Item - 2021.GL23.5

The General Government and Licensing Committee recommends that:  

1. City Council approve the amendments to the new lease (the "New Lease") between the City of Toronto, as landlord (the "Landlord"), Liberty Grand Entertainment Complex Incorporated (the "Tenant"), and the Board of Governors of Exhibition Place, substantially on the terms and conditions set out in Appendix A and Confidential Attachment 1 to the report (May 12, 2021) from the Deputy City Manager, Corporate Services and the Chief Executive Officer, Exhibition Place, and such other terms and conditions deemed appropriate by the Deputy City Manager, Corporate Services and the Chief Executive Officer, Exhibition Place, and in a form satisfactory to the City Solicitor.

2. City Council direct that Confidential Attachment 1 to the report (May 12, 2021) from the Deputy City Manager, Corporate Services and the Chief Executive Officer, Exhibition Place remain confidential in its entirety and not be released publicly as it pertains a proposed or pending acquisition or disposition of land by the City of Toronto and the Board of Governors of Exhibition Place.

The Board of Governors of Exhibition Place (the "Board") and the 1309320 Ontario Inc. ("1309320") entered into a lease dated December 7, 2000, for premises known as the Ontario Government Building and certain adjacent lands (the "Leased Property"), which lease was subsequently assigned, with the Board's consent, by 1309320 to Liberty Grand Entertainment Complex Inc. (the "Tenant") (such lease, as assigned, is hereinafter the "Existing Lease"). The term of the Existing Lease was twenty (20) years, commencing on January 1, 2001 and expiring on December 31, 2020 (the "Existing Term").

The Tenant requested an extension of the Existing Lease or a new lease for a further twenty (20) year term, commencing January 1, 2021 to December 31, 2040. The New Lease was approved by the Board by its adoption of Item EP8.13 at its meeting of December 19, 2019, and by Council by its adoption of Item GL12.12 at its meeting of June 29 and 30, 2020.

The Tenant, on January 21, 2021, wrote to the Chief Executive Officer, Exhibition Place requesting certain amendments to the New Lease. These amendments were approved by the Board, subject to obtaining Council approval, by adoption of Item EP17.2 at its meeting of April 15, 2021.

This report recommends that City Council approve the requested amendments to the New Lease on the terms and conditions provided in this report (Appendix A and Confidential Attachment 1).