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

Council was asked to

1. That City Council: 1.
2. Approve the recommended revised concept plan for the new Event Centre, and new North Side Stands, and mixed-use development, as described in this report and attached as Document 7, as the basis for the next steps, subject to the completion of the next steps, including future Site Plan and Procurement approvals; 2.
3. Approve the financial funding strategy, as detailed in this report ,for the construction of a new Event Centre and North Side Stands, including increasing the budget authority by $86.5 million, for an estimated total of $419.1 million, to be financed by a combination of the disposal of subterranean and property air rights, debt and City capital budgets for City-specific and internal project management costs, including as follows: Approve the Business Case estimating the tax supported debt servicing budget to be increased by $16.4 million and gradually increase the annual budget pressure for debt servicing, as part of the annual budget approval process by $1.3M each year, starting in 2024, to be offset by 75% of the increase in property taxes expected to start by 2031 from additional Lansdowne retail and residential properties, ticket surcharge revenue, rent and net cashflows from the Lansdowne Master Limited Partnership (LMLP) waterfall over the term of the agreement.
4. Approve the establishment of a Lansdowne Debt Servicing Reserve to put aside the $1.3 million budget increase each year as a contribution to that reserve until the debt on Lansdowne is issued, at which time the reserves can offset any funding gap until the full $16.4 million base budget is established.
5. Approve that the Mayor pursue additional capital funding from the federal and provincial governments estimated at between $20 - $50 million.
6. Approve an $18.6 million budget for the construction of a maximum of 140 parking spaces beneath the North Side Stands to be leased to the residential tower owners and funded by debt with the lease revenue offset by debt servicing to be paid from the parking reserve.
7. Approve, in addition to the existing spending authority of $8 million, the estimated costs of $10 million for the next steps in the project to be spent against the project budget authority, and authorize the City Manager to amend Cost Sharing Agreements with OSEG for detailed design work for the public Event Centre, required to continue the work Waive the Affordable Housing Land & Funding Policy whereby the policy requires either 25 per cent net proceeds of the sale of City land to the Affordable Housing Reserve Fund, or inclusion of 25 per cent housing within the development is affordable and direct Staff to allocate 10% of the value of the subterranean and property air rights disposal to the Affordable Housing Reserve Fund.
8. Approve a maximum limit of $2 million to be allocated from the construction budget for the Event Centre and North Side Stands, included within the $419.1 budget authority, for Public Art Commissions. 5.
9. Direct Staff to develop a public realm improvement plan in association with the Site Plan Control application for the Event Centre and North Side Stands redevelopment, such that it addresses improvements in a phased approach and in coordination with construction staging, as described in this report, based on extensive public consultation; and develop a multi-year plan to fund design and implementation up to $10 million to be approved in future budgets. 6.
10. Approve the next phase of the property rights process as described in this report and as follows: Declare surplus the lands described as Parcel A as shown in Document 9 attached to this report and subject to final survey.
11. Approve delegation of authority to the General Manager, Planning, Real Estate and Economic Development Department for the disposal of either the Lease Fee or Fee Simple subterranean and property air rights for Parcel A in keeping with the Council approved Disposal of Real Property Policy.
12. Approve delegation of authority to the General Manager