Item - 2022.EC30.1

The Interim General Manager, Economic Development and Culture, recommends that:  

1. The Economic and Community Development Committee approve the allocation of $100,000 from the Toronto Significant Events Investment Program to Just for Laughs 2022, pending the execution of a funding agreement between the Economic Development and Culture Division and Just For Laughs Toronto, an incorporated not-for-profit art cultural organization, that outlines all terms and conditions for the use of said funds.

The City of Toronto's Toronto Significant Events Investment Program, administered by the Economic Development and Culture Division, supports major events that have the ability to make a significant contribution to the economic and cultural vitality of the city. Just for Laughs Toronto submitted an application to Toronto Significant Events Investment Program, which has been reviewed by Economic Development and Culture staff, followed by a Peer Review Panel evaluation. The application has been determined eligible per the Toronto Significant Events Investment Program program criteria, being recommended for funding in the amount of $100,000 for costs related to organizing Just for Laughs' inaugural street festival in Toronto in 2022. The anticipated benefits and funding accountability measures are outlined in this report.

Applications to the program were reviewed for eligibility and completeness by Economic Development and Culture staff and then evaluated by a Peer Review Panel against the Strategic Hosting and Bidding Principles and Funding Priorities, as adopted by City Council in 2016. Special events approved for Toronto Significant Events Investment Program funding are subject to a signed agreement that includes performance expectations and reporting requirements.

The Toronto Significant Event Investment Program has a yearly budget of $0.750 million gross and $0.500 million net which is included in the 2022 Approved Operating Budget for Economic Development and Culture. Funding for the Toronto Significant Events Investment Program comes from property taxes as well as the Major Special Events Reserve Fund to provide eligible applicant organizations with financial assistance in order to support significant special events across the city. Funding for all special events approved under the Toronto Significant Events Investment Program will be drawn from this annual budget for 2022.

This report recommends the allocation of $100,000 to Just for Laughs 2022 for costs associated with organizing the inaugural street festival in Toronto. Funding is included in the 2022 Approved Operating Budget for Economic Development and Culture as part of the Toronto Significant Events Investment Program. 

The Chief Financial Officer and Treasurer has reviewed this report and agrees with the information as presented in the Financial Impact Section.