The recommendation is to deny a heritage tax credit for renovations to 242 Princess. Reasons are posted on
this pdf summary from the City's web site.
The owner wants to condo the building, but the reason for rejecting the grant is that "the assessed value and municipal taxes will not be positively influenced following conservation".
The criteria for the grants are to increase assessed values, and "be used primarily for vacant or underutilized heritage buildings" However, looking at the list of grants, very few were used in that capacity. Buildings like Roslyn Court qualified for grants, and it is hardly "underutilized".
Anyway, seems to be not a very forward-looking decision. Supporting conservation on the periphery of the established Exchange area would be a good thing.