Item - 2022.EX31.6

The Executive Committee recommends that:

1. City Council approve the City of Toronto’s continued participation in Toronto Global, inclusive of:

a. a minimum of two City of Toronto representatives on its Board of Directors, composed of the Mayor of Toronto or designate appointed by the Mayor and a second (and any additional) public member appointed by City Council in accordance with the terms set out in Attachment 1 to the report (March 15, 2022) from the Interim General Manager, Economic Development and Culture; and

b.  annual funding of no less than $2 million, for the period beginning April 1, 2022 and ending March 31, 2025 subject to the execution of a three year funding agreement with Toronto Global (the “Funding Agreement”) which substantially includes the terms set out in Attachment 1 to the report (March 15, 2022) from the Interim General Manager, Economic Development and Culture.

2. City Council authorize the General Manager, Economic Development and Culture and the Deputy City Manager, Community and Social Services to negotiate and execute a Funding Agreement with GTA Region Investment Attraction (operating as Toronto Global) in accordance with Recommendation 1 above and on such terms and conditions as are satisfactory to the City Manager and Chief Financial Officer and Treasurer, and in a form approved by the City Solicitor.

Launched in 2017, GTA Region Investment Attraction (also known as "Toronto Global") is the regional foreign direct investment (FDI) attraction organization representing Toronto, Mississauga, Brampton, Halton, York and Durham. Operating as an independent not-for-profit organization reporting to its own board of directors, Toronto Global receives funding from the governments of Ontario and Canada as well Toronto area municipalities. The current 3-year agreement specifying the financial contribution which municipalities, including the City of Toronto, provides to Toronto Global expires on March 31, 2022.

In its first five years Toronto Global has helped to attract more than 160 new investments to the city and region of Toronto. Together, these investments created nearly 9,000 direct jobs and involved approximately $1.7 billion in capital expenditures. A significant majority of these investments landed in the City of Toronto itself.

Informed by its experience to date, government funder expectations (including with respect to return on investment), and best practices used by FDI attraction organizations in leading international urban centres, Toronto Global has proposed a new governance and financial framework for its relationship with Toronto area municipalities. This new model calls for increased funding from - and direct representation on its Board of Directors for - the City of Toronto, commensurate with Toronto Global's contribution to the city's economic success and its international business engagement and investment attraction needs.

Subject to certain conditions being met, including most notably continued funding contributions for Toronto Global from the governments of Ontario and Canada at no less than current levels, this report recommends an enhanced City funding contribution for Toronto Global for the three year period running from April 2022 through March 2025.

A new municipal governance and funding model for Toronto Global, accompanied by sustained and sufficient funding support from Ontario and Canada, will enable it to make an even stronger contribution to Toronto's economic success in the coming years.