Item - 2023.EP3.5
Tracking Status
- This item was considered by Exhibition Place on April 4, 2023 and was adopted without amendment.
EP3.5 - Metrolinx Lease
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
Confidential Attachment - a proposed or pending acquisition or disposition of land by the City and the Board.
Board Decision
The Board of Governors of Exhibition Place:
1. Subject to obtaining the necessary City of Toronto approval, approved a lease (the "Lease") between the City of Toronto, (the "City"), as landlord, Metrolinx, as tenant, and the Board, for a term of five (5) years commencing May 6, 2023, and ending May 5, 2028, with an option to extend for a period of six (6) months, substantially on the terms and conditions set out in Appendix "A" and Confidential Attachment 1, to the report (March 21, 2023) from the Chief Executive Officer, Exhibition Place and such other and amended terms and conditions deemed appropriate by the Deputy City Manager, Corporate Services (the "DCM"), the Chief Executive Officer of Exhibition Place (the "CEO"), and in a form satisfactory to the City Solicitor.
2. Authorized the Chief Executive Officer to request the necessary City authorities to approve and enter into the Lease.
3. Directed that Confidential Attachment 1 to the report (March 21, 2023) from the Chief Executive Officer, Exhibition Place remain confidential in its entirety and not be released publicly as it pertains to a proposed or pending acquisition or disposition of land by the City and the Board.
Origin
Summary
Exhibition Place and City Real Estate staff met with Metrolinx facilities management staff in early October 2022 at their request to tour three potential sites for leasing of office space to align with their transit station completion date for the Ontario Line.
Staff from Exhibition Place and City Corporate Real Estate Management ("CREM") has since worked with Metrolinx to negotiate terms and conditions for a new lease for a term of five (5) years to commence on May 6, 2023 and ending on May 5, 2028 with one option to extend for a period of six (6) months and otherwise on the terms and conditions set out in this report (Appendix A).
This report is recommending that, subject to obtaining the necessary City of Toronto authorization, the Board approve entering into a new lease with Metrolinx, on the terms and conditions provided in this report.
Background Information
https://www.toronto.ca/legdocs/mmis/2023/ep/bgrd/backgroundfile-235117.pdf
Appendix A - Main Terms and Conditions
https://www.toronto.ca/legdocs/mmis/2023/ep/bgrd/backgroundfile-235118.pdf
Confidential Attachment 1 - Financial Analysis and Information
Motions
Vote (Adopt Item) Apr-04-2023
Result: Carried | Majority Required |
---|---|
Total members that voted Yes: 7 | Members that voted Yes are Sharleen Ahmed, Paul Ainslie, Gary Crawford (Chair), Peter Leon, Ausma Malik, Anthony Perruzza, Tess Romain |
Total members that voted No: 0 | Members that voted No are |
Total members that were Absent: 2 | Members that were absent are Howard Lichtman, Nick Mantas |
Declared Interests
Howard Lichtman - My agency Ethnicity Matters is the multi-cultural agency of record for MetroLinx.
Written Declaration: https://secure.toronto.ca/council/declared-interest-file.do?id=11417