Item - 2023.GG6.20

The General Government Committee recommends that:

1. City Council authorize the Executive Director, Corporate Real Estate Management to execute an amendment to the Property Management Agreement dated January 4, 1995 between the City of Toronto and Toronto Port Lands Company as previously amended December 31, 2017, in substantially the form of the amending agreement annexed to this report, with such changes or additional provisions that the Executive Director, Corporate Real Estate Management considers necessary or desirable, and in a form approved by the City Solicitor. 

The purpose of this report is to seek Council authority for the City to enter into an amending agreement (the "Amending Agreement") with the Toronto Port Lands Company ("TPLC") to amend the existing property management agreement (the "Property Management Agreement") entered into on January 4, 1995 as directed by Council, and subsequent extension agreement entered into on July 4, 2017 (the "2017 Extension Agreement"), renewing the Property Management Agreement for an additional five years. The Property Management Agreement authorizes Toronto Port Lands Company to manage certain properties designated as industrial development that the City had acquired from the Toronto Harbour Commissioners.

The Amending Agreement extends the Property Management Agreement for an additional period of 20 years and reflects and confirms the extent of any real property interests of the City in the properties municipally known as 300 Commissioners Street and 11 and 11R Small Street. 300 Commissioners and 11 and 11R Small Street have been managed by Toronto Port Lands Company pursuant to the Property Management Agreement or otherwise at the direction of the City in accordance with the Property Management Agreement.

The Amending Agreement also adds the property municipally known as 160 Commissioners Street, formerly part of the Lower Don Trail, which was maintained by the City. The Lower Don Trail will be moved to the west side of Don Roadway as part of the Port Lands Flood Protection work. CreateTO will lead the redevelopment of these and the adjoining lands as part of the McCleary District project in the future.