Fountain Dining Room 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"), 16730801 Ontario Ltd., as tenant (the "Tenant"), and the Board, for a term of ten (10) years commencing May 1, 2020 and ending April 30, 2030, 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 16730801 Ontario Ltd. (the "Tenant") entered into a lease for the Fountain Dining Room ("FDR"), being part of the Queen Elizabeth complex, dated November 1, 2010, which expires on April 30, 2020. Since the Tenant took possession of the Fountain Dining Room, the Tenant has undertaken renovations in the leased premises as follows: - Invested approximately $800,000 for upgraded washroom facilities, bar area, kitchen equipment and upgrades to the entrance/foyer.

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The Board and the Tenant, also have entered into a Lease agreement for the Queen Elizabeth Theatre ("QET"). At its meeting on June 13, 2019 the Board approved of the staff recommendation to extend the term of the lease with the Tenant for the QET to April 30, 2030. This would make both the QET lease and Fountain Dining Room Lease coterminous on April 30, 2030.

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"), 16730801 Ontario Ltd., as tenant (the "Tenant"), and the Board, for a term of ten (10) years commencing May 1, 2020 and ending April 30, 2030, 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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