TAMRMS#: B06
8.5
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Land Matter - 22 St. Thomas Street
Presented by: Lory Scott, Affordable Housing Liaison, Planning Department
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RECOMMENDED MOTIONS
recommendation
1. That an exception to the requirement to dispose of City owned land at market value, as set out in Land Transactions Policy C-ED-03, be approved for disposition of City owned land at 22 St. Thomas Street;
2. That the Chief Administrative Officer is directed to execute on behalf of the City, an agreement with Homeland Housing for sale of the land at 22 St. Thomas Street for nominal consideration, for the purpose of building and operating a mixed-income, mixed residential and commercial development on the site with a minimum term of 30 years for the non-market housing units within the development and otherwise upon terms and conditions satisfactory to the Chief Administrative Officer;
3. That the market value of the said land be deemed the City’s equivalent monetary contribution towards the non-market housing component of the intended development.
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PURPOSE OF REPORT
This report seeks approval of the disposition of the land at 22 St. Thomas Street to Homeland Housing for the purposes of building and operating a mixed residential and commercial development on the site.
ALIGNMENT TO PRIORITIES IN COUNCIL’S STRATEGIC PLAN
Strategic Priority #2: Economic Development: Enhance business/commercial growth.
- Develop and implement strategies or non-traditional economic development activities.
- Develop catalyst strategies for new business opportunities within the community.
Strategic Priority #4: Infrastructure Investment: Identify and build needed capital assets.
- Identify feasible strategies for near term development horizons for community facilities
inclusive of land, financing, and partnership opportunities.
Strategic Priority #5: Housing: Enhance housing options.
- Work with regional partners to explore the creation of additional housin...
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