Item No. 11.3

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Council Report: C 88/2020

Subject: Application for Property Tax Relief Under Section 357 of the Ontario Municipal Act, 2001 - Ward 3

Reference:

To: Mayor and Members of City Council

Recommendation:

THAT City Council APPROVE the request for full property tax relief for the property located at 33 Riverside Dr E, owned by 2087676 Ontario Inc. for the period of time beginning April 1, 2020 and ending the earlier of either the termination of Ontario Regulation 141/20 or December 31, 2020; and further,

THAT the CFO/City Treasurer (or designate) BE AUTHORIZED to write-off an amount equivalent to the total municipal and education taxes on a monthly basis estimated to be $363,642 in total for the remainder of the 2020 taxation year following the receipt of payment of taxes due from the property owner for the period January 1, 2020 to March 31, 2020; and further,

THAT should property tax relief be required beyond December 31, 2020, upon receipt of an application for property tax relief for the 2021 taxation year the City Treasurer BE AUTHORIZED to process such application consistent with the direction provided for this 2020 application which will be reported to City Council at a later date.