Allenbury Gardens – VIVO Residences Inc.Creation of new Bare Trustee Title Nominee

February 24, 2017Board of Directors

Phase 1.1Phase 1.2 Phase 2.1

Phase 2.2

CONNECT SOUL TCHC VIVO FUTURE

HW

Y 4

04

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 CorporationFRAM 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 occasions and there were no issues or concerns raised