Recommendation: That, on the
recommendation of the Director of Municipal Housing, with the concurrence of
the Managing Director, Housing, Social Services and Dearness Home, the
following actions be taken with respect to the project proposals received
under the Investment in Affordable Housing Program (RFP14-36):
a) the
proposal from Cindy and Robert Sedge for a project located at 736 Talbot
Street, London, with a municipal allocation of $425,000 and a
federal/provincial allocation of $610,000, BE WITHDRAWN;
b) the
total government allocation to Rivas Majano Corporation, now known as 8999872
Canada Ltd., for its project located at 228-230 Dundas Street, London, BE
INCREASED by $110,000 per unit for three (3) additional units, bringing the
total number of units funded to thirty-three (33);
c) the
municipal allocation for 8999872 Canada Ltd., BE REDUCED by $308,100, for a
revised total municipal allocation of $840,900 or $25,482 per unit; and the
federal/provincial allocation BE INCREASED by $638,100 for a total revised
federal/provincial allocation of $2,288,100 or $69,336 per unit; it being
noted that this allocation adjustment fully utilizes the final amount
remaining in the Investment in Affordable Housing (IAH) (2014 Extension)
Year-1 federal/provincial allocation;
d) the
City of London BE DIRECTED to forward the above-noted project changes to the Province
for program funding adjustment under the Investment in Affordable Housing
Program (IAH 2014 Extension); and,
e) in
accordance with Municipal Housing Facilities By-law No A.-5814-11, the proposed
by-law, appended to the staff report dated February 18, 2015, BE INTRODUCED
at the Municipal Council meeting to be held on February 24, 2015, to:
i)
authorize
an Amendment to the Municipal Contribution Agreement substantially in the
form of an Agreement appended (Appendix B) to the by-law and to the satisfaction
of the City Solicitor for the proponent noted in part b) and c), above; and,
ii) the
Mayor and the City Clerk BE AUTHORIZED to execute the said Amendment
Agreement. (2015-F18)
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