Artscape proposes that the City assume significant financial responsibilities in connection with the project. Specifically, Artscape proposes a partnership agreement with the City that requires the City to commit to raising $2.3 million from a combination of sources including, but not limited to,Canada Infrastructure Program, Ontario Superbuild Fund, Green Municipal Finds and Toronto Atmospheric Funds.
There is some concern by staff as to the availability of funds from the sources identified.The City has identified other important initiatives that are currently in the process of seeking funding approval, including the capital funding through the Superbuild program for Casa Loma, and an application for funding for the Artscape proposal would be in competition with these initiatives. The likelihood of achieving the Artscape funding targets in the near to mid term (one to two years) may also be an issue, given the time required to prepare the applications,have the application reviewed by the funding authority, and be provided with a commitment of funding approval.
The Artscape proposal also requires the City to remove all hazardous materials and undertake remediation of all environmental contaminants from the site. No estimate is provided as to the cost of site remediation and further environmental investigations would be required before the scope and cost of required remediation could be determined. Under the Artscape proposal,the City would also be required to provide security for the mortgage financing to be obtained by Artscape.This security would likely take the form of loan guarantees. Furthermore,the Artscape proposal requires the City to assume responsibility for zoning and site plan approvals and any impact studies required. This would require the City to obtain an Official Plan amendment and a rezoning. The RFP indicated that the proponents were to assume these costs and take on responsibility for all planning requirements. It is also proposed that the City would assume responsibility for site servicing, support an application by Artscape to the Let 's Build program for funding for the live/work component of the project, lease the site to Artscape for 99 years at a rent of $1 per year, and provide a $500,000 cash contribution."
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