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)
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
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
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
https://www.toronto.ca/legdocs/mmis/2008/ex/bgrd/backgroundfile-10413.pdf