5.a) Contributions to be allocated towards the following:
i. A contribution of $3,271,000, either as a cash contribution, or secured by way of a letter of credit, or combination thereof, shall be directed towards public streetscape improvements adjacent to the subject site as shown on the Landscape Plans by Claude Cormier + Associes dated March 13, 2019, to the satisfaction of the Chief Planner and Executive Director, City Planning, payable prior to the issuance of the first above grade permit;
ii. A cash contribution of $1,829,000 to be allocated to public streetscape improvements within the Financial District, of which the boundaries are established on Map 41-2 of the Downtown Plan, payable prior to the issuance of the first above grade permit;
iii. A cash contribution of $12,400,000, payable prior to the issuance of the first above grade, to be directed as follows:
A. $8,000,000 towards the provision of new affordable housing within Ward 13, to be directed to the Capital Revolving Fund for Affordable Housing, in consultation with the Ward Councillor; and
B. $4,400,000 towards the provision of local streetscape improvements within Ward 13, in consultation with the Ward Councillor; and
iv. A contribution of a minimum value of $1,000,000 for on-site public art, through the preparation of a public art plan, in accordance with City Planning's Percent for Public Art process, and with approval from City Council. Alternatively, if it is determined that the public art will not be on-site, the owner will contribute the $1,000,000 to the City's capital budget for Public Art off-site to be commissioned by the City. The owner agrees to advise the City, in writing of its chosen option prior to the issuance of the first building permit.
