Allenbury Gardens – VIVO Residences Inc. Creation of new Bare Trustee Title Nominee Board of Directors February 24, 2017
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. HWY 404 Phase 1.1 Phase 2.2 Phase 1.2 Phase 2.1 CONNECT SOUL TCHC VIVO FUTURE
Project Update 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
Toronto Community FRAM Building Group • Definitive project agreements signed in 2013 Housing Corporation based on this land holding structure 100% 100% AGRGP cannot hold legal title to land, would • require tenancy in common to split title Allenbury Gardens FRAM Allenbury Creation of a bare trustee title nominee with the Development Gardens Development • Corporation Inc. sole purpose to hold title to the land and serve as condominium declarant and registrant with Tarion Allenbury Gardens 56.8% 43.2% Revitalization General Consistent with TCHC’s Subsidiary Framework • Partnership (AGRGP) Trades and Shareholder Direction, Staff met with the City Manager’s office to consult on two 100% occasions and there were no issues or concerns raised Soul Connect VIVO Future Residences Residences Residences Market Inc. Inc. Inc. Building 3 rd Party Construction Financing
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