April 27, 1999

To:Strategic Policies and Priorities Committee

From:City Clerk, Assessment and Tax Policy Task Force

Subject:Residential Tax Phase-In - 3 Nassau Street (Downtown)

Recommendation:

The Task Force submits this matter to the Strategic Policies and Priorities Committee without recommendation:

The Task Force reports, for the information of the Strategic Policies and Priorities Committee, having requested the Chief Financial Officer and Treasurer to:

(1)(a)review the situation with respect to 3 Nassau Street and, if the matter can be easily resolved, report to the Strategic Policies and Priorities Committee or directly to Council as necessary, in order that the matter can be dealt with by City Council at its meeting to be held on April 14, 1999; or

(b)if she has concerns with respect to 3 Nassau Street, to forward those concerns to the Task Force at its meeting to be held on May 3, 1999; and

(2)report to the meeting of the Task Force to be held on May 3, 1999 on the general issues respecting the phase-in by-law raised by the situations experienced by the owners of 188 Eglinton Avenue East and 3 Nassau Street, and outlining proposed solutions.

Background:

The Assessment and Tax Policy Task Force, on April 1, 1999, had before it a communication (March18, 1999) from Mr. Alex Siegel requesting that 3 Nassau Street be exempted from the phase-in by-law.

The Task Force also had before it a communication (March 29, 1999) from Mr. James Julien, Kensington Market Working Group.

Mr. Peter Tomlinson, on behalf of the owner of 3 Nassau Street, appeared before the Assessment and Tax Policy Task Force in connection with the foregoing matter.

The Task Force's recommendations are noted above.