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Lakeshore Arena

The Lakeshore Arena Corporation holds the leasehold interest in the Ford Performance Centre facility and manages the various debt obligations associated with the construction of the Arena in order to stabilize and operate the facility until a future direction for the Arena is established by the City.

The Lakeshore Arena Corporation was established by City Council in July 2011Opens in new window, and is incorporated under the Ontario Business Corporations ActOpens in new window, with the City of Toronto as its sole shareholder.

Board responsibilities

The board of directors is responsible for supervising the management of the business and affairs of the corporation, including the following specific activities:

  • stabilizing operations and funding seasonal working capital shortfalls
  • avoiding default and eliminating further increases in debt servicing costs by discharging floating rate debt facilities and assuming the loan on an interim basis
  • identifying options to divest leasehold obligations to an operator with minimal or no loss to the City
  • ensuring City and school board ice time entitlements are maintained
  • developing a strategy and associated business plan for sustainable, long-term operation of the facility for consideration by City Council

Board size and composition

The board consists of 6 members and is composed of:

  • the General Manager of Parks, Forestry and Recreation of the City of Toronto or his or her designate, as chair of the board
  • the Chief Corporate Officer of the City of Toronto or his or her designate
  • the Deputy City Manager and Chief Financial Officer of the City of Toronto or his or her designate
  • a representative of the tenants of the corporation, and approved by the shareholder
  • 2 members of the public

Term of office

The term of office for public members is two years, and members serve until their successors are appointed.

Eligibility

In addition to the general eligibility requirements in the Public Appointments Policy, the OBCA contains specific eligibility requirementsOpens in new window for directors of corporate boards.

Qualifications

Public members appointed to the board shall be approved by the shareholder and should collectively represent a range of expertise in:

  • sports and entertainment
  • finance
  • marketing

Meetings

The board generally meets quarterly, with special meeting as necessary at the call of the Chair.

Remuneration

No remuneration is paid to board members.

Related links

Membership

The current and historical Appointments for this body.

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City Council appointed three members to the board at their June 2019 meeting. Applications are always being accepted for future vacancies.