Item - 2025.EP16.15

The Board of Governors of Exhibition Place:  

1. Subject to obtaining the necessary City of Toronto authorization, approved a new lease (the "Lease") between the City of Toronto, as landlord (the "City"), Maple Leaf Sports & Entertainment Partnership, as tenant, and the Board, for a term of ten (10) years and eleven (11) months commencing August 1, 2024 and ending June 30, 2035, with an option to extend the term for a further ten (10) years expiring June 30, 2045, contingent on the tenant exercising its corresponding option to extend the sublease of the premises at the Coca Cola Coliseum, for the premises set out in Appendix "B" and substantially on the terms and conditions set out in Appendix "A" and Confidential Attachment 1 to the report (April 10, 2025) from the Chief Executive Officer, Exhibition Place, and such other and amended terms and conditions deemed appropriate by the City's approving authority and the Chief Executive Officer, 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 the confidential information contained in Confidential Attachment 1 to the report (April 10, 2025) from the Chief Executive Officer, Exhibition Place, remain confidential, as this report deals with a proposed or pending acquisition or disposition of land by the City and the Board.

The Board considered the following items together: EP16.15 headed “Lease of West Annex Office Space”; and EP16.16 headed “License Agreement West Annex Team Space”.

By a lease dated July 6, 2013 between the Board, as landlord, and Maple Leaf Sports & Entertainment Partnership (the "Tenant"), as extended by a Lease Extension Agreement dated July 1, 2017, the Tenant has occupied certain office premises on the second floor of the West Annex of the Enercare Centre. This lease is currently in overhold.

This report recommends that, subject to obtaining the necessary City approvals, The Board of Governors of Exhibition Place (the "Board") enter a new ten (10) year and eleven (11) month lease for the above premises with the City of Toronto, as landlord, and the Tenant, commencing August 1, 2024, and ending on June 30, 2035 (the "Lease"). The Lease will be coterminous with the sublease between BPC Coliseum Inc. and the Tenant dated June 16, 2005, as amended and extended by a Sublease Extension and Amending Agreement dated July 1, 2025 (collectively, the "Sublease"), and consented to by the City and the Board, as head landlord.

The Lease will contain an option to extend the term for a further ten (10) years, to June 30, 2045, contingent upon the Tenant exercising its corresponding option to extend the Sublease and will be substantially on the terms and conditions in Appendix A.