That, on the recommendation of the Deputy City Manager, Planning and Economic Development, the following actions be taken with respect to the staff report, dated March 19, 2024, related to the Approval of Odell-Jalna End of Mortgage Exit Agreement:
a) the proposed by-law, as appended to the above-noted staff report, BE INTRODUCED at the Municipal Council meeting to be held on April 2, 2024 to:
i) approve the Exit Agreement, as appended to the above-noted by-law, between Odell-Jalna Residences of London and The Corporation of the City of London and its Schedule “A”, the Rent Supplement Agreement between Odell-Jalna Residences of London, Homes Unlimited (London) Inc. and The Corporation of the City of London;
ii) authorize the Deputy City Manager, Planning and Economic Development to approve amendments to the above-noted Agreement;
iii) authorize the Mayor and the City Clerk to execute the above-noted Agreement;
iv) authorize the Deputy City Manager, Planning and Economic Development, or their written designate, to approve and execute future exit agreements and rent supplement agreements between The Corporation of the City of London, Odell-Jalna Residences of London and Homes Unlimited (London) Inc.; and,
b) the Civic Administration BE DIRECTED to:
i) continue discussions with Odell-Jalna Residences of London and Homes Unlimited (London) Inc. regarding exit agreements having the same framework as the Exit Agreement and Rent Supplement Agreement, being a framework, which permits Rent Geared to Income units, once vacant, to be moved within the Homes Unlimited (London) Inc. and Odell-Jalna Residences of London portfolio to create mixed income buildings, noting that the funding for each designated housing project entering into an Exit Agreement shall be based on an evaluation of the applicable building’s financial plan and result in no material increase to the City’s overall housing subsidy budget;
ii) to re-invest any anticipated future municipal mortgage subsidy savings in the larger social housing portfolio to address the long-term financial sustainability of the sector while maintaining existing service levels in order to retain existing rent-geared-to-income units until necessary agreements are negotiated; and,
iii) report back to Municipal Council on an overall strategy outlining the requirements to meet legislated service level standards, to ensure an adequate local supply of social housing that is financially viable and in adequate operating condition;
it being noted that the Civic Administration are anticipating strategy reports on the financial analysis in Q2 and a service agreement report in Q3 of 2024. (2024-L04A)