Item - 2019.PA2.3

The Board of Directors of the Toronto Parking Authority:

1.  Authorized the Toronto Parking Authority to enter into an agreement amending the Agreement of Purchase and Sale (the Amending Agreement) with 2206181 Ontario Inc., Queen Street Retail Inc., 2230017 Ontario Inc., Sweeney Holdings Inc., and 2209153 Ontario Inc. to correct a clerical error that resulted in 2230017 Ontario Inc. being incorrectly named as one of the Vendor entities instead of the correct entity 2209153 Ontario Inc., subject to City approval of the Amending Agreement being obtained through the Real Estate Approval Process, as defined in Toronto Municipal Code Chapter 179, Parking Authority.

The Toronto Parking Authority (TPA) entered into a conditional Agreement of Purchase and Sale with 2206181 Ontario Inc., Queen Street Retail Inc., 2230017 Ontario Inc., and Sweeney Holdings Inc. (collectively referred to as the Vendor) dated March 17, 2016 (the APS). The APS provided that the Vendor would construct and complete a below-grade municipal parking garage, containing up to 125 parking spaces, to TPA standards and specifications and convey the garage to the City for use as a TPA garage. The garage would form part of a commercial/retail development project to be constructed at 300-308 Queen Street West, Toronto (the Subject Property).

In June 2016, City Council adopted the recommendations in Item GM12.18, Purchase of Stratified Interest in 300 to 308 Queen Street West, and approved the terms and conditions of the conditional APS.

This report seeks the approval of the Board of Directors of the TPA for TPA to enter into an amending agreement with the Vendor and 2209153 Ontario Inc., in a form satisfactory to the City Solicitor, to correct an error in the name of one of the Vendor entities to the APS, subject to City approval of the Amending Agreement being obtained through the Real Estate Delegated Approval Process.

City Real Estate Services staff concurs with the TPA staff recommendation and will prepare and process the necessary delegated authority approval form to seek City approval. Borden Ladner Gervais (TPA outside counsel) and City Legal Services have been consulted in this matter.