Item - 2023.EP5.7

The Board of Governors of Exhibition Place:

1. Subject to obtaining the necessary authorization from City Council, approved an agreement with Astral Media Outdoor L.P. (a Division of Bell Media) substantially on the terms and conditions set out in this report and in Confidential Attachment 1 to the report (August 31, 2023) from the Chief Executive Officer, Exhibition Place, and such other and amended terms and conditions as may be satisfactory to the Chief Executive Officer, Exhibition Place and Deputy City Manager, Corporate Services, or their designate, and in a form satisfactory to the City Solicitor (the "New Agreement").

2. Directed the Chief Executive Officer, Exhibition Place to work with the Deputy City Manager, Corporate Services, to seek City Council's approval for the New Agreement set out in Recommendation 1.

3. Directed that the confidential information contained in Confidential Attachment 1 to the report (August 31, 2023) from the Chief Executive Officer, Exhibition Place remain confidential, as it contains financial information that belongs to the Board of Governors of Exhibition Place and has monetary value or potential monetary value.

This report recommends the Board enter a 10-year agreement with a 10-year renewal option, with Astral Media Outdoor, L.P. ("Astral"), a Division of Bell Media, for the operation of an existing outdoor digital billboard sign located at Parking Lot 854 on the south side of the Gardiner Expressway near Dufferin Street next to the Administration Building (formerly Press Building).

The current 15-year agreement with Astral is set to expire on December 31, 2023. Astral wrote in May 2023 and met with staff from both Exhibition Place and City Corporate Real Estate Management ("CREM") to indicate its desire to continue its relationship with Exhibition Place and subsequently provided a financial proposal and terms. The outdoor sign is already established at its current location and will provide a consistent important source of revenue stream over the term of the New Agreement.

Staff from Exhibition Place and CREM have been in discussions and negotiations with Astral since May 2023. Given the specialized nature of the billboard industry, CREM engaged an industry consultant, Robson Associates Inc., to provide expert advice and assist with negotiations. This report recommends that the Board approve the terms and conditions that are reflected in this report, subject to the necessary City of Toronto authorization.