Lansdowne Partnership Plan - Authorization to Proceed to the Next Steps in the Redevelopment Report

The recitals

• the City’s Affordable Housing Land and Funding Policy requires the sale of City land include either 25 per cent of any housing development on that land meet the definition of affordable housing or where affordable housing is not provided, ensure that 25 percent of the City’s Net Proceeds be transferred to the Affordable Housing Reserve Fund to fund the development of new affordable housing elsewhere
• the report ACS2023-PRE-GEN-0009 Lansdowne Partnership Plan – Authorization to Proceed to the Next Steps in the Redevelopment recommends the aforementioned policy be waived and instead 10 per cent of the net proceeds of the sale of City land be directed to the Affordable Housing Reserve Fund
• the value of the subterranean and property air rights disposal of $39 million was estimated through an appraisal by City Staff and their professional appraisal consultants
• the implications of the report would result in the allocation of 10 per cent of the value of the subterranean and property air rights disposal to the Affordable Housing Reserve Fund (estimated at $3.9 million), with the remaining 15 per cent (estimated at $5.9 million) to be allocated towards the Lansdowne 2.0 project
• the City has declared an affordable housing emergency which makes it prudent to allocate more than 25 per cent of the City’s net proceeds from the disposal of the subterranean and property air rights to the Affordable Housing Reserve Fund.