Item - 2021.GL24.8

The General Government and Licensing Committee recommends that:

1. City Council approve an agreement with the Toronto Event Centre Inc. substantially on the terms and conditions set out in Confidential Attachment 1 to the report (June 15, 2021) from the Deputy City Manager, Corporate Services, and the Chief Executive Officer, Exhibition Place, and such other terms and conditions as 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 (the "Agreement").

2. Provided that Toronto Event Centre Inc. is and has been in good standing and full compliance at all times with the terms and conditions of the existing Toronto Event Centre Lease and the Agreement, up to and including the expiry of the Toronto Event Centre Lease on February 15, 2024, City Council approve a new lease (the "New Lease") between the City of Toronto, as landlord, Toronto Event Centre Inc. as tenant, and The Board of Governors of Exhibition Place, for a term of ten (10) years commencing on February 16, 2024, with a tenant's option to extend for a further term of seven (7) years, substantially on the terms and conditions set out in Appendix A and Confidential Attachment 2 to the report (June 15, 2021) from the Deputy City Manager, Corporate Services, and the Chief Executive Officer, Exhibition Place, and such amended or 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.

3. City Council direct that Confidential Attachment 1 and Confidential Attachment 2 to the report (June 15, 2021) from the Deputy City Manager, Corporate Services, and the Chief Executive Officer, Exhibition Place remain confidential in their entirety and not be released publicly as this report is about a position, plan or instruction to be applied to negotiations carried on or to be carried on by or on behalf of the Board and the City.

The Board of Governors of Exhibition Place and Muzik Clubs Inc. entered into a lease dated February 16, 2004, for premises consisting of approximately 37,820 square feet of leasable area, 2,920 square feet of basement space and 86,758 square feet of patio space, in and around the building known as Horticulture Building at Exhibition Place (the "Leased Property"). The lease was subsequently assigned by Muzik to Toronto Event Centre Inc. (the "Tenant") on April 27, 2017, and expires on February 15, 2024 (the "T.E.C. Lease").

This report recommends that City Council ("Council") approve entering into an agreement with the Tenant with respect to the T.E.C. Lease (the "Agreement") as further set out in Confidential Attachment 1, and subject to certain conditions, a new lease agreement with the Tenant (the "New Lease") at the Leased Property for the operation of a typical nightclub, live performance venue and ancillary uses such as banquets and other events, all on the terms and conditions set out in Appendix A and Confidential Attachment 2, as approved by the Board, subject to obtaining the necessary City authorization, by adoption of Item EP17.3 at its meeting of April 15, 2021.