Item - 2021.RA22.14

The Board of Directors of CreateTO:

1.  Confirmed its actions taken in closed session in issuing instructions.

2.  Authorized the public release of the information in Confidential Attachment 1 to the report (April 26, 2021) from the Chief Executive Officer, CreateTO following completion of the transactions contemplated in this report, and at the discretion of the Chief Executive Officer, CreateTO.

The Board of Directors of CreateTO recessed its public session to meet in closed session to consider the item as it pertains to a proposed or pending disposition of land by the City, and a position, plan, procedure, criteria or instruction to be applied to negotiations carried on or to be carried on by or on behalf of the City and CreateTO.

The purpose of this report is to report back to the Board of CreateTO with certain supplemental information related to the proposed lease terms negotiated between staff of CreateTO and QuadReal Property Group Limited Partnership ("QuadReal") and Barney River Investments Limited ("Barney River"), the managers acting on behalf for the tenant, in connection with a proposed long-term lease renewal/new lease agreement (“Lease Extension”) to permit redevelopment of the City-owned property at 11 Bay Street (the "Subject Property"). QuadReal and Barney River have proposed a complete redevelopment of the Subject Property which will result in a new office tower and rebuilt convention centre at grade. 

At its meeting on January 11, 2021, the CreateTO Board considered an initial report (the “Initial Report”) on the proposed Lease Extension, and invited Staff to conduct further due diligence on the background to the Tenant’s proposal. At its meeting on March 8, 2021, the CreateTO Board and invited Staff to return to the May 11 Board meeting with certain supplemental information relating to the proposed transaction.

This Report contains the supplemental information requested by the Board at its March 8 meeting.