Item - 2025.EP18.12

The Board of Governors of Exhibition Place:  

1. Subject to obtaining the necessary City of Toronto authorization, approved an agreement with Astral Media Outdoor, L.P. (a Division of Bell Media) substantially on the terms and conditions set out in Appendix B to the report (September 8, 2025) from the Chief Executive Officer, Exhibition Place and in Confidential Attachment 1 to the report (September 8, 2025) from the Chief Executive Officer, Exhibition Place, and such other and amended terms and conditions as may be satisfactory to the Chief Executive Officer 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 to work with the Deputy City Manager, Corporate Services, to seek necessary City approval for the New Agreement set out in Recommendation 1.

3. Directed that the confidential information contained in Confidential Attachment 1 to the report (September 8, 2025) from the Chief Executive Officer, Exhibition Place remain confidential as this report contains financial information that belongs to the Board of Governors of Exhibition Place and has monetary value or potential monetary value.

This report recommends that the Board enter into an agreement with Astral Media Outdoor, L.P. ("Astral"), a Division of Bell Media, for the operation of an existing outdoor digital billboard sign (the "Sign") located at 2 Strachan Avenue just south of the Gardiner Expressway, for a term of four years, two months and fifteen days, on the terms and conditions set out herein.

The current agreement for the Sign between the Board and Astral, dated July 1, 2010, as previously assigned and amended (the "Existing Agreement"), expired June 30, 2025. Astral submitted a proposal in May 2025 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 on the same terms and conditions as the Existing Agreement, except where amended as outlined in Appendix B and Confidential Attachment 1 to this report. The proposed New Agreement will provide a significant source of revenue over its term.

Staff from Exhibition Place and CREM have been in discussions and negotiations with Astral since May 2025. Given the specialized nature of the billboard sign industry, CREM engaged its internal valuation group to assist with the fair value negotiations with Astral. The proposed fees and other major terms and conditions of the New Agreement are considered to be fair, reasonable, and reflective of market rates.