Item - 2019.EX7.11

The Executive Committee recommends that:

1.  City Council, in its capacity as one of the Shareholders of Toronto Pan Am Sports Centre Inc., (the "Corporation"):

a.  adopt and authorize the City Manager to sign the Resolutions of Shareholders attached as Attachment 1 to the report (June 19, 2019) from the City Manager and the Chief Financial Officer and Treasurer on behalf of the City so that:

1.  Financial Statements

City Council receive the audited financial statements of the Corporation for the financial year ended December 31, 2018, including the auditor's report dated March 14, 2019, forming Attachment 4 to this report are received.

2.  Appointment of Auditors

a.  Welch LLP are reappointed as the auditors of the Corporation until the close of the next annual meeting of the shareholders or until their successors are duly appointed; and

b.  the remuneration of the auditors will be fixed by the directors who are hereby authorized to fix that remuneration.

3.  Confirmation of Proceedings

All by-laws, contracts, acts, proceedings, appointments, elections, and payments of any director or officer of the Corporation that were enacted, made, done, or taken since the last annual meeting of the shareholders of the Corporation are approved, ratified, sanctioned, and confirmed.

b.  adopt and authorize the City Manager to sign the Resolution of Shareholders forming Attachment 5 to the report (June 19, 2019) from the City Manager and the Chief Financial Officer and Treasurer:

1.  ratifying and approving the Operating and Capital Budgets of the Corporation attached as Schedule A to Attachment 5 to the report (June 19, 2019) from the City Manager and the Chief Financial Officer and Treasurer; and

2.  authorizing any two directors or officers to carry out the provisions of the resolutions passed by the shareholders of the Corporation.

2.  City Council direct the City Clerk to forward a copy of the "Toronto Pan Am Sports Centre Inc. 2018 Audited Annual Financial Statements", forming Attachment 4 to the report (June 19, 2019) from the City Manager and the Chief Financial Officer and Treasurer, to the Audit Committee for information.

This report transmits materials submitted by the Board of Directors of Toronto Pan Am Sports Centre Inc. to the City. No independent review or analysis has been performed by City staff.

This report contains recommendations for the actions necessary to comply with the requirements of the Business Corporations Act, Ontario for holding the Annual General Meeting of the Shareholders of Toronto Pan Am Sports Centre Inc., including receipt of its Annual Report and Audited Financial Statements for 2018 and appointment of the auditor for 2019.

The purpose of this report is to present two shareholder resolutions for approval by City Council, on behalf of the City in its capacity as one of the two Shareholders of Toronto Pan Am Sports Centre Inc.