Item No. 10.1

Council Report: C 15/2020

Subject: Windsor Essex Community Housing Corporation - Meadowbrook Development Project Update

Reference:

Date to Council: July 20, 2020
Author: Janice Guthrie
Deputy Treasurer, Taxation & Financial Projects
(519) 255-6100 Ext 6271
jguthrie@citywindsor.ca

Sonia Bajaj
Co-ordinator Housing Administration & Development
519-255-5200 Ext 6277
sbajaj@citywindsor.ca

Taxation & Financial Projects
Report Date: July 14, 2020
Clerk's File #: SS/13867

To: Mayor and Members of City Council

Recommendation:

THAT City Council RECEIVE the Meadowbrook project update and request from Windsor Essex Community Housing Corporation; and further

THAT City Council AUTHORIZE Windsor Essex Community Housing Corporation to obtain a repayable loan through CMHC’s Co-Investment Fund to a maximum of $20.5 million; debt servicing (principal and interest payments) for this repayable loan to be funded from the rental income and other revenues of this development; and further

THAT City Council AUTHORIZE that a municipal guarantee be provided to Canada Mortgage and Housing Corporation for both the non-repayable and repayable loans; and further

THAT the CAO and City Clerk be AUTHORIZED to execute a guarantee agreement in the form acceptable to Canada Mortgage and Housing Corporation subject to review for legal content by the City Solicitor and financial and technical content by the City Treasurer.

Executive Summary: