Item - 2024.GG13.15

The General Government Committee recommends that:

1. City Council authorize the Executive Director, Corporate Real Estate Management, or their designate, to enter into two 21-year-less-a-day lease agreements with the City of Markham (the "Lease Agreements"), substantially on the terms and conditions outlined in Appendix A to the report (May 15, 2024) from the Executive Director, Corporate Real Estate Management, and such other and amended terms acceptable to the Executive Director, Corporate Real Estate Management, or their designate, from time to time, and in a form acceptable to the City Solicitor.

2. City Council authorize that the Director, Transaction Services, Corporate Real Estate Management, or their designate, shall administer and manage the agreements on behalf of the City of Toronto, including the execution and delivery of any consents, amendments, approvals, waivers, and notices, including notices of termination, provided that the Director, Transaction Services, Corporate Real Estate Management may, at any time, refer consideration of any such matters to City Council for its determination and direction.

The purpose of this report is to obtain City Council authority for the City of Toronto (the "Landlord" or the "City") to enter into two 21-year-less-a-day lease agreements with the City of Markham (the "Tenant" or "Markham") to permit the continued use of surface lands at 8127 Bayview Avenue, Markham, Ontario (the "Bayview Reservoir") and 4375 Fourteenth Avenue, Markham, Ontario (the "Milliken Mills Reservoir") as parkland, a parking lot and operating a metering chamber by the Tenant.

Bayview Reservoir and Milliken Mills Reservoir are owned by the City of Toronto and operated by Toronto Water as treated water reservoirs, serving the middle and eastern portions of Toronto and the York Region.