Item - 2017.MM35.42

Tracking Status

  • City Council adopted this item on December 5, 2017 without amendments.

MM35.42 - Purchase of 915 and 945 Lake Shore Boulevard East (Showline Studios) by the Toronto Port Lands Company and Sale of 675 Commissioners Street by the Toronto Port Lands Company - by Councillor Paula Fletcher, seconded by Councillor Norman Kelly

Decision Type:
ACTION
Status:
Adopted
Ward:
30 - Toronto-Danforth

City Council Decision

City Council on December 5, 6, 7 and 8, 2017, adopted the following:

 

1. City Council approve the transaction terms proposed by the Toronto Port Lands Company for the purchase of the Showline Property from Canada Post, and the sale by the Toronto Port Lands Company to Canada Post of the Toronto Port Lands Company Property, substantially in the form set out in Appendix "A" and Confidential Attachment 1 to the report (December 7, 2017) from the Deputy City Manager, Internal Corporate Services and the Interim Chief Financial Officer, and such other and amended terms as may be acceptable to the Chief Executive Officer, Toronto Port Lands Company and the Deputy City Manager, Internal Corporate Services, or his or her designate.

  

2. City Council authorize a loan to the Toronto Port Lands Company for the acquisition of the Showline Property to supplement the Toronto Port Lands Company’s equity contribution, in an amount set out in Confidential Attachment 1 to the report (December 7, 2017) from the Deputy City Manager, Internal Corporate Services and the Interim Chief Financial Officer; the said loan is to be repaid with all net income from the Showline Property and other Toronto Port Lands Company revenues, if required, and shall be on terms and conditions satisfactory to the Deputy City Manager, Internal Corporate Services and the Interim Chief Financial Officer, and in form satisfactory to the City Solicitor; and City Council considers the loan to be in the interest of the City.

 

3. City Council authorize the Chief Executive Officer, Toronto Port Lands Company to execute any agreements, transfers, consents and any other documents  required to complete the transactions on the terms set out in the report (December 7, 2017) from the Deputy City Manager, Internal Corporate Services and the Interim Chief Financial Officer.

 

4. City Council authorize the Interim Chief Financial Officer or designate to execute all agreements, documents and instruments necessary to implement the loan to the Toronto Port Lands Company referred to in Part 2 above.

 

5. City Council severally authorize the Deputy City Manager, Internal Corporate Services and the Director of Real Estate Services, or their respective designates, to execute the Non-Disclosure Agreement referred to in Appendix A to the report (December 7, 2017) from the Deputy City Manager, Internal Corporate Services and the Interim Chief Financial Officer, and any other agreements, documents and instruments that may be necessary to complete the transactions referred to in Part 1 above.

 

6. City Council authorize the public release of Confidential Attachment 1 to the report (December 7, 2017) from the Deputy City Manager, Internal Corporate Services and the Interim Chief Financial Officer following the closing of the transactions.

 

Confidential Attachment 1 to the report (December 7, 2017) from the Deputy City Manager, Internal Corporate Services and the Interim Chief Financial Officer remains confidential in its entirety at this time in accordance with the provisions of the City of Toronto Act, 2006, as it pertains to a proposed or pending land acquisition or sale of land for municipal or local board purposes.  Confidential Attachment 1 to the report (December 7, 2017) from the Deputy City Manager, Internal Corporate Services and the Interim Chief Financial Officer will be made public following the closing of the transactions.

Confidential Attachment - A proposed or pending acquisition or sale of land for municipal or local board purposes

Background Information (City Council)

Member Motion MM35.42
https://www.toronto.ca/legdocs/mmis/2017/mm/bgrd/backgroundfile-109810.pdf
(December 7, 2017) Report from the Deputy City Manager, Internal Corporate Services and the Interim Chief Financial Officer on the Purchase of 915 and 945 Lake Shore Boulevard East (Showline Studios) by the Toronto Port Lands Company and Sale of 675 Commissioners Street by the Toronto Port Lands Company
https://www.toronto.ca/legdocs/mmis/2017/mm/bgrd/backgroundfile-109811.pdf
Appendix A
https://www.toronto.ca/legdocs/mmis/2017/mm/bgrd/backgroundfile-109835.pdf
Confidential Attachment 1 - made public on September 11, 2018
https://www.toronto.ca/legdocs/mmis/2017/mm/bgrd/backgroundfile-109812.pdf

Motions (City Council)

Motion to Introduce Motion without Notice moved by Councillor Paula Fletcher (Carried)

That Councillor Paula Fletcher be permitted to add to the agenda of today's meeting an urgent Motion without Notice concerning:
 

Purchase of 915 and 945 Lake Shore Boulevard East (Showline Studios) by Toronto Port Lands Company and Sale of 675 Commissioners Street by Toronto Port Lands Company


Reason for Urgency:

 

This Motion is urgent because Canada Post must receive Board approval by December 18, 2017 and the Toronto Port Lands Company has indicated that the transaction is conditional upon obtaining City Council approvals by December 18, 2017.


Motion to Adopt Item (Carried)

Vote (Adopt Item) Dec-07-2017 2:11 PM

Result: Carried Majority Required - MM35.42 - Adopt the item
Total members that voted Yes: 34 Members that voted Yes are Maria Augimeri, Ana Bail„o, Jon Burnside, John Campbell, Christin Carmichael Greb, Shelley Carroll, Gary Crawford, Joe Cressy, Glenn De Baeremaeker, Frank Di Giorgio, Sarah Doucette, Paula Fletcher, Michael Ford, Mary Fragedakis, Jim Hart, Stephen Holyday, Jim Karygiannis, Norman Kelly, Mike Layton, Chin Lee, Giorgio Mammoliti, Josh Matlow, Mary-Margaret McMahon, Joe Mihevc, Frances Nunziata (Chair), Cesar Palacio, James Pasternak, Gord Perks, Jaye Robinson, Neethan Shan, David Shiner, John Tory, Lucy Troisi, Kristyn Wong-Tam
Total members that voted No: 0 Members that voted No are
Total members that were Absent: 11 Members that were absent are Paul Ainslie, Josh Colle, Vincent Crisanti, Janet Davis, Justin J. Di Ciano, John Filion, Mark Grimes, Michelle Holland, Denzil Minnan-Wong, Anthony Perruzza, Michael Thompson
Source: Toronto City Clerk at www.toronto.ca/council