Regulation - LGIC
Build Toronto
Regulation Number(s):
O. Reg. 295/09 Corporations Incorporated by Build Toronto
O. Reg. 609/06 City Services Corporations
O. Reg. 599/06 Municipal Services Corporations
O. Reg. 609/06 City Services Corporations
O. Reg. 599/06 Municipal Services Corporations
Instrument Type:
Regulation - LGIC
Bill or Act:
City of Toronto Act, 2006, Municipal Act, 2001
Summary of Decision:
O. Reg. 295/09 Corporations Incorporated by Build Toronto (City of Toronto Act, 2006):
O. Reg. 295/09 (Corporations Incorporated by Build Toronto) made under the City of Toronto Act, 2006 was amended by O. Reg. 24/15 (Corporations Incorporated by Build Toronto) made under the City of Toronto Act, 2006.
O. Reg. 24/15 (Corporations Incorporated by Build Toronto) came into force on February 4, 2015.
O. Reg. 609/06 City Services Corporations under (City of Toronto Act, 2006):
O. Reg. 609/06 (City Services Corporations) made under the City of Toronto Act, 2006, was amended by O. Reg. 26/15 (City Services Corporations) made under the City of Toronto Act, 2006.
O. Reg. 26/15 (City Services Corporations) came into force on February 4, 2015.
O. Reg. 599/06 (Municipal Services Corporations (Municipal Act, 2001):
O. Reg. 599/06 (Municipal Services Corporations) made under the Municipal Act, 2001, was amended by O. Reg. 25/15 (Municipal Services Corporations) made under the Municipal Act, 2001.
O. Reg. 25/15 (Municipal Services Corporations) came into force on February 4, 2015.
O. Reg. 295/09 (Corporations Incorporated by Build Toronto) made under the City of Toronto Act, 2006 was amended by O. Reg. 24/15 (Corporations Incorporated by Build Toronto) made under the City of Toronto Act, 2006.
O. Reg. 24/15 (Corporations Incorporated by Build Toronto) came into force on February 4, 2015.
O. Reg. 609/06 City Services Corporations under (City of Toronto Act, 2006):
O. Reg. 609/06 (City Services Corporations) made under the City of Toronto Act, 2006, was amended by O. Reg. 26/15 (City Services Corporations) made under the City of Toronto Act, 2006.
O. Reg. 26/15 (City Services Corporations) came into force on February 4, 2015.
O. Reg. 599/06 (Municipal Services Corporations (Municipal Act, 2001):
O. Reg. 599/06 (Municipal Services Corporations) made under the Municipal Act, 2001, was amended by O. Reg. 25/15 (Municipal Services Corporations) made under the Municipal Act, 2001.
O. Reg. 25/15 (Municipal Services Corporations) came into force on February 4, 2015.
Further Information:
City of Toronto Act, 2006
O. Reg. 295/09 Corporations Incorporated by Build Toronto
O. Reg. 609/06 City Services Corporations
Municipal Act, 2001
O. Reg. 599/06 Municipal Services Corporations
O. Reg. 24/15 (Corporations Incorporated by Build Toronto)
O. Reg. 26/15 (City Services Corporations)
O. Reg. 25/15 (Municipal Services Corporations)
Proposal Number:
14-MAH029
Posting Date:
November 26, 2014
Summary of Proposal:
Build Toronto:
-Build Toronto was established in 2008 and is a real estate and development corporation created to generate value from the City of Toronto's surplus real estate assets.
-The City has requested authority to guarantee Build Toronto loans up to a total maximum value of $160 million. The City does not currently have authority to guarantee these loans given the anti-bonusing provisions in the City of Toronto Act, 2006.
-In addition, the City has requested the removal of certain requirements that apply with respect to certain properties when they are being transferred to Build Toronto or to a secondary corporation of Build Toronto.
-The City has also requested authority to transfer surplus lands directly to secondary corporations of Build Toronto.
-To resolve these issues, the City of Toronto is asking the Province to make amendments to the regulations so that it can provide greater support to Build Toronto and more efficiently transfer surplus properties for redevelopment.
Proposed amendments:
The proposed amendments would:
-Provide the City of Toronto with authority to guarantee up to $160 million in loans that Build Toronto takes out for its land development activities - O. Reg. 295/09 Corporations Incorporated by Build Toronto (City of Toronto Act, 2006)
-Allow each loan guarantee to continue for a 5 year term - O. Reg. 295/09 Corporations Incorporated by Build Toronto (City of Toronto Act, 2006)
-Require that any loan guarantees be given before February 1, 2020 - O. Reg. 295/09 Corporations Incorporated by Build Toronto (City of Toronto Act, 2006)
-Require Build Toronto to provide City council with an annual report on outstanding guaranteed loans - O. Reg. 295/09 Corporations Incorporated by Build Toronto (City of Toronto Act, 2006)
-Remove the requirement for the City of Toronto to notify provincial ministers when it intends to transfer assets to any of its City Services Corporations or to a secondary corporation of Build Toronto, when a provincial contribution was made to purchase or improve those assets in the past. Remove the identical requirement for all other municipalities in Ontario that propose to transfer such assets to their Municipal Services Corporations - O. Reg. 599/06 (Municipal Services Corporations (Municipal Act, 2001), O. Reg. 609/06 City Services Corporations under (City of Toronto Act, 2006) and O. Reg. 295/09 Corporations Incorporated by Build Toronto (City of Toronto Act, 2006)
-Provide authority to enable the City of Toronto to transfer land at below market value directly to a secondary corporation of Build Toronto - O. Reg. 295/09 Corporations Incorporated by Build Toronto (City of Toronto Act, 2006)
-Build Toronto was established in 2008 and is a real estate and development corporation created to generate value from the City of Toronto's surplus real estate assets.
-The City has requested authority to guarantee Build Toronto loans up to a total maximum value of $160 million. The City does not currently have authority to guarantee these loans given the anti-bonusing provisions in the City of Toronto Act, 2006.
-In addition, the City has requested the removal of certain requirements that apply with respect to certain properties when they are being transferred to Build Toronto or to a secondary corporation of Build Toronto.
-The City has also requested authority to transfer surplus lands directly to secondary corporations of Build Toronto.
-To resolve these issues, the City of Toronto is asking the Province to make amendments to the regulations so that it can provide greater support to Build Toronto and more efficiently transfer surplus properties for redevelopment.
Proposed amendments:
The proposed amendments would:
-Provide the City of Toronto with authority to guarantee up to $160 million in loans that Build Toronto takes out for its land development activities - O. Reg. 295/09 Corporations Incorporated by Build Toronto (City of Toronto Act, 2006)
-Allow each loan guarantee to continue for a 5 year term - O. Reg. 295/09 Corporations Incorporated by Build Toronto (City of Toronto Act, 2006)
-Require that any loan guarantees be given before February 1, 2020 - O. Reg. 295/09 Corporations Incorporated by Build Toronto (City of Toronto Act, 2006)
-Require Build Toronto to provide City council with an annual report on outstanding guaranteed loans - O. Reg. 295/09 Corporations Incorporated by Build Toronto (City of Toronto Act, 2006)
-Remove the requirement for the City of Toronto to notify provincial ministers when it intends to transfer assets to any of its City Services Corporations or to a secondary corporation of Build Toronto, when a provincial contribution was made to purchase or improve those assets in the past. Remove the identical requirement for all other municipalities in Ontario that propose to transfer such assets to their Municipal Services Corporations - O. Reg. 599/06 (Municipal Services Corporations (Municipal Act, 2001), O. Reg. 609/06 City Services Corporations under (City of Toronto Act, 2006) and O. Reg. 295/09 Corporations Incorporated by Build Toronto (City of Toronto Act, 2006)
-Provide authority to enable the City of Toronto to transfer land at below market value directly to a secondary corporation of Build Toronto - O. Reg. 295/09 Corporations Incorporated by Build Toronto (City of Toronto Act, 2006)
Contact Address:
John Ballantine
Manager
Ministry of Municipal Affairs and Housing
Municipal Finance Policy Branch
13th Flr
777 Bay St
Toronto ON
M5G2E5
Manager
Ministry of Municipal Affairs and Housing
Municipal Finance Policy Branch
13th Flr
777 Bay St
Toronto ON
M5G2E5
Effective Date:
February 4, 2015
Decision:
Approved