Proposed Use of Funds from OMB Settlement

Concerning 1661 Queen Street East

(Cinema Development Community Improvement Donation)

(Ward 26 - East Toronto)

The Policy and Finance Committee recommends the adoption of the following joint report (September 1, 1999) from the Chief Financial Officer and Treasurer, and the Commissioner of Economic Development, Culture and Tourism:

Purpose:

To obtain Council approval for the use of the funds received from EMM Financial Corp. for various park and recreation and cultural heritage improvements in Ward 26, East Toronto.

 Financial Implications:

The $150,000.00 received from EMM Financial Corp. will be added to the 1999 - 2003 Capital Budget for the Economic Development, Culture and Tourism Department for expenditures on various park, playground and cultural heritage improvements, as outlined in the report.

Recommendations:

It is recommended that:

(1)the funds received by the City of Toronto from EMM Financial Corp. obtained as a result of an OMB settlement for the development of a cinema at 1661 Queen Street East be credited to the minor parks and recreation Account No. 216 412 (28000295) to be used for various capital community improvements for Ward 26, as follows:

(i) $50,000.00 be allocated to Edgewood Park for various park improvements;

(ii) $25,000.00 be made available to the Toronto Housing Company public housing complex in the vicinity of Queen Street East and Coxwell Avenue for on-site playground improvements, on the condition that the Toronto Housing Company matches this amount for these improvements; and

(iii)$75,000.00 be allocated towards the preservation and refurbishing of "Maple Cottage"on Laing Street in the Leslieville area.

(2)the appropriate City Officials be authorized and directed to take the necessary action to give effect thereto.

 Comments:

The Chief Financial Officer and Treasurer has established an account to deposit the funds received from EMM Financial Corp. as part of the settlement reached with Beaches residents over their appeal of the cinema development at 1661 Queen Street East. These funds, in the amount of $150,000.00, are to be earmarked for community improvement projects in Ward 26 and are in addition to the statutory parkland dedication requirements.

The Ward Councillors have worked closely with Beaches residents and the members of the West Beach Steering Committee to determine how this money is to be spent. Several meetings were held in the community and an agreement was reached as to how these funds should be allocated. Staff in the Economic Development, Culture and Tourism Department have assisted the Ward Councillors by attending public meetings and preparing designs for the requested park improvements.

The recommendations in this report reflect the proposal by the West Beach Steering Committee, the Ward Councillors and the residents who attended these meetings on how these funds should be allocated. They are as follows:

(1)$50,000.00 to be allocated to Edgewood Park for various park improvements;

(2)$25,000.00 to be made available to the Toronto Housing Company for on-site playground improvements for a public housing complex in the vicinity of Queen Street East and Coxwell Avenue, on the condition that the Toronto Housing Company matches these funds; and

(3)$75,000.00 to be allocated to preserve and refurbish the historically designated "Maple Cottage" on Laing Street in the Leslieville area.

We are in concurrence with these recommendations. It is also recommended that the appropriate City officials be authorized to implement these recommendations through the 1999 - 2003 Capital Budget Program for the Economic Development, Culture and Tourism Department.

Contact:

Frank Kershaw, 392-8199.