Approve 555 Bonaccord affordable housing financing

Councillor Votes

Full Resolution Text

That Council approve the recommendations outlined in Report CSSS22-017 dated June 20, 2022, of the Commissioner of Community Services as follows: a) That the Affordable Housing Community Improvement Plan program application be approved for the 85-unit second phase of Peterborough Housing Corporation’s McRae Project that includes 65 units of affordable housing on a portion of the property at 555 Bonaccord in accordance with Report CSSS22-017; b) That a By-law be adopted authorizing City Council to designate the affordable housing portion (65 units) of the McRae Building at 555 Bonaccord Street as a Municipal Housing Facility (MHF) in accordance with By-law 12-094; c) That the municipal incentives refund in the amount of $1,135,334 be drawn from Incentives of Affordable Housing Capital Project 6-07.01.; d) That the Mayor and Clerk be authorized to sign agreements and other documents in terms acceptable to the Commissioner of Community Services and in a form acceptable to the City Solicitor to provide municipal incentives for 555 Bonaccord Street in accordance with Report CSSS22-017; e) That the Mayor and Treasurer be authorized to execute the amending Financing Agreement No. 1216 which extends the facility termination date to August 17, 2023 and any subsequent corresponding agreements or amendments between the Corporation of the City of Peterborough and Ontario Infrastructure and Lands Corporation, on terms acceptable to the Treasurer and in form acceptable to the City Solicitor; and f) That the City of Peterborough provide up to $8,000,000 in additional temporary construction financing to Peterborough Housing Corporation until such time as Peterborough Housing Corporation or the newly formed Government Business Enterprise secures long-term financing for 555 Bonaccord Street (McRae Project), to be provided from the following sources: i. $1,000,000 additional Ontario Infrastructure and Lands Corporation loan; ii. $5,000,000 Social Services General Reserve; iii. $1,000,000 City Housing Reserve and $1,000,000 Incentives of Affordable Housing Capital Project Ref# 6-07.01.