Item - 2025.EX20.6
Tracking Status
- City Council adopted this item on February 5, 2025 without amendments and without debate.
- This item was considered by Executive Committee on January 28, 2025 and was adopted with amendments. It will be considered by City Council on February 5, 2025.
EX20.6 - Renewing the City's Partnership with Toronto Global
- Decision Type:
- ACTION
- Status:
- Adopted on Consent
- Wards:
- All
City Council Decision
City Council on February 5, 2025, adopted the following:
1. City Council approve the City of Toronto’s continued participation in Toronto Global, inclusive of:
a. annual funding of $2.3 million (2025), $2.4 million (2026) and $2.5 million (2027), for a total of $7.2 million over three years, for the period beginning April 1, 2025 and ending March 31, 2028, subject to the execution of a three-year Funding Agreement with Toronto Global; and
b. a minimum of three City of Toronto representatives on the Board of Directors of Toronto Global, including the Mayor of Toronto or designate appointed by the Mayor, the General Manager, Economic Development and Culture or designate, and a third (and any additional) public member appointed by City Council.
2. City Council authorize the General Manager, Economic Development and Culture to negotiate and execute a Funding Agreement with the Greater Toronto Area Region Investment Attraction (operating as Toronto Global) in accordance with Part 1 above, and on such terms and conditions as are satisfactory to the City Manager and the Chief Financial Officer and Treasurer, and in a form approved by the City Solicitor.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2025/ex/bgrd/backgroundfile-252199.pdf
EX20.6 - Renewing the City's Partnership with Toronto Global
- Decision Type:
- ACTION
- Status:
- Amended
- Wards:
- All
Committee Recommendations
The Executive Committee recommends that:
1. City Council approve the City of Toronto’s continued participation in Toronto Global, inclusive of:
a. annual funding of $2.3 million (2025), $2.4 million (2026) and $2.5 million (2027), for a total of $7.2 million over three years, for the period beginning April 1, 2025 and ending March 31, 2028, subject to the execution of a three-year Funding Agreement with Toronto Global; and
b. a minimum of three City of Toronto representatives on the Board of Directors of Toronto Global, including the Mayor of Toronto or designate appointed by the Mayor, the General Manager, Economic Development and Culture or designate, and a third (and any additional) public member appointed by City Council.
2. City Council authorize the General Manager, Economic Development and Culture to negotiate and execute a Funding Agreement with the Greater Toronto Area Region Investment Attraction (operating as Toronto Global) in accordance with Recommendation 1 above, and on such terms and conditions as are satisfactory to the City Manager and the Chief Financial Officer and Treasurer, and in a form approved by the City Solicitor.
Origin
Summary
Since its inception, Toronto Global has assisted in attracting approximately 280 new investment initiatives to the Greater Toronto Area, including the city of Toronto. These investment projects have generated approximately 17,000 direct jobs, created an additional 8,000 indirect jobs, and induced another 9,000 jobs, bringing the total to approximately 33,000 jobs within the Greater Toronto Area. Together, these investment projects accounted for approximately $3.8 billion in capital investment. A significant amount of these investment projects (74%) landed within the city of Toronto.
At its meeting on April 6, 2022, City Council adopted a recommended three-year revised funding agreement with the Greater Toronto Area Region Investment Attraction organization (operating as Toronto Global) ending on March 31, 2025.
Subject to continued funding contributions for Toronto Global from the governments of Ontario and Canada at no less than current levels, this report recommends that the City of Toronto renew its funding agreement with Toronto Global to strengthen collaboration and expand marketing efforts, in alignment with the Council-approved Action Plan for Toronto's Economy, for an additional three-year period ending March 31, 2028, at the following funding levels: $2.3 million (2025), $2.4 million (2026), and $2.5 million (2027), for a total of $7.2 million over 3 years.
Background Information
https://www.toronto.ca/legdocs/mmis/2025/ex/bgrd/backgroundfile-252199.pdf
Motions
That the Executive Committee amend Recommendation 1.b. by adding the words "or designate" after the word "Culture" so that it now reads:
1.b. a minimum of three City of Toronto representatives on the Board of Directors of Toronto Global, including the Mayor of Toronto or designate appointed by the Mayor, the General Manager, Economic Development and Culture or designate, and a third (and any additional) public member appointed by City Council.