Item - 2021.GL24.14

The General Government and Licensing Committee recommends that:

1. City Council authorize the registration of a release, by the City, of the restrictive covenants contained in Instrument Number TB914916 registered against title to the lands owned by PSPIB Downsview Investments Incorporated, legally described as the whole of PIN 10233-1743(LT), in exchange for the registration of a release by PSPIB Downsview Investments Incorporated of the restrictive covenants contained in Instrument Number TB433886 registered against title to the Downsview East Lands owned by the City and legally described as the whole of PIN 10213-0291(LT), all on such terms as may be acceptable to the Executive Director, Corporate Real Estate Management, and in a form satisfactory to the City Solicitor.

2. City Council authorize the release of the easement contained in Instrument Number TB914916 in favour of the City which is registered against the entirety of the lands owned by PSPIB Downsview Investments Incorporated, in exchange for a grant in favour of the City of are placement easement over that portion of the lands owned by PSPIB Downsview Investments Incorporated described as Parts 1 and 2 on the Draft Reference Plan attached as Attachment B to the report (June 15, 2021) Executive Director, Corporate Real Estate Management, all on such terms as may be acceptable to the Executive Director, Corporate Real Estate Management, and in a form satisfactory to the City Solicitor.

3. City Council authorize each of the Executive Director, Corporate Real Estate Management, and the Director, Transaction Services, Corporate Real Estate Management, to execute the release of the restrictive covenant benefitting the City, the release of the current easement in favour of the City and the receipt of a grant of a replacement easement in favour of the City including any reasonably necessary ancillary agreements and documents on behalf of the City.

4. City Council authorize the Executive Director, Corporate Real Estate Management, to administer and manage the transactions concerning the release of the restrictive covenant benefitting the City, the release of current easement in favour of the City and the receipt of a grant of a replacement easement in favour of the City, including the provisions of any consents, approvals, waivers and notices provided that they may, at any time, refer consideration of any such matters (including their content) to City Council for its consideration and direction.

The purpose of this report is to seek City Council authorization for (i) a mutual release by the City of Toronto (the "City") and PSPIB Downsview Investments Inc. of restrictive covenants which benefit and encumber each other's lands; and (ii) a release of an easement in favour of the City currently registered against the entirety of the lands of PSPIB Downsview Investments Inc. in exchange for a new easement which will encumber only that portion of the PSPIB Downsview Investments Inc. land that is necessary to ensure access by the City.