Toronto Fashion Incubator Lease

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The decision

2019-09-19 · Board of Governors of Exhibition Place · adopted

As filed

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 "Landlord"), Toronto Fashion Incubator (TFI), as tenant (the "Tenant"), and the Board of Governors of Exhibition Place, for a term of four (4) years commencing December 15, 2019 and ending December 14, 2023, substantially on the terms and conditions set out in Appendix "A" and Confidential Attachment 1 to the report (September 5, 2019) from the Chief Executive Officer, Exhibition Place and such other terms and conditions deemed appropriate by the Deputy City Manager, Corporate Services (the "DCM"), the Chief Executive Officer, Exhibition Place (the "CEO") and in a form satisfactory to the City Solicitor.

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2. Authorized the Chief Executive Officer, Exhibition Place to request the necessary City of Toronto authorities to approve and enter into the Lease. 3. Directed that Confidential Attachment 1 to the report (September 5, 2019) from the Chief Executive Officer, Exhibition Place remain confidential in its entirety and not be released publicly as it pertains a proposed or pending acquisition or disposition of land by the City and the Board.

On the agenda

As the city filed it

The Board and Toronto Centre for the Promotion of Fashion Design, carrying on business as Toronto Fashion Incubator (TFI) (the "Tenant"), entered into a lease of the Music Building at 285 Manitoba Drive dated June 15, 2016, which expires on December 14, 2019 (the "Existing Lease"). Pursuant to Section 3.2 of the Existing Lease, the Tenant surrendered the portion of the Music Building known as Pod 1 from the Leased Property, effective December 14, 2016.

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The Tenant is requesting a 4 year extension of the Existing Lease with respect to Pods 2 and 3 of the Music Building, commencing December 15, 2019 and concluding December 14, 2023.

Staff recommended

The Chief Executive Officer recommends that: 1. Subject to obtaining the necessary City of Toronto authorization, the Board approve a new lease (the "Lease") between the City of Toronto, as landlord (the "Landlord"), Toronto Fashion Incubator (TFI), as tenant (the "Tenant"), and the Board, for a term of four (4) years commencing December 15, 2019 and ending December 14, 2023, substantially on the terms and conditions set out in Appendix "A" and Confidential Attachment 1 and such other terms and conditions deemed appropriate by the Deputy City Manager, Corporate Services (the "DCM"), the Chief Executive Officer of the Board (the "CEO") and in a form satisfactory to the City Solicitor.

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2. The Board authorize the Chief Executive Officer to request the necessary City of Toronto authorities to approve and enter into the Lease. 3. The Board direct that Confidential Attachment 1 to this report remain confidential in its entirety and not be released publicly as it pertains a proposed or pending acquisition or disposition of land by the City and the Board.

On the record

The item as the City filed it

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