meeting 2 of 8 metro vancouver housing corporation … · note: recommendation is shown under each...

September 30, 2020

METRO VANCOUVER HOUSING CORPORATION (MVHC)

BOARD OF DIRECTORS

REGULAR BOARD MEETING Friday, October 2, 2020

9:00 A.M. 28th Floor Boardroom, 4730 Kingsway, Burnaby, British Columbia

Membership and Votes

R E V I S E D A G E N D A1

A. ADOPTION OF THE AGENDA

1. October 2, 2020 Regular Meeting Agenda That the MVHC Board adopt the agenda for its regular meeting scheduled for October 2, 2020 as circulated.

B. ADOPTION OF THE MINUTES

1. July 31, 2020 Regular Meeting Minutes That the MVHC Board adopt the minutes for its regular meeting held July 31, 2020 as circulated.

C. DELEGATIONS D. INVITED PRESENTATIONS E. CONSENT AGENDA

Note: Directors may adopt in one motion all recommendations appearing on the Consent Agenda or, prior to the vote, request an item be removed from the Consent Agenda for debate or discussion, voting in opposition to a recommendation, or declaring a conflict of interest with an item.

1 Note: Recommendation is shown under each item, where applicable. All Directors vote unless otherwise noted.

Meeting 2 of 8

Metro Vancouver Housing Corporation

http://www.metrovancouver.org/boards/membership/board-members/Pages/RD.aspx

MVHC Board Agenda October 2, 2020

Agenda of 3

Added

1. HOUSING COMMITTEE REPORTS

1.1 Mortgage Renewal 22450 121 Avenue, Maple Ridge (Fraserwood) That the MVHC Board: a) hereby irrevocably authorizes and directs British Columbia Housing Management

Commission (BCHMC) to act on its behalf to renew the existing mortgage presently held by Toronto Dominion Bank (the “Mortgage”) for the Fraserwood project located at 22450 121 Avenue, Maple Ridge BC (BCHMC File No. 90211/3118), including but not limited to selecting, at BCHMC’s sole discretion, the mortgage renewal terms and arranging mortgage renewal with the take-out lender (the “Take-out Lender”) on terms and conditions that are acceptable to BCHMC; and

b) directs any two officers or directors, or any one director together with any one officer of the Metro Vancouver Housing Corporation (MVHC); for and on behalf of the MVHC be and are hereby authorized to execute and deliver under the seal of the MVHC or otherwise, all such deeds, documents and other writings and to do such acts and things in connection with the Mortgage assignment, renewal and amendment as they, in their discretion, may consider to be necessary or desirable for giving effect to this resolution and for the purpose of fulfilling the requirements of the lender of the monies.

1.2 Considerations for Integrating Child Care into New Metro Vancouver Housing

Developments That the MVHC Board receive for information the report dated August 18, 2020, titled “Considerations for Integrating Child Care into New Metro Vancouver Housing Developments”.

2. CHIEF ADMINISTRATIVE OFFICER REPORTS

2.1 Mortgage Account Signing Officers – Inlet Centre

That the Metro Vancouver Housing Corporation (MVHC) Board hereby authorize the resolution to appoint signing officers as required by Coast Capital Savings Federal Credit Union for the purposes of the mortgage for the Inlet Centre.

F. ITEMS REMOVED FROM THE CONSENT AGENDA G. REPORTS NOT INCLUDED IN CONSENT AGENDA H. MOTIONS FOR WHICH NOTICE HAS BEEN GIVEN I. OTHER BUSINESS J. BUSINESS ARISING FROM DELEGATIONS


MVHC Board Agenda October 2, 2020

Agenda of 3

K. RESOLUTION TO CLOSE MEETING Note: The Board must state by resolution the basis under section 90 of the Community Charter on which the meeting is being closed. If a member wishes to add an item, the basis must be included below. That the MVHC Board close its regular meeting scheduled for October 2, 2020 pursuant to the Community Charter provisions, Section 90 (1) (e) and (g) as follows: “90 (1) A part of a board meeting may be closed to the public if the subject matter being

considered relates to or is one or more of the following: (e) the acquisition, disposition or expropriation of land or improvements, if

the board or committee considers that disclosure could reasonably be expected to harm the interests of the regional district; and

(g) litigation or potential litigation affecting the regional district.”

L. RISE AND REPORT (Items Released from Closed Meeting) M. ADJOURNMENT/CONCLUSION

That the MVHC Board adjourn/conclude its regular meeting of October 2, 2020.


Minutes of the Regular Meeting of the Metro Vancouver Housing Corporation (MVHC) Board of Directors held on Friday, July 31, 2020 Page 1 of 5

METRO VANCOUVER HOUSING CORPORATION BOARD OF DIRECTORS

Minutes of the Regular Meeting of the Metro Vancouver Housing Corporation (MVHC) Board of Directors held at 10:17 a.m. on Friday, July 31, 2020 in the 28th Floor Boardroom, 4730 Kingsway, Burnaby, British Columbia.

MEMBERS PRESENT: Burnaby, Chair, Director Sav Dhaliwal North Vancouver City, Vice Chair Director

Linda Buchanan* Anmore, Director John McEwen* Belcarra, Director Neil Belenkie Bowen Island, Director David Hocking Burnaby, Director Pietro Calendino Burnaby, Director Mike Hurley Coquitlam, Director Craig Hodge Coquitlam, Director Richard Stewart Delta, Director George Harvie Delta, Alternate Director Dylan Kruger for

Bruce McDonald* Electoral Area A, Director Jen McCutcheon* Langley City, Director Val van den Broek* Langley Township, Director Jack Froese* Langley Township, Director Kim Richter* Lions Bay, Director Ron McLaughlin Maple Ridge, Director Mike Morden* New Westminster, Director Jonathan Coté* North Vancouver District, Director Lisa Muri

Pitt Meadows, Director Bill Dingwall* Port Coquitlam, Director Brad West* Port Moody, Director Rob Vagramov* Richmond, Director Malcolm Brodie* Richmond, Director Harold Steves* Surrey, Director Linda Annis Surrey, Director Doug Elford* Surrey, Director Laurie Guerra* Surrey, Director Mandeep Nagra* Surrey, Alternate Director Brenda Locke for

Allison Patton* Tsawwassen, Director Ken Baird* Vancouver, Director Christine Boyle* Vancouver, Director Adriane Carr* Vancouver, Director Melissa De Genova* Vancouver, Director Lisa Dominato* Vancouver, Director Colleen Hardwick* Vancouver, Alternate Director Pete Fry for

Kennedy Stewart* Vancouver, Director Michael Wiebe* West Vancouver, Director Mary-Ann Booth White Rock, Director Darryl Walker*

MEMBERS ABSENT: Surrey, Director Doug McCallum

STAFF PRESENT: Jerry W. Dobrovolny, Chief Administrative Officer Genevieve Lanz, Legislative Services Coordinator, Board and Information Services Chris Plagnol, Corporate Officer

*denotes electronic meeting participation as authorized by Section 3.6.2 of the Procedure Bylaw

Section B 1



A. ADOPTION OF THE AGENDA

1. July 31, 2020 Regular Meeting Agenda It was MOVED and SECONDED That the MVHC Board: a) amend the agenda for its regular meeting scheduled for July 31, 2020 by

adding Item I.2 Heather Place Update; and b) adopt the agenda as amended.

CARRIED Director Booth absent at the vote.

B. ADOPTION OF THE MINUTES

1. July 3, 2020 Regular Meeting Minutes It was MOVED and SECONDED That the MVHC Board adopt the minutes for its regular meeting held July 3, 2020 as circulated.


C. DELEGATIONS

No items presented. D. INVITED PRESENTATIONS

No items presented. E. CONSENT AGENDA

It was MOVED and SECONDED That the MVHC Board adopt the recommendations in the following items as presented in the July 31, 2020 MVHC Board Consent Agenda: 1.1 Mortgage Renewal 101 Noons Creek Drive, Port Moody (Inlet Centre) 1.2 Welcher Avenue Redevelopment Update


The items and recommendations referred to above are as follows:

1.1 Mortgage Renewal 101 Noons Creek Drive, Port Moody (Inlet Centre)

Report dated June 15, 2020 from Joe Sass, Deputy Chief Financial Officer/Director, Financial Planning and Operations, Financial Services, seeking MVHC Board authorization to renew the mortgage for Inlet Centre housing complex.



Recommendation: That the MVHC Board: a) hereby irrevocably authorizes and directs British Columbia Housing

Management Commission (BCHMC) to act on its behalf to renew the existing mortgage presently held by RBC Royal Bank (the “Mortgage”) for the Inlet Centre project located at 101 Noons Creek Drive, Port Moody BC (BCHMC File no. 90173/2976), including but not limited to selecting, at BCHMC’s sole discretion, the mortgage renewal terms and arranging mortgage renewal with the take-out lender (the “Take-out Lender”) on terms and conditions that are acceptable to BCHMC; and


Adopted on Consent

1.2 Welcher Avenue Redevelopment Update Report dated June 8, 2020 from Julia Dugaro, Senior Planner and Jason Hingley, Division Manager, Housing Finance Policy and Planning, Regional Planning and Housing Services, updated the MVHC Board on the Welcher Avenue Redevelopment project. Recommendation: That the MVHC Board receive for information the report dated June 8, 2020 titled “Welcher Avenue Redevelopment Update.”

Adopted on Consent F. ITEMS REMOVED FROM THE CONSENT AGENDA

No items presented. G. REPORTS NOT INCLUDED IN CONSENT AGENDA

No items presented. H. MOTIONS FOR WHICH NOTICE HAS BEEN GIVEN

No items presented. I. OTHER BUSINESS

1. MVHC Board Committee Information Items and Delegation Summaries



2. Heather Place Update Members were provided with an update on the Heather Place redevelopment project, highlighting partnerships with other levels of government, overview of unit designs and amenities, and opening ceremony proceedings. Members were provided with a video presentation produced by Metro Vancouver which is not retained with the July 31, 2020 MVHC Board agenda. It was MOVED and SECONDED That the MVHC Board receive for information the following: 1. MVHC Board Committee Information Items and Delegation Summaries, dated

July 31, 2020; and 2. Heather Place Update, dated July 31, 2020

CARRIED J. BUSINESS ARISING FROM DELEGATIONS

No items presented. K. RESOLUTION TO CLOSE MEETING

It was MOVED and SECONDED That the MVHC Board close its regular meeting scheduled for July 31, 2020 pursuant to the Community Charter provisions, Section 90 (1) (e) as follows: “90 (1) A part of a board meeting may be closed to the public if the subject matter

being considered relates to or is one or more of the following: (e) the acquisition, disposition or expropriation of land or improvements,

if the board or committee considers that disclosure could reasonably be expected to harm the interests of the regional district.”

CARRIED L. RISE AND REPORT (Items Released from Closed Meeting)

No items presented.



M. ADJOURNMENT/CONCLUSION It was MOVED and SECONDED That the MVHC Board adjourn its regular meeting of July 31, 2020.

CARRIED (Time: 10:25 a.m.)

CERTIFIED CORRECT

Chris Plagnol, Corporate Officer

Sav Dhaliwal, Chair

40549190 FINAL


39918231

To: Metro Vancouver Housing Committee From: Joe Sass, Deputy Chief Financial Officer/Director, Financial Planning and Operations Date: August 18, 2020 Meeting Date: September 9, 2020 Subject: Mortgage Renewal 22450 121 Avenue, Maple Ridge (Fraserwood) RECOMMENDATION That the MVHC Board: a) hereby irrevocably authorizes and directs British Columbia Housing Management Commission

(BCHMC) to act on its behalf to renew the existing mortgage presently held by Toronto Dominion Bank (the “Mortgage”) for the Fraserwood project located at 22450 121 Avenue, Maple Ridge BC (BCHMC File No. 90211/3118), including but not limited to selecting, at BCHMC’s sole discretion, the mortgage renewal terms and arranging mortgage renewal with the take-out lender (the “Take-out Lender”) on terms and conditions that are acceptable to BCHMC; and


EXECUTIVE SUMMARY The mortgage for the MVHC owned Fraserwood located at 22450 121 Avenue, Maple Ridge in the amount of $3,277,419 is up for renewal on December 1, 2020. The current and prior mortgages were arranged through BCHMC, whereby BCHMC tenders the loan and chooses a lender of their choice. The interest rates secured by BCHMC’s preferred lender have historically been equal to or better than any the MVHC could obtain elsewhere from outside lenders. It is recommended that the Board continues this funding relationship and authorizes BCHMC to act on MVHC’s behalf to renew the existing mortgage. PURPOSE To obtain authority to renew the mortgage for Fraserwood, owned and operated by MVHC, located at 22450 121 Avenue, Maple Ridge. BACKGROUND The Fraserwood is a 48-unit affordable rental housing project funded through the Provincial Homes BC Program. The mortgage currently held by Toronto Dominion Bank is coming up for renewal on December 1, 2020.

Section E 1.1


Mortgage Renewal 22450 121 Avenue, Maple Ridge (Fraserwood) Housing Committee Regular Meeting: September 9, 2020

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FINANCING DETAILS Details on the existing financing arrangement are as follows:

Current Lender Toronto Dominion Bank (through BCHMC)

Remaining Principal $3,277,419 as at December 1, 2020

Amortization Period 15 years maturing December 1, 2035 Interest Rate 3.80% Term 10 years Annual Principal and Interest Payments $286,412

The current and prior mortgages are arranged through BCHMC whereby BCHMC chooses an approved Canadian Mortgage and Housing Corporation (CMHC) lender, makes all decisions regarding the terms of the mortgage and handles all necessary requirements to secure the mortgage renewal. FINANCING OPTIONS Financing renewal options are as follows: 1. BCHMC Arranged Financing – This is the existing arrangement. BC Housing routinely tenders

mortgage portfolios to the open market on behalf of affordable housing providers under operating agreements. Interest rates have historically been as favourable as any the MVHC could obtain elsewhere from outside lenders. Further, MVHC receives an annual subsidy of approximately $138,000 from BCHMC. The estimated renewal rate for this option is 1.60-2.00% for a 10-year term. The pandemic has caused the interest rates to fall to near historic lows. Rates have decreased from 2.84% at the beginning of the year to 1.63% in August.

2. Market Financing - A traditional commercial mortgage could be obtained. However, the up-front costs of this option could be significant. Lenders typically require surveys, property appraisals and environmental and building assessments to be completed on each property. In addition, there are legal fees, possible mortgage insurance underwriting fees, 1% loan commitment fee and an application fee. It is unlikely, based on historical rates, that MVHC would be able to achieve a more favorable rate than could be arranged by BCHMC. Furthermore, this mortgage would still subject to BCHMC’s approval and MVHC may no longer be eligible to receive the estimated annual subsidy of $138,000.

3. MFA Debenture Financing - MVHC cannot borrow directly from the Municipal Financing Authority

(MFA), but could borrow through the conduit of MVRD, similar to the Greater Vancouver Water District and Greater Vancouver Sewerage and Drainage District. MVRD would secure the mortgage by registering the title with the Land Titles Office.

The indicative interest rates are 0.93-1.03% for 5 years and 1.42-1.53% 10 years. Although the current MFA rates are favorable, it is still more costly than the above options as MVHC will no longer qualify for the BC Housing subsidy. The financing term under MFA may also be limited to 5 years rather than 10 years depending on the market conditions. A shorter term of 5 years poses a greater interest rate risk as future rates could be significantly higher. Furthermore, there is a lengthy legislative process to establish the loan, which may require a bridge financing from MVRD until the relevant bylaws and approvals can be obtained.


Mortgage Renewal 22450 121 Avenue, Maple Ridge (Fraserwood) Housing Committee Regular Meeting: September 9, 2020

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ALTERNATIVES 1. That the MVHC Board:

a) hereby irrevocably authorizes and directs British Columbia Housing Management Commission (BCHMC) to act on its behalf to renew the existing mortgage presently held by Toronto Dominion Bank (the “Mortgage”) for the Fraserwood project located at 22450 121 Avenue, Maple Ridge BC (BCHMC File No. 90211/3118), including but not limited to selecting, at BCHMC’s sole discretion, the mortgage renewal terms and arranging mortgage renewal with the take-out lender (the “Take-out Lender”) on terms and conditions that are acceptable to BCHMC; and


2. That the Metro Vancouver Housing Committee receive for information the report dated

August 18, 2020, titled “Mortgage Renewal 22450 121 Avenue, Maple Ridge (Fraserwood)” and provide alternate direction.

FINANCIAL IMPLICATIONS Should the Board approve alternative one to authorize BCHMC to act on MVHC’s behalf, the mortgage will be renewed with a competitive interest rate with no constraints on Metro Vancouver resources. The estimated renewal rate of 1.60-2.00% is significantly below the current mortgage rate of 3.80% and would result in savings from the lower interest rate. This will reduce MVHC’s debt servicing costs and thereby increase the ability for higher contributions for capital replacement. Ensuring the lowest servicing costs for MVHC financing is consistent with one of the key operating objectives of the MVHC, which is to provide affordable housing within the Metro Vancouver region. Long-term debt, financial flexibility and the mitigation of current and future financial risk are objectives of the Financial Management Policy. The approval of alternative one is consistent with these objectives. Should alternative two be selected, staff would investigate alternative sources of financing based on direction provided by the Board which may result in delays in re-financing and/or higher financing costs for MVHC. CONCLUSION The mortgage for Fraserwood needs to be renewed for December 1, 2020. As presented in alternative one, it is recommended that BCHMC act on behalf of MVHC as this allows for a competitive interest rate with no impact on Metro Vancouver resources. The approval of alternative one is consistent with the objectives of the Financial Management Policy. 40863779


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To: Housing Committee From: Amina Yasin, Regional Planner, Housing Planning and Policy, Regional Planning &

Housing Services Date: August 18, 2020 Meeting Date: September 9, 2020 Subject: Considerations for Integrating Child Care into New Metro Vancouver Housing

Developments RECOMMENDATION That the MVHC Board receive for information the report dated August 18, 2020, titled “Considerations for Integrating Child Care into New Metro Vancouver Housing Developments”. EXECUTIVE SUMMARY In addition to affordable housing, there is a significant need in the region for affordable childcare. To support tenants and contribute to this unmet need in the region, Metro Vancouver Housing (MVH) is exploring the potential to include integrated childcare facilities in future MVH development projects, through the support of provincial funding programs, or other models such as in-home daycare. This report provides an overview of design, operational and funding considerations for MVH when considering integrated child care facilities in new developments. PURPOSE To provide the Housing Committee and MVHC Board with information regarding considerations for integrating child care in future MVH development projects. BACKGROUND At its April 29, 2020 meeting, the Housing Committee directed staff to explore considerations for integrating child care facilities in new MVH developments, and to explore the possibility of seeking funding from the Childcare BC New Spaces Fund to cover the cost of integrated child care facilities. The Metro Vancouver Housing 10-Year Plan, also emphasizes the need for supporting family-oriented housing through the design of new buildings and provision of on-site amenities, such as integrated daycare. MVH works with a range of partners to support tenants with access to services they need, including two existing child care agreements:

• Port Coquitlam Daycare Society, a licensed non-profit organization operating at MVH’s Meridian Village complex. The daycare is located in a standalone building with a separate play space from the housing complex. It offers approximately 80 child care spaces including a range of ages, and MVH tenants are prioritized.

• Patty’s Family Childcare, a licensed in-home multi-age childcare operating in a ground floor unit at MVH’s Odlinwood townhouse complex in Richmond. The unit was specially designed for an in-home childcare operator and includes its own play space. The childcare offers 7 spaces and MVH tenants are prioritized.

Section E 1.2


Considerations for Integrating Child Care into New Metro Vancouver Housing Developments Housing Committee Regular Meeting Date: September 9, 2020

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To deliver on the 10-Year Plan and respond to the Housing Committee’s direction, staff explored a range of considerations for integrating childcare in new MVH development. This report provides an overview of operational, funding, and design considerations for MVH as well as relevant funding opportunities. OVERVIEW OF CHILD CARE NEEDS & OPPORTUNITIES Child Care Needs in Metro Vancouver Child care supply, quality, and affordability are priority issues in the Metro Vancouver region. Regional Planning’s 2019 Survey of Child Care Spaces and Policies in Metro Vancouver found that the Metro Vancouver region has an average of 18.6 child care spaces per 100 children aged 12 and under. This is far below the national average of 27.2 spaces (2016) and is only slightly ahead of the BC average of 18.4 spaces (2016). In addition, the number of children (under the age of 12) in Metro Vancouver is projected to grow by approximately 7.6% by 2024, further highlighting the need for additional child care spaces in the region. Research has shown that second to housing, child care is the highest monthly expense for families with young children. With limited available spaces, families across Metro Vancouver can pay upwards of $1,400 per month per child for childcare, and low-income or single-parent families often find themselves with even fewer options for affordable child care. Types & Sizes of Child Care In British Columbia, there are licensed and unlicensed child care facilities. Under the Licensed child care option, the following programs apply:

Age Range Maximum Group Size

Infant/Toddler (under 36 months) 12

Kindergarten (30 months to school age) 25

School Age (kindergarten and up) 24

Multi-Age (under 12) 8

In-home (multi-age, under 12) 8

Family child care (multi-age, under 12) 7

Preschool – limited hours/school season (30 months to school age) 20

Occasional (drop-in) (18 months +) 16 Provincial Grant Funding In 2018, the Province launched Childcare BC in response to the lack of availability of licensed child care and Early Childhood Educators in British Columbia. The 2018 budget was set to deliver over $1 billion in new investments in child care over a three-year period. In 2019, an additional $3 million was added to bring the total to $1.3 billion. Under the Childcare BC New Spaces Fund, eligible public sector child care projects can apply for up to 100% of eligible costs (up to $3M). The next window for applications closes on November 1st, 2020



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and future funding calls are uncertain at this time. MVH staff are exploring funding opportunities for new development projects through this program. CONSIDERATIONS FOR METRO VANCOUVER HOUSING Regulatory Considerations In 1971, the then GVRD requested the function of public housing and was granted that authority under Supplementary Letters Patent (SLP). In 1989, the MVHC Board endorsed the mandate of the Metro Vancouver Housing Corporation:

to supply affordable rental housing for people not served by the private sector in a manner which ensures that there will be an income mix of tenants in each project and that such housing is equitably distributed throughout the Region.

As MVHC’s mandate is solely focused on the provision of affordable housing, as a principle, integrated childcare facilities should be cost-neutral and leased to third-party operators (or approved, licensed tenants in the case of in-home daycare). For MVH’s context, licensed child care is recommended as the preferred type of child care. Under this licensing type, facilities are monitored and regularly inspected by regional health authorities and must meet specific requirements for health and safety, staffing qualifications, record keeping, space and equipment, child-to-staff ratios, and programming. Size & Type of Facility Larger Child Care Facility: Based on the maximum group sizes set by the Province, there are a range of optimal sizes when it comes to larger child care facilities (i.e., those not in-home). To meet both operational (staffing ratios) and physical design requirements (indoor and outdoor space requirements per child), there are efficiencies that come from grouping different age groups at a shared facility. This also provides flexibility for operators as community needs change over time, and supports stability, and familiarity for families, siblings, and children as they age.

Through research and consultation with architects, MVH staff recommend an optimal size for larger child care facilities within new MVH developments is 37 spaces: 12 spaces of Group Child Care for a combination of infants and toddlers and 25 spaces of Group Child Care toddlers to school age. This figure takes advantage of efficiencies in operational/design requirements, provides a range of ages to support tenant/community needs, and minimizes space requirements. Including childcare facilities in new developments does result in a reduction in the number of housing units that can be achieved, and this is a key trade-off to consider. This size of project also has the potential to fully cover capital costs of the child care element through the Childcare BC New Spaces Fund, making it cost neutral for MVH. In-home multi-age child care: At minimum, MVH will explore opportunities for smaller, licensed, home-based daycares based on community need. This form may work better on smaller sites where a larger facility isn’t feasible, or where external funding is not available.



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Design Considerations MVH must consider a range of design factors when it comes to integrating childcare into new developments, such as:

• Site context: The location and context of the site should be suitable for the proposed type of childcare facility. It should be located in an area of community need, ideally close to other amenities such as schools and parks. It should be easily accessible for pedestrians, and located close to transit. The site must also be able to accommodate child care staff parking, vehicle drop off area, and traffic circulation. Parking should be located close to the facility entrance or elevator to support easy access.

• Integration with residential units: Potential impacts to residential tenants from childcare facilities should be carefully considered in the design such as: noise from indoor and outdoor spaces, use of shared spaces, or impacts to traffic and parking at peak drop-off times.

• Placement in building: To reduce the use of elevators by non-tenants and facilitate easy access, child care facilities should be integrated on the ground floor of multi-family developments.

• Facility design: Open plan, column free design with ample access to natural light and direct relationship between indoor / outdoor activity areas is desirable.

• Accessibility: Child care facilities should be designed to provide barrier free access from the exterior to the interior of a building for accessibility (e.g., wheelchairs, strollers).

• Play Area: Minimum required areas for outdoor play are mandated by the province at 6m2 per child, and best practice guidelines suggest even higher amounts. Play areas should also provide a mix of sheltered areas and shade for all weather conditions.

ALTERNATIVES This is an information report. No alternatives are presented. FINANCIAL IMPLICATIONS There are no direct financial implications to this report. The integration of child care in future MVH development sites is contingent on available external funding to ensure cost-neutral construction and operations. Further exploration in MVH development projects will be completed by staff and technical consultants, with recommendations going the Housing Committee and Board as part of the project approval process.

CONCLUSION In addition to affordable housing, there is a significant need in the region for affordable childcare. To help support tenants and contribute to this unmet need in the region, MVH is exploring the potential to include integrated childcare facilities in new developments, through the support of provincial funding programs, or other models such as in-home daycare. This report provides an overview of design, operational, and funding considerations for MVH when considering integrated child care facilities in new developments. 40822045


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Section E 2.1

To: Metro Vancouver Housing Corporation Board From: Joe Sass, Deputy Chief Financial Officer/Director, Financial Planning and Operations Date: September 30, 2020 Meeting Date: October 2, 2020 Subject: Mortgage Account Signing Officers – Inlet Centre RECOMMENDATION That the Metro Vancouver Housing Corporation (MVHC) Board hereby authorize the resolution to appoint signing officers as required by Coast Capital Savings Federal Credit Union for the purposes of the mortgage for the Inlet Centre. EXECUTIVE SUMMARY Coast Capital Savings Federal Credit Union (“Coast Capital”) requires MVHC to set up a bank account for the processing of the monthly mortgage payments for the Inlet Centre. In order to establish a bank account, Coast Capital requires their standard form of corporate resolution appointing signing officers to be passed and certified. Staff is requesting that the MVHC Board authorize the resolution to appoint signing officers to administer the bank account, for the Inlet Centre mortgage. PURPOSE To obtain approval of the Coast Capital’s signing officers resolution for the Inlet Centre’s mortgage account. BACKGROUND Coast Capital is the successful lender to assume the mortgage for the MVHC owned Inlet Centre located at 101 Noons Creek Drive, Port Moody. In order to execute the mortgage, Coast Capital is requiring MVHC to provide a resolution in Coast Capital’s standard form appointing the signing officers to establish a new bank account for the processing of the monthly mortgage payments. MVHC currently does not have a corporate resolution for signing officers for banking purposes as all day-to-day banking transactions flow through the pooled accounts held in Metro Vancouver Regional District, the parent company of the MVHC. Coast Capital differs from other major lenders in that they are a federal credit union, and they require all financial transactions to flow through a MVHC account held in the respective credit union rather than directly transacting with the mortgagor as the lender. As MVHC was only notified of this request at the time of document execution and time is of the essence to complete the execution of the mortgage agreement, this report is being presented directly to the MVHC Board and has not been reviewed by the Metro Vancouver Housing Committee or the Finance and Intergovernmental Committee. RESOLUTION APPOINTING SIGNING OFFICERS FOR BANK ACCOUNT WITH COAST CAPITAL Coast Capital’s standard resolution form is included in Attachment 1 for reference. The final resolution for approval has been included in Attachment 2, as certain sections have been revised to reflect MVHC’s signing authority requirements.


Signing Officers for Mortgage Bank Account Metro Vancouver Housing Corporation Board Meeting: October 2, 2020

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ALTERNATIVES 1. That the Metro Vancouver Housing Corporation (MVHC) Board hereby authorize the

resolution to appoint signing officers as required by Coast Capital Savings Federal Credit Union for the purposes of the mortgage for the Inlet Centre.

2. That the MVHC Board receive for information the report dated September 30, 2020 titled “Mortgage Account Signing Officers – Inlet Centre” and provide alternate direction.

FINANCIAL IMPLICATIONS Should the Board approve alternative one, there is no direct financial impact as the mortgage will be executed on time. Should alternative two be selected, the mortgage may not be executed in due course, and staff may need to investigate alternative sources of financing based on direction provided by the Board which may result in higher financing costs for MVHC. SUMMARY / CONCLUSION The mortgage lender, Coast Capital, requires the MVHC Board to authorize a resolution in their standard banking form to designate the signing officers for a new bank account established for the purposes of the mortgage for the Inlet Centre. Alternative one is recommended.

Attachments: Attachment 1 – Coast Capital Savings Resolution Appointing Signing Officers - Standard Form Attachment 2 – Coast Capital Savings Resolution Appointing Signing Officers Including Revisions for Board Approval



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ATTACHMENT 1



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ATTACHMENT 2 The banking resolution being requested for the Board’s approval is as follows. Changes to the standard form are underlined. Section 1 – That any 2 officers or directors, or any one director together with any one officer of the MVHC are hereby authorized on behalf of MVHC (“the Corporation”) to:

a) make arrangements from time to time with Coast Capital Savings Federal Credit Union (CCS) to keep monies on deposit on such terms as may be specifically agreed upon - or failing any such specific agreement, on the terms generally applicable from time to time by CCS in the operation of similar arrangements with other corporations, and

b) enter into arrangements with CCS to reimburse it for all monies CCS pays for or on account of the Corporation, whether CCS pays because of a certified cheque or other order drawn by or on CCS or pays because of any other reason, and

c) enter into arrangements with CCS that are incidental to the deposit of monies, such as Business Depository ATM, and

d) execute on behalf of the Corporation any agreement with CCS, and (where required) affix the seal of the Corporation to the agreement.

Section 2 – That the same number of the persons described in sections 1 above, is/are hereby authorized on behalf of the Corporation to:

a) draw, accept, sign, make and agree to pay all or any cheques and other instruments for the payment of monies to be charged to the Corporation, and

b) execute either special or general waivers of presentment, protest and notice of dishonour of any or all cheques or other instruments the Corporation discounts or deposits for any purpose with CCS, or to which the Corporation is a party or in which the Corporation is in any way interested.

Section 3 – That

a) the same number of the persons described in sections 1 above, or b) the persons described or named in a certificate delivered to the CCS by the Corporate Officer

or Secretary of the Corporation, or is/are hereby authorized on behalf of the Corporation to:

i) arrange, settle, balance and certify all books and accounts between the Corporation and CCS, and ii) receive all paid cheques and vouchers, and all statements of account, and iii) sign CCS form of Settlement of Balance and Release.

Section 4 – That the same number of the persons described in sections 1 above, is/are hereby authorized on behalf of the Corporation, as monies may be required by the Corporation, to:

a) apply to CCS to advance the money on the Corporation's credit b) make arrangements as to the terms and conditions of the loan described in a) above and as

to the securities the Corporation is to give for the loan c) vary or modify from time to time such arrangements, terms and conditions d) sign and deliver to CCS from time to time, for the money borrowed:



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i) any arrangements, securities, promises to give security, hypothecations and pledges as CCS may require, and ii) any additional securities by way of mortgages or otherwise as the Directors or Officers as described in sections 1 above may from time to time authorize. (It is understood that if a person draws a cheque or other order as authorized by this resolution, and the Corporation has insufficient funds in CCS to fully pay the cheque or order, then such event will constitute an application for a loan equal to the amount of the cheque or order)

e) to affix the corporate seal of the Corporation to any instrument or document that: i) the Corporation is required to give under seal, and the above officers have agreed on behalf of the Corporation to give, deliver or cause to be made

Section 5 - That cheques and other negotiable instruments may only be endorsed for deposit to the credit of the Corporation's account by:

a) any officer or director of the Corporation, or b) a stamp bearing the imprint of the Corporation's name, without any signature.

Section 6 - That all documents, securities or other negotiable instruments signed, made, drawn, accepted or endorsed as described in this resolution will be valid and binding upon the Corporation. Section 7 - That the Corporation:

a) furnish CCS with a certified list of the names of the directors, officers and other persons authorized to sign on behalf of the Corporation, together with specimens of their signatures, and

b) notify CCS in writing from time to time of all changes of such persons. Until so notified, CCS may assume for all purposes of this resolution that the persons named in such a list and their offices remain unchanged and that these persons are authorized to sign on behalf of the Corporation.

Section 8 - That this resolution be delivered to CCS and remain in force until the Corporation gives CCS written notice to the contrary and CCS acknowledges receiving the notice.


meeting 2 of 8 metro vancouver housing corporation … · note: recommendation is shown under each...

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