Counsel and Corporate Secretary

A quorum being present, Mr. Brian Kwan, Chair, called the meeting to order, and Ms. Mirela Bolentiru served as recording secretary.

Item 1 - Approval of Agenda and Review of Agenda Order

Motion carried

ON MOTION DULY MADE by Ms. Karen Newman, seconded by Ms. Jennifer Wood and carried, the Building and Investment Committee unanimously approved the agenda as presented.

Item 2 - Declaration of Conflict of Interest

The Chair requested members of the Building and Investment Committee to indicate any agenda item in which they have a conflict of interest, together with the nature of the interest. No conflicts of interest were declared.

Deputations

The Chair polled for any deputations to be heard at the meeting. No deputations were received by the Secretary and none were declared at the meeting.

Item 3 - Confirmation of Building and Investment Committee Public Minutes – January 20, 2014

The Building and Investment Committee had before it the draft minutes for the January 20, 2014 public meeting.

Motion carried

ON MOTION DULY MADE by Ms. Jennifer Wood, seconded by 
Ms. Karen Newman and carried, the Building and Investment Committee unanimously confirmed the above-captioned minutes subject to the following amendment:  page 4, top second bullet, deletion of “Block 25S and.”

Item 4 - Business Arising from the Minutes and Committee Action Items Update

The Committee discussed the status of Item 9 “Stand-alone Properties – Sales Approach and Update” from the March 25, 2013 Committee meeting and requested management to provide a report, including a list with all the TCHC buildings that have MLS orders against them and a target date.

Motion carried

ON MOTION DULY MADE by Ms. Karen Newman, seconded by Ms. Jennifer Wood and carried, the Building and Investment Committee unanimously received the report for information.

Item 5 - Chair's Reports and Remarks

The Committee Chair thanked all staff for their hard work and assistance to residents during the ice storm crisis.

Item 6 - Update on Putting People First Recommendations, BIC:2014-16

The Building and Investment Committee had before it the above-captioned report (BIC:2014-16) from the President and Chief Executive Officer.  

Management presented a summary and a discussion ensued, including the following highlights:

• Meetings are being scheduled with MPPs to discuss the Close the Housing Gap campaign and the need for the provincial and federal governments to support the Ten-Year Capital Financing Plan.
• Next steps:
  • Management has been working together with City staff to gather more compelling information for MPPs and City Councillors as more advocacy is needed to move the opinion of the government with respect to increased funding for social housing.
  • March 19, 2014 is planned as a Lobby Day at the federal government in Queen’s Park.
  • TCHC management is planning to present a submission on funding for social housing at the Ottawa annual conference or earlier, and at conferences of other organizations, as part of the process of building relationships with other social housing providers.

At 9:20 a.m. Councillor Ana Bailao joined the meeting.

• Affordable Home Ownership Program:
  • The Committee asked for the status of the program, according to one of the recommendations provided in the “Putting People First” report.  Management explained that the program is associated with the revitalization process of some TCHC communities.
• Vacant houses:
  • The Committee asked for the number of the houses still vacant. Management will provide the requested information in a follow up report on “Update on Putting People First Recommendations.” 

Motion carried

ON MOTION DULY MADE by Ms. Karen Newman, seconded by       Ms. Jennifer Wood and carried, the Building and Investment Committee unanimously adopted the report for information.

Item 7 - Sale of Stand-Alone Properties – Sales and Relocation Update, BIC:2014-17

The Building and Investment Committee had before it the above-captioned report (BIC:2014-17) from the President and Chief Executive Officer.  

Management introduced the report and a discussion ensued, including the following highlights:

• This report was also presented to the Resident and Community Services Committee at its March 21, 2014 meeting.
• In 2013, 26 houses were sold and brought in $12.26 million that has been allocated to the State of Good Repair Fund (SOGR Fund).
• 43 properties have been scheduled for sale between January and September 2014. In January and February, purchase and sale agreements were signed for 17 vacant homes, estimated to generate approximately $7.25 million in net revenues. Most of the closings for these 17 properties will occur in March. An additional 12 vacant properties, appraised at roughly $7.2 million combined, are scheduled to be introduced to the market in March. 
• Before properties are listed for sale, an independent third party provides an appraisal value and properties are not sold below that appraisal value.
• The Committee discussed the Tenant Relocation Plan.

Motion carried

ON MOTION DULY MADE by Ms. Karen Newman, seconded by Ms. Jennifer Wood and carried, the Building and Investment Committee unanimously received the report for information and recommended that the Board of Directors be updated accordingly.

Item 8 - Regent Park Legacy Funds, BIC:2014-18

The Building and Investment Committee had before it the above-captioned report (BIC:2014-18) from the President and Chief Executive Officer.  

Management presented a summary and a discussion ensued, including the following highlights:

• TCHC holds in trust an amount of $408,390.56 and is requesting the Board’s approval through the Committee to release this amount into trust fund to be established with the City of Toronto. It is intended that this amount be combined with $296,400.34 currently held by the City of Toronto to create a fund of $704,790.90 that will be used to support the local community in Regent Park.
• The City’s Community Development and Recreation Committee is also seeking authorization from City Council to release its funds of $296,400.34 into a trust fund to be established and managed by a trustee to be selected through a Request for Proposal process.

Motion carried

ON MOTION DULY MADE by Ms. Jennifer Wood, seconded by Ms. Karen Newman and carried, the Building and Investment Committee unanimously adopted the report and recommended that the Board of Directors approve the following:

1. Authorize the President and Chief Executive Officer (“CEO”) (or designate) to work with the Executive Director of Social Development, Finance and Administration (“SDFA”) of the City of Toronto to enter into an agreement with the City of Toronto to establish the Regent Park Legacy Fund Trust, under terms substantially in keeping with this report, and requiring both organizations to join the Legacy Funds held in trust within each organization into the Regent Park Legacy Fund Trust, once established. 
2. Authorize the President and CEO (or designate) to work with Finance to release the Regent Park Legacy Funds currently held by Toronto Community Housing (“TCH”) in the amount of $408,390.56 to the Regent Park Legacy Fund Trust, once established.

TERMINATION

Motion carried

ON MOTION DULY MADE by Ms. Karen Newman, seconded by Ms. Jennifer Wood and carried, the Building and Investment Committee terminated the public meeting at 9:48 a.m.