700 King Street West - Capital Accounts
(Trinity-Niagara - Ward 20)
The Urban Environment and Development Committee recommends the adoption of the following report (April 28,
1999) from the Commissioner of Urban Planning and Development Services;
Purpose:
To seek authority to establish capital accounts for funds received as a result of Official Plan amendments and rezoning of
700 King Street West.
Source of Funds:
None required.
Recommendations:
1. that separate capital accounts be established with budgets reflecting monies received from the owners of 700 King Street
(1997) Limited for public art (gross $146,215.00 net 0), and community service facilities ($250,000.00, net 0), respectively,
said monies to be expended in accordance with the terms and conditions specified in the legal agreements entered into with
the owner;
2. that monies currently assigned to Finance Department account # 1000-05310-304023 be transferred to the appropriate
newly created capital accounts;
3. that the appropriate City staff be authorized to take the actions necessary to implement the foregoing recommendations.
History:
At its meeting held on May 9 and 10, 1994, the former Toronto City Council approved amendments to the Official Plan and
Zoning By-Law associated with the property located at 700 King Street West, permitting residential uses. In accordance
with Official Plan policies regarding the timely provision of community service facilities, public benefits in the form of
public art and community service facilities were secured through Section 37 of the Planning Act. These public amenities
will serve the residents of the new development, as well as those in the surrounding community.
Background:
The portion of King Street West between Bathurst and Dufferin Streets is undergoing significant residential intensification.
A number of former commercial and industrial buildings are being converted or redeveloped for residential uses, including
the former Massey Ferguson Lands. Since 1996, applications have been received for an estimated 2,600 additional
residential units in the area, excluding the subject site. Additional applications for residential development within the area
are anticipated.
This anticipated incremental increase in population is expected to result in additional demand for public services and
amenities. As a consequence, public benefits were secured as part of the approval process for 700 King Street West.
1. Community Service Facility Contribution
As part of the approvals necessary to allow the proposed residential intensification, and in accordance with Official Plan
policies related to the timely provision of community service facilities, space within the development was secured by the
City on behalf of the former Toronto Board of Education (TBE) for an alternative secondary school.
Subsequently, the owner approached the TBE asking to be released from the obligation to provide an on-site benefit, and
instead proposed a cash contribution of $500,000. The TBE consented, and further agreed to accept half of the proposed
funds, with the remaining half to be used for the provision of appropriate services within the area of development, at the
City's discretion. This proposal was approved by the former City of Toronto Council at its meeting held on April 14 and 15,
1997.
2. Public Art Contribution
The contribution of public benefits through Section 37 agreements includes a public art provision. While these agreements
anticipate that the owner will commission art work for the publicly accessible areas of the development site, there is also
the provision that allows the owner the option of donating one percent of the Gross Construction Costs to the City's capital
budget for public art. The owner of 700 King Street West chose this option and as a result, the City received $146,295 in
donated funds for the City's public art program.
It is anticipated that the funds secured from 700 King Street West will be applied to another civic initiative which offers a
public art opportunity. The City's public art program integrates public art into the planning process and reinforces, where
applicable, the urban design objectives for the public realm. This may range from an artist as a member of a design team to
a call for the commissioning of a site specific art work. Urban design staff will work with the local planners to determine
the appropriate opportunity to which the public art funds can be applied and report back to Council at a later date.
3. Establishment of Appropriate Capital Accounts
The owners of 700 King Street West have made contributions secured through the Section 37 agreements in the amounts of
$146,214.90 for public art, and $500,000 for community services (half of which has since been allocated to the Toronto
District School Board). In the absence of Council authority to establish separate accounts, the funds have been temporarily
placed in account # 304-423 (Simcoe Place - Public Art Monies). For clarity, it is preferable to establish two new capital
accounts which reflect the purposes and geographic boundaries specified within the legal agreements with the land owners.
Comments:
The funds contributed by the owners of 700 King Street West will provide a basis for the establishment of appropriate
facilities and amenities within this area. Any public benefits secured in the future as a result of approvals for increased
height and/or density, may be used to augment the amounts secured to date.
My staff will be exploring options for the expenditure of these funds, in consultation with the Ward Councillors and local
residents, which will be the subject of a future report. However, the establishment of capital reserves for this area of
reinvestment is an important component of successful City-building.
Contact Names:
Paula Prieditis, 392-0400Robert Glover, 392-1126
Planner, Policy and ProgramsDirector, Urban Design