Building Investment, Finance and Audit Committee (BIFAC) Meeting - February 13, 2018

Public Agenda

11:50 - Chair’s Remarks

Action: Information

Pre-read: Verbal Report

Presenter: Chair

11:55 - Consent agenda

Approval of Public Meeting Agenda

Action: Approval

Pre-read: Agenda

Presenter: Chair

Chair’s Poll re: Conflict of Interest

Action: Declaration

Pre-read: Agenda and Conflict of Interest Policy

Presenter: Chair

Confirmation of the Public Meeting Minutes of November 23, 2017

Action: Approval

Pre-read: Minutes

Presenter: Chair

Business Arising from the Public Meeting Minutes and Action Items Update

Action: Approval

Pre-read: Action Item List

Presenter: Chair

Review of Board, President and CEO, and Employee Expenses Q3 2017

Action: Approval

Pre-read: BIFAC:2018-01

Presenter: Chief Internal Auditor

Allenbury Gardens Revitalization: Transfer of Development Blocks to Partnership

Action: BIFAC & Board Approval

Pre-read: BIFAC:2018-02

Presenter: Chief Development Officer

TERMINATION

Public Meeting Minutes

The Building Investment, Finance and Audit Committee (“BIFAC”) of Toronto Community Housing Corporation (“TCHC”) held a public meeting on February 13, 2018, in the Main Floor Conference Room, 931 Yonge Street, Toronto, and by teleconference, commencing at 11:00 a.m.

BIFAC Directors Present:

Colin Lynch, Chair

Vincent Gasparro (via teleconference)

Officio Director Present:

Kevin Marshman (via teleconference)

BIFAC Directors Present:

Councillor Ana Bailão

Management Present:

Marta Asturi, Legal Counsel and Assistant Corporate Secretary

Ismail Ibrahim, General Counsel and Corporate Secretary

Rose-Ann Lee, Chief Financial Officer and Treasurer

Kathy Milsom, President and Chief Executive Officer

Vincent Tong, Chief Development Officer

Michael Vear, Chief Internal Auditor

A quorum being present, the Chair called the meeting to order and Mr. Steven Iserhoff served as recording secretary.

Item 1 - Chair's Remarks

No remarks were made by the Chair at this time.

Item 2A - Consent Agenda

Motion Carried

ON MOTION DULY MADE by Mr. Gasparro, seconded Mr. Marshman and carried, the BIFAC approved Consent Agenda Items 2A, 2D, 2E, and 2F as presented.

Item 2B - Declaration of Conflict of Interest

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

Item 2C - Confirmation of the Public Meeting Minutes of November 23, 2017 Public Meeting Minutes

The President and Chief Executive Officer noted to the BIFAC an error in the minutes with respect to the spelling of her name on page 1 of the minutes.

Motion Carried

ON MOTION DULY MADE by Mr. Gasparro, seconded Mr. Marshman and carried, the BIFAC approved the minutes as amended.

Item 2D - Business Arising from the Public Meeting Minutes and Action Items List

Motion Carried

ON MOTION DULY MADE by Mr. Gasparro, seconded Mr. Marshman and carried, the BIFAC received the item for information.

Item 2E - Review of Board, President and CEO, and Employee Expenses Q3 2017, BIFAC:2018-01

Motion Carried

ON MOTION DULY MADE by Mr. Gasparro, seconded by Mr. Marshman and carried, the BIFAC received the report for information.

Item 2F - Allenbury Gardens Revitalization: Transfer of Development Blocks to Partnership, BIFAC:2018-02

Motion Carried

ON MOTION DULY MADE by Mr. Gasparro, seconded by Mr. Marshman and carried, the BIFAC recommended that the Board of Directors approve the following recommendations: 

1. Authorize the transfer of Parts 4, 5 and 6 on the R-Plan 66R-29296 prepared by J.D. Barnes Ltd, dated May 5, 2017, from TCHC to 2602811 Ontario Inc. (the “Nominee”); 
2. Authorize the future transfer or mortgage by the Nominee of Parts 4, 5 and 6, Plan 66R-290-296;
3. Authorize the encumbrance of Toronto Community Housing lands in each of the Allenbury Gardens Revitalization phases, with reciprocal agreements in connection with the shared facilities in the development.
4. Authorize the Chief Development Officer, or his designate, to execute any and all documents as may be necessary to give effect to the above recommendation.  

TERMINATION

The BIFAC resolved to terminate the public meeting at 11:01 a.m.