In May of 2009 The Affordable Housing Committee discussed providing additional funding to help cover construction costs due to new planning requirements (see Section 37) St. Clare’s was recommended to receive additional funding in the amount of 1.5 Million dollars to help cover, among other things, the requirements for workshop spaces for artists.
This not only shows that St. Clare’s had full knowledge of their obligation but it also shows how and (how much) funds were obtained to help construct spaces that since, have not been made available to Live/Work Artists.
Excerpts:
At its meeting on February 23-25, 2009, Council was informed that a number of approved affordable housing developments might require additional financial assistance once their tender prices were known. Three such developments have recently completed construction tendering processes and have confirmed their final construction pricing.
The construction of these three developments will create approximately 600 person years of employment and upon completion provide housing for up to 374 Toronto residents.
The affordable housing developments are:
Parkdale Activity-Recreation Centre – 194 Dowling Avenue: 29 homes
St. Clair West Affordable Housing Group – 1120 Ossington Avenue: 20 homes
St. Clare’s Multifaith Housing Society – 48 Abell Avenue (now known by new address of 180 Sudbury Street): 190 homes
St. Clare’s Multifaith Housing Society
48 Abell Street (now known as 180 Sudbury Street) (190 homes) Ward 18 Davenport
Since the original Council approval of this development, additional costs have arisen as a result of new planning requirements which were not anticipated by the group at the time of their original proposal. These include contributing to the cost of a road extension, requirements for workshop space for artists, an enclosed mechanical penthouse, and step- backs on the first five floors of the building. These changes have increased the size of the building by 8,200 square feet. As well, capital requirements have increased due to the rise in the interest rate for fixed, long-term financing. It is recommended that the St. Clare’s Multifaith Housing Society be provided with $497,242 from the Development Charges Reserve Fund and $1,002,758 from the Capital Revolving Reserve Fund to meet their requirements.
APPENDIX
The chart below summarizes the additional funding proposed by this report as well as the funding and other contributions previously allocated to the three projects in May 2007.
Summary of Existing and Recommended Funding
|
Proponent name |
Parkdale Activity Recreation Centre |
St. Clair West Affordable Housing Group |
St. Clair Multifaith Housing Society |
|
Project address |
194 Dowling Ave. |
1120 Ossington Ave. |
48 Abell Ave. (now 180 Sudbury St.) |
|
Ward number |
14 |
17 |
18 |
|
Number of units |
29 |
20 |
190 |
|
Affordable Housing Program funding, approved May 2007 |
$2,030,000 (29 units x $70,000) |
$1,400,000 (20 units x $70,000) |
$13,300,000 (190 units x $70,000) |
|
City contributions (fees and charges waivers, net present value of property taxes for term of agreements) approved May 2007 |
$918,416 |
$594,337 |
$3,031,869 |
|
Recommended Development Charges Reserve – Shelters/Housing funding (new funding) |
$150,624 |
$97,475 |
$497,242 |
|
Recommended Capital Revolving Reserve Fund for Affordable Housing funding (new funding) |
$1,389,376 |
$577,525 |
$1,002,758 |
|
Totals |
$4,488,416 |
$2,669,337 |
$17,831,869 |
Here is the full document: Finalizing Construction Costs for 239 Affordable Rental Homes
Section 37 