a. arrangements shall be made satisfactory to the City Solicitor to secure the
owner’s proportionate contribution to upgrades to existing municipal
infrastructure as may be required and as confirmed by a joint functional
servicing report and a joint traffic impact study submitted in support of the
developments contemplated under the Site and Area Specific Policy for Block
D and Block E of the Mimico Judson Secondary Plan (OPA 331), to the
satisfaction of the Executive Director, Engineering and Construction Services;
and,
b. The provision of 5% of the new dwelling units on the lot as affordable housing units in
accordance with the City’s Home Ownership Assistance Program Development
Charges Deferral Program (the “HOAP”) whereby:
i. the City agrees to defer all development charges payable with respect to
dwelling units sold under the HOAP and the owner transfers the benefit of the
deferred development charges, together with the obligation to repay, to eligible
purchasers of eligible units, as set out in the City’s standard HOAP
development charges deferral agreement;
ii. the owner will, on behalf of the City, enter into loan agreements with the eligible
purchasers and ensure that a second mortgage, in favour of the City, to secure
the repayment of the deferred development charges, is registered on closing
of the purchase agreement; and,
iii. if at the time of issuance of an above grade building permit, changes in the
Bank of Canada Interest Rate, combined with the household income threshold
established by the City for eligibility for purchasers, has impacted the ability of
eligible purchasers to purchase eligible units in the project, and if the City hasn’t
altered the eligibility requirements in response in order that eligible units remain
affordable for eligible purchasers, the owner will have the option of paying the
Development Charges for said units and may sell the units at market value to
purchasers whose household incomes exceed the eligibility threshold limits
established by the City. Similarly, if the Bank of Canada Interest Rate has
changed prior to closing and eligible purchasers are no longer able to complete
the transaction, then the owner will have the option of paying the deferred
Development Charges, with indexing, at that time and may then sell the units
at market value to purchasers whose household incomes exceed the eligibility
threshold limits established by the City.
iv. where affordable housing dwelling units are provided on the lands municipally
known in 2021 as 1 Audley Street and 8 Newcastle Street (the “Block D
Lands”) in excess of five (5) percent of the units to be developed on the Block
D Lands, the number of affordable housing dwelling units required under (b)
above shall be reduced by the total number of affordable housing units on the
Block D Lands in excess of five percent of total units to be constructed on that
property, contingent on the owner satisfying the Executive Director, Housing
Secretariat that (i) the Block D Lands owner has entered into purchase
agreements with eligible purchasers of affordable housing dwelling units in
accordance with the terms of the HOAP Delivery Agreement for that property