Item - 2022.EP23.3

The Board of Governors of Exhibition Place:  

1.  Subject to City Council approval, approved an amendment to the Amended and Restated Master Agreement with the CNEA and the City to provide for a one year extension of the First Renewal Term, substantially on the terms and conditions set out in Appendix A to the report (March 22, 2022) from the Chief Executive Officer, Exhibition Place, and such other terms and conditions as may be satisfactory to the City Manager and the Chief Executive Officer, Exhibition Place, and in a form satisfactory to the City Solicitor.

2. Recommends that City Council approve an amendment to the Amended and Restated Master Agreement with the CNEA and the City to provide for a one year extension of the First Renewal Term, substantially on the terms and conditions set out in Appendix A to the report (March 22, 2022) from the Chief Executive Officer, Exhibition Place, and such other terms and conditions as may be satisfactory to the City Manager and the Chief Executive Officer, Exhibition Place, and in a form satisfactory to the City Solicitor.

This report recommends, subject to obtaining the necessary City of Toronto authorization, that the Board approve amendments to the Amended and Restated Master Agreement dated April 1, 2017 (“Master Agreement") between the Board, the City and the Canadian National Exhibition Association to provide for a one (1) year extension to the First Renewal Term, commencing April 1, 2022 and expiring March 31, 2023. The parties will then proceed to negotiate the terms of the Second Renewal Term, to commence April 1, 2023.

The substantial terms and conditions of the proposed extension are set out in Appendix A to this report.