Item - 2024.PA11.10

Tracking Status

This item was considered by Toronto Parking Authority on October 18, 2024 and was adopted without amendment.

PA11.10 - Litigation Update Regarding Option to Purchase Retail Component of Development at 935 Eglinton Avenue West (Car Park 655)

Decision Type:: ACTION

Status:: Adopted

Ward:: 12 - Toronto - St. Paul's

Confidential Attachment - Litigation involving Toronto Parking Authority and contains advice that is subject to solicitor-client privilege.

Board Decision

The Board of Directors of Toronto Parking Authority:

1. Directed that Confidential Attachment 1 to the report (October 4, 2024) from the President, Toronto Parking Authority and the City Solicitor remain confidential in its entirety, as it contains advice which is subject to solicitor-client privilege.

Origin

(October 4, 2024) Report from the President, Toronto Parking Authority and the City Solicitor

Summary

This is a report on the status of the legal action (the "Action") commenced by Toronto Parking Authority on January 21, 2019 against BSaR (Eglinton) Ltd., BSaR (Eglinton) LP, and BSaR's principals, Tarek Sobhi, and Tyler Hershberg (all together referred to as BSaR). In the legal action, Toronto Parking Authority is claiming damages in the amount of $7.0 million for breach of the terms of an Agreement of Purchase and Sale (APS) between BSAR and the Toronto Parking Authority that provided Toronto Parking Authority an option to purchase the retail unit (Retail Component) of a joint venture development at 935 Eglinton Avenue West (the Property).

Background Information

(October 4, 2024) Report from the President, Toronto Parking Authority and the City Solicitor on Litigation Update Regarding Option to Purchase Retail Component of Development at 935 Eglinton Avenue West (Car Park 655)
https://www.toronto.ca/legdocs/mmis/2024/pa/bgrd/backgroundfile-249359.pdf
Confidential Attachment 1 - Litigation Update Regarding Option to Purchase Retail Component of Development at 935 Eglington Avenue West (Car Park 655)

Motions

Motion to Adopt Item moved by Ruth Uy (Carried)

Vote (Adopt Item) Oct-18-2024

Result: Carried	Majority Required
Total members that voted Yes: 4	Members that voted Yes are Paula Fletcher, Zeshan Khan, Ruth Uy, Namby Vithiananthan
Total members that voted No: 0	Members that voted No are
Total members that were Absent: 3	Members that were absent are Brad Bradford, Maureen Farrow, Hartley Lefton (Chair)

Declared Interests

The following member(s) declared an interest:

Hartley Lefton - Members of the promotional partner have acted for the counterparty in unrelated matters.
Written Declaration: https://secure.toronto.ca/council/declared-interest-file.do?id=12180