That, on the recommendation of the Deputy City Manager, Planning and Economic Development the following action be taken with respect to the staff report, dated June 13, 2023, related to the Delegation of Authority for Municipal Contribution Agreements for Affordable Housing:
a) the proposed by-law, as appended to the above-noted staff report, BE INTRODUCED at the Municipal Council meeting on June 27, 2023, to:
i) authorize the Deputy City Manager, Planning and Economic Development, or their written designate, to approve and execute an agreement of assignment and assumption related to a Contribution Agreement between an affordable housing provider and The Corporation of the City of London;
ii) authorize the Deputy City Manager, Planning and Economic Development, or their written designate, to approve and execute an amending agreement related to a Contribution Agreement between an affordable housing provider and The Corporation of the City of London to approve a rent increase for operations in financial difficulty; it being noted that no rent for affordable units in a building to which a Contribution Agreement between an affordable housing provider and The Corporation of the City of London applies shall exceed 80% of Average Market Rent or Median Market Rent for a rental unit, by unit type, as determined by the Canada Mortgage Housing Corporation;
iii) authorize the Deputy City Manager, Planning and Economic Development, or their written designate, to approve and execute an amendment to the Contribution Agreement to provide for additional permitted encumbrances, to consent to postponements of the City’s security under a Contribution Agreement and to approve and execute priority, standstill and subordination agreements satisfactory to the City Solicitor’s Office;
iv) authorize the Deputy City Manager, Planning and Economic Development, or their written designate, to amend a Contribution Agreement between an affordable housing provider and The Corporation of the City of London to add requirements related to the affordable housing units, to add further affordable housing units, to address approved changes to the development schedule, project information form or increases to the equity contribution made by the affordable housing provider;
v) authorize the Deputy City Manager, Planning and Economic Development, or their written designate, to amend a Contribution Agreement between an affordable housing provider and The Corporation of the City of London to attaching or detaching a property from/to the Contribution Agreement as long as it is not in the detriment or loss of the total number of affordable units;
b) the Civic Administration BE DIRECTED to report, semi-annually, outlining the actions taken by the Deputy City Manager, Planning and Economic Development, under the delegations under the by-law along with an update on equity retention discussion; it being noted that this report will be included as an appendix to the semi-annual Roadmap 3000 update;
it being noted that the communication, as appended to the Added Agenda, and the verbal delegation, from G. Playford, Devonshire Consulting, with respect to this matter, were received. (2023-S11)