TORONTO, April 12, 2012�Toronto Community Housing�s Board of Directors has released terms of reference for the independent third-party review of condominium purchases made by those involved with Regent Park Development Corporation.
The Honourable Patrick J. LeSage, Q.C. will conduct the independent review and report his findings to the Board. The review will focus on the following areas:
- With respect to the condominium purchases made by those involved with Regent Park Development Corporation, identify any procedural gaps that may have reduced Toronto Community Housing�s profits or its ability to get best value for these condominium sales, or which may have led to preferential purchasing benefits for executive officers or others involved with Regent Park Development Corporation.
- Based on actions taken by Toronto Community Housing at the time of these purchases, as well as those taken by executives of its development partner, The Daniels Corporation, with respect to these purchases, determine if there was any conflict of interest or the appearance of a conflict of interest.
- Make recommendations to strengthen Toronto Community Housing�s policies and provide advice as to whether additional procedures are needed.
�Community revitalization is one of Toronto Community Housing�s key strategic objectives. In light of recent media reports and the need to maintain the trust of our shareholder, the City of Toronto, given the substantial public funding being invested in Regent Park, the corporation must have the right internal procedures and controls in place. An independent review will ensure we have the public�s confidence in the Regent Park revitalization and future projects.�
�Bud Purves, chair, Board of Directors, Toronto Community Housing
- Toronto Community Housing and its development partner, The Daniels Corporation, are partners in joint ventures to build and sell market condominiums at Regent Park.�
- Regent Park Development Corporation is the holding company for Toronto Community Housing for the joint ventures. Daniels Eastside Corporation is the holding company for The Daniels Corporation.
- The Dundas and Parliament Development Corporation is the joint venture formed by both parties in the first phase of the Regent Park revitalization.� The Parliament and Gerrard Development Corporation is the joint venture formed in the second phase.
Toronto Community Housing