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Tower Renewal

Tower Renewal. Tower Renewal. Toronto Towers. Concrete slab, multi-residential apartment buildings Built between 1950’s and 1980’s 8 stories or more. 2. Three Interlocking Objectives. Environmental Goal: To achieve high environmental and other performance standards

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Tower Renewal

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  1. Tower Renewal Tower Renewal

  2. Toronto Towers • Concrete slab, multi-residential apartment buildings • Built between 1950’s and 1980’s • 8 stories or more 2

  3. Three Interlocking Objectives Environmental Goal: To achieve high environmental and other performance standards in Toronto’s concrete frame apartment buildings. Social / Cultural Goal: To enable apartment neighbourhoods to grow into vibrant, sustainable places that meet the social and cultural needs and wishes of residents. Economic Goal: To significantly enhance the health of the economy and labour-market both of local communities and of Toronto as a whole. 3

  4. Environment Energy savings 50%+ Water savings 20%+ Waste Diversion increase by 30% GHG emission reduction up to 5% of overall Economy City wide investment in renewal projects 1,000s of person years of employment created Potential to support green industry development Community Safety audits Community use space Tenant engagement Feasibility Study Outcomes 4 4

  5. City Wide Implementation The proposed plan for bringing Tower Renewal to buildings across the city has three parts: • A Sustainable Towers, Engaged People (STEP) program: process to create change in their buildings and take on increasingly bigger projects. • A Financing Option: an option that will make more comprehensive projects possible. • A Community Revitalization: determine how Tower Renewal can assist with community development projects. 5

  6. Step Four: Leadership Step Three: Maximizing Outcomes • Step Two: Action Step One: Learning and Planning Foundation Stage Five STEP process Five step process, intended to incrementally build the capacity of Tower Renewal participants. 6

  7. STEP Components COMMUNITY 7 OPERATIONS

  8. Targeted Participation 8

  9. Financing Considerations Major Projects at minimum have a cost of $4 million per building (STEP 3 and STEP 4 projects) Payback periods of 10 to 20 years When competing with current investment opportunities currently a typical owner’s return rate on equity is a 3 year simple payback To encourage projects to occur we need to provide financing from a source that does not compete with typical investment opportunities

  10. Financing Mechanism Structure If fee is unpaid, defaulted amount to property tax, then returned to Corporation City Finance Dept. Funding from Capital Markets Payments on Principle and Interest new City “Conservation Board” Contracts with Conservation Board for services Pay Fees based on utility savings Designs what Project will include • Hires and Pays for • Initial retrofits • On going work Service Providers -retrofits -training -monitoring Services 9

  11. Community Revitalization Tower Renewal • Now, Apartment Neighbourhoods are: • typically paid little attention for investment • not considered to be desirable • often isolated • But, these places are: • Home to most of Toronto (those that live directly in the apartments and those in the surrounding areas) • Good, solid investments • Have lots of potential 10

  12. Big Picture How do we: • Get people interested in investing in the neighbourhoods • Make sure the investment is done in a way that protects and enhances the quality of life of the people who live there 11

  13. Eleanor McAteer 416-392-9716 emcatee@toronto.ca www.TowerRenewal.ca

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