Item - 2020.GL14.12

The General Government and Licensing Committee recommends that:  

1. City Council authorize the City of Toronto (the "City") to acquire from Toronto Port Lands Company approximately 63,000 square metres of land within the future boundaries of River Park North and River Park South, to be constructed by Waterfront Toronto as part of the Port Lands Flood Protection Project, shown as Parts 1, 2, 5, 6, 8, 9, 10, 13, 14, 15, 16, 17 and 18 on the sketch attached as Appendix A (the "TPLC  Lands") to the report (June 19, 2020) from the Executive Director, Corporate Real Estate Management, for nominal consideration, prior to environmental remediation of the Toronto Port Lands Company Lands and filing of Records of Site Condition ("RSCs"), and on other terms and conditions acceptable to the Director, Transaction Services, in consultation with the Director, Waterfront Secretariat, and in a form satisfactory to the City Solicitor.

2. City Council authorize the City to grant a licence to Waterfront Toronto for up to a five (5) year term, to enter onto the Toronto Port Lands Company Lands and the lands shown as Parts 3, 4, 7, 11 and 12 on the sketch attached as Appendix A (collectively, the "Park Lands") to the report (June 19, 2020) from the Executive Director, Corporate Real Estate Management, once owned by the City, to conduct due diligence investigations, complete all environmental work necessary in connection with the filing of Records of Site Conditions, and construct River Park North and River Park South and other infrastructure required for the Port Lands Flood Protection Project, for nominal consideration and on other terms and conditions acceptable to the Director, Transaction Services, in consultation with the Director, Waterfront Secretariat, and in a form satisfactory to the City Solicitor.

3. City Council authorize the Executive Director, Corporate Real Estate Management, or their designate, solely in their capacity as land owner, to submit all brownfield redevelopment documents under the Environmental Protection Act, including Pre-Submission Forms and Records of Site Conditions, required to implement the Port Lands Flood Protection Project on the Park Lands once owned by the City, subject to the  resolution of the City's peer review comments of  associated environmental reports and any proposed conditions for the Certificate of Property Use being satisfactory to the Chief Engineer and Executive Director, Engineering and Construction Services, and the General Manager, Parks, Forestry and Recreation.

4. City Council authorize the Executive Director, Corporate Real Estate Management, or their designate to consent, solely in their capacity as land owner, to the submission by Waterfront Toronto of applications and documents required in connection with any regulatory approvals in respect of the Park Lands once owned by the City.

5. City Council severally authorize each of the Executive Director, Corporate Real Estate Management and the Director, Transaction Services to execute the agreements necessary to implement the transactions contemplated in Recommendations 1 and 2 above, and any ancillary agreements and documents, and the documentation contemplated in Recommendations 3 and 4 above, on behalf of the City.

The purpose of this report is to seek City Council authority to acquire lands from the Toronto Economic Development Corporation, carrying on business as the Toronto Port Lands Company ("TPLC"), that will become River Park North and River Park South at the completion of the Port Lands Flood Protection Project ("PLFPP"). Staff are recommending early acquisition of the lands, for nominal consideration, and prior to the completion of environmental remediation, in order to facilitate environmental approvals from the Ontario Ministry of the Environment, Conservation and Parks ("MECP").  Transferring the subject lands at this time will simplify the environmental approvals process and is estimated to result in savings of approximately $0.50M to $0.75M.