Item - 2025.TTC2.5

The Toronto Transit Commission:

1. Authorized staff to negotiate and enter into, or request the City enter into, the six following amending agreements to the existing leases for Canada Square subject to the terms outlined in this report, in a form acceptable to the TTC’s General Counsel:

a. Phase I Lease Amendment
b. Phase II Lease Amendment
c. Phase III Lease Amendment
d. Boiler Room Lease Amendment
e. Steam Room Lease Amendment
f. Commencement Agreement Amendment.

2. In accordance with Chapter 279 of the City of Toronto’s Municipal Code, forwarded this report for approval from the City of Toronto.

3. Requested the TTC CEO to consult with the local Councillor and Executive Director, Development Review, City of Toronto, on the redevelopment plan for the podium space connecting 2180 and 2200 Yonge.

The purpose of this report is to update the TTC Board on the redevelopment plans by Oxford Properties Group and CT REIT (the Tenants) for the TTC’s lands located at the southwest corner of Yonge Street and Eglinton Avenue (Canada Square), and to obtain the TTC Board’s approval to amend the existing lease agreements to permit part of the redevelopment to be implemented.

Following the Board’s approval authorization, the next step will be for staff to negotiate, finalize, and sign the subject amending agreements.