Item - 2008.EX17.14

Tracking Status

  • City Council adopted this item on March 3, 2008 without amendments and without debate.
  • This item will be considered by Executive Committee on February 6, 2008. It will be considered by City Council on March 3, 2008, subject to the actions of the Executive Committee.

EX17.14 - Access and Remediation Agreement to TEDCO Holdings in the Port Lands and East Bayfront for Waterfront Renewal Activities

Decision Type:
ACTION
Status:
Adopted on Consent
Wards:
28 - Toronto Centre-Rosedale, 30 - Toronto-Danforth, 32 - Beaches-East York

City Council Decision

City Council on March 3, 4 and 5, 2008, adopted the following motions:

 

1.         City Council authorize the City, as the sole shareholder of City of Toronto Economic Development Corporation (TEDCO), to make a unanimous shareholder declaration (the Shareholder Declaration) to the board of directors of TEDCO (the Board), and pursuant to that Shareholder Declaration, pass a resolution of the Board (the Resolution) authorizing TEDCO to enter into an access and remediation agreement with the Toronto Waterfront Revitalization Corporation (TWRC) in the form attached as Appendix A to this report, with any amendments being acceptable to the Deputy City Manager whose responsibilities include Waterfront Revitalization and the City Solicitor (the Access and Remediation Agreement).

 

2.         City Council amend the Access and Remediation Agreement to exclude the TEDCO owned former rail spur lands west of Jarvis Street and north of Queens Quay East.

 

3.         City Council authorize the City to provide an indemnity (the Indemnity) in favour of the directors and officers from time to time of TEDCO indemnifying and saving them harmless against any claims that arise out of TEDCO entering into the Access and Remediation Agreement and performing its obligations under that agreement.

 

4.         City Council authorize and direct any officer or director of TEDCO, or the Deputy City Manager and Chief Financial Officer and the City Clerk or any person acting in their capacity, for and in the name of TEDCO, to execute (whether under the corporate seal of TEDCO or otherwise) the Access and Remediation Agreement.

 

5.         City Council authorize the Deputy City Manager and Chief Financial Officer and City Clerk or any person acting in their capacity to execute and deliver the Shareholder Declaration, the Shareholder Resolution and the Indemnity.

 

6.         City Council authorize the Deputy City Manager whose responsibilities include Waterfront Revitalization and the Deputy City Manager and Chief Financial Officer or any person acting in their capacity to execute any other documents or take any other action that may be required to give effect to the forgoing resolutions.

 

7.         City Council authorize and direct the appropriate City officials to take the necessary action to give effect thereto.

Background Information (Committee)

(January 22, 2008) Report and Attachments 1-4 from Deputy City Manager Richard Butts - Access and Remediation Agreement to TEDCO Holdings in the Port Lands and East Bayfront for Waterfront Renewal Activities
https://www.toronto.ca/legdocs/mmis/2008/ex/bgrd/backgroundfile-10413.pdf

EX17.14 - Access and Remediation Agreement to TEDCO Holdings in the Port Lands and East Bayfront for Waterfront Renewal Activities

Consideration Type:
ACTION
Wards:
28 - Toronto Centre-Rosedale, 30 - Toronto-Danforth, 32 - Beaches-East York

Origin

(January 22, 2008) Report from Deputy City Manager Richard Butts

Recommendations

The Deputy City Manager whose responsibilities include Waterfront Revitalization recommends that Council:

 

1.         Authorize the City, as the sole shareholder of City of Toronto Economic Development Corporation (TEDCO), to make a unanimous shareholder declaration (the Shareholder Declaration) to the board of directors of TEDCO (the Board), and pursuant to that Shareholder Declaration, pass a resolution of the Board (the Resolution) authorizing TEDCO to enter into an access and remediation agreement with the Toronto Waterfront Revitalization Corporation (TWRC) in the form attached as Appendix A to this report, with any amendments being acceptable to the Deputy City Manager whose responsibilities include Waterfront Revitalization and the City Solicitor (the Access and Remediation Agreement).

 

2.         Authorize the City to provide an indemnity (the Indemnity) in favour of the directors and officers from time to time of TEDCO indemnifying and saving them harmless against any claims that arise out of TEDCO entering into the Access and Remediation Agreement and performing its obligations under that agreement.

 

3.         Authorize and direct any officer or director of TEDCO, or the Deputy City Manager and Chief Financial Officer and the City Clerk or any person acting in their capacity, for and in the name of TEDCO, to execute (whether under the corporate seal of TEDCO or otherwise) the Access and Remediation Agreement.

 

4.         Authorize the Deputy City Manager and Chief Financial Officer and City Clerk or any person acting in their capacity to execute and deliver the Shareholder Declaration, the Shareholder Resolution and the Indemnity.

 

5.         Authorize the Deputy City Manager whose responsibilities include Waterfront Revitalization and the Deputy City Manager and Chief Financial Officer or any person acting in their capacity to execute any other documents or take any other action that may be required to give effect to the forgoing resolutions.

 

6.         Authorize and direct the appropriate City officials to take the necessary action to give effect thereto.

Summary

The purpose of this report is to seek Council approval of an Access and Remediation Agreement between the City of Toronto Economic Development Corporation (TEDCO) and the Toronto Waterfront Revitalization Corporation (TWRC). The Agreement provides TWRC and parties acting on its behalf with global access to TEDCO holdings in the Port Lands and East Bayfront for the purposes of site and archaeological investigation, site remediation, surveying and other related activities outlined in the Memorandum of Understanding (MOU) between the City of Toronto, TEDCO and the TWRC dated March 31, 2006. As it is expected that most of the lands owned by TEDCO in East Bayfront (excluding the First Waterfront Place lands and some smaller parcels) will be transferred to the City in the near future, the Access and Remediation Agreement will apply only to those smaller parcels that are not being conveyed to the City or that require site investigations prior to their transfer. This report also recommends that the City make a unanimous shareholder declaration to the board of directors of TEDCO, pass a resolution of the board to enter into the Access and Remediation Agreement, and provide a companion indemnity in favour of the directors and officers of TEDCO. TEDCO officials have requested these documents. City staff’s position is that these documents are not required, but staff recognizes that providing these documents will provide comfort to the directors and officers of TEDCO. Site access is to be provided solely for projects identified in the Council-approved Five-Year Business Plan/10-Year Financial Forecast (2007-2016) for Toronto Waterfront Revitalization, updated annually. It is conditional upon the provision by TWRC and third parties acting on its behalf of appropriate insurance and indemnities protecting TEDCO and the City. Streamlining and simplifying the manner in which TWRC and its representatives obtain site access to TEDCO holdings in the Port Lands and East Bayfront will accelerate waterfront renewal by eliminating the need for individual, site-by-site access agreements.

Financial Impact

There is no financial impact to the City or TEDCO as a result of approving this report. The Access and Remediation Agreement, like the MOU, anticipates incremental access to TEDCO holdings (other than TEDCO project lands) in the Port Lands and to any holdings (other than TEDCO project lands) that TEDCO continues to own in East Bayfront so that TEDCO’s use of these lands can continue until lands are required for waterfront revitalization.

 

The Deputy City Manager and Chief Financial Officer has reviewed this report and agrees with the financial impact statement.

Background Information

(January 22, 2008) Report and Attachments 1-4 from Deputy City Manager Richard Butts - Access and Remediation Agreement to TEDCO Holdings in the Port Lands and East Bayfront for Waterfront Renewal Activities
https://www.toronto.ca/legdocs/mmis/2008/ex/bgrd/backgroundfile-10413.pdf
Source: Toronto City Clerk at www.toronto.ca/council