Allenbury Gardens VIVO Residences Inc. Creation of new Bare Trustee - - PowerPoint PPT Presentation

Allenbury Gardens – VIVO Residences Inc.

Creation of new Bare Trustee Title Nominee

February 24, 2017

Board of Directors

Phase 1.1 Phase 1.2 Phase 2.1 Phase 2.2 CONNECT SOUL TCHC VIVO FUTURE

HWY 404

Allenbury Gardens Revitalization

Revitalization of all 127 rent-geared to income units Rental replacement costs are 100% covered from land and unit sales When complete, Allenbury Gardens will have 127 rental replacement social housing units and approximately 900 market condominium units.

• Soul and CONNECT are both

100% pre-sold and currently under construction

• VIVO went to market in

October 2016 and is now 96% pre-sold

Project Update

Toronto Community Housing Corporation FRAM Building Group Allenbury Gardens Development Corporation FRAM Allenbury Gardens Development Inc. Soul Residences Inc. Future Market Building 100% 100% 43.2% 56.8% 100% 3rd Party Construction Financing Trades Connect Residences Inc. VIVO Residences Inc. Allenbury Gardens Revitalization General Partnership (AGRGP)

• Definitive project agreements signed in 2013

based on this land holding structure

• AGRGP cannot hold legal title to land, would

require tenancy in common to split title

• Creation of a bare trustee title nominee with the

sole purpose to hold title to the land and serve as condominium declarant and registrant with Tarion

• Consistent with TCHC’s Subsidiary Framework

and Shareholder Direction, Staff met with the City Manager’s office to consult on two

• ccasions and there were no issues or concerns

raised