Withrow Common (formerly Queen Elizabeth Executive Offices) Lease

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The decision

2020-10-26 · 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), CNEA, as tenant (the Tenant), and the Board, for a term of one (1) year commencing November 1, 2020 and ending October 30, 2021, with four (4) one (1) year Tenant options to extend, substantially on the terms and conditions set out in Appendix A and Confidential Attachment 1 to the report (October 9, 2020) 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 (October 9, 2020) from the Chief Executive Officer, Exhibition Place remain confidential in its entirety and not be released publicly, as it pertains to 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 the Canadian National Exhibition Association (CNEA) (the "Tenant") entered into a lease for the Queen Elizabeth Executive Offices (renamed Withrow Common) and certain ancillary areas dated November 1, 2016, which expires on October 30, 2020 (the "Existing Lease"). The Tenant requested a 5-year extension of the Existing Lease with respect to Withrow Common, commencing November 1, 2020 and concluding October 30, 2025 which was approved by the Board at its meeting of September 19, 2019.

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In close consultation with the provincial and municipal governments, the CNEA Board of Directors voted on May 7, 2020 to cancel the event this year out of an abundance of precaution to safeguard the health of its employees, volunteers, visitors, vendors, and artists, and its shared responsibility in protecting public safety during this unprecedented health crisis. On May 12, 2020 the Tenant through a press release announced that Canada's largest fair and an iconic Toronto celebration, will not light up this summer, and with the support of the Province of Ontario and City of Toronto, this year's CNE will not move forward due to the COVID-19 pandemic with its 18-day event slated for August 21 to September 7, 2020 at Exhibition Place. The historic decision marks only the second occasion in its 142-year history, and not since WWII, has the CNE closed in its entirety. With the impact from the cancellation of the 2020 fair the Tenant will likely face financial challenges in 2020 and beyond, and therefore at this time the Tenant is unable to commit to a 5-year lease. The Tenant's Board is requesting a one-year lease instead, commencing November 1, 2020 and ending October 30, 2021; with four one-year extension options, provided written notice is given to the Landlord two months before the then existing expiration date, and with an early termination provision in favour of the Tenant effective December 31 in each of year 3, 4, and 5. Since the Tenant took possession of Withrow Common in 2016, the Tenant has completed significant renovations in the leased premises as follows: - The CNEA invested in excess of $300,000 in leasehold improvements. - Reception area, lobby, and central common area - painting, kitchen, flooring, washrooms, and lighting. - Leasehold improvements concentrated on 'green' initiatives, and where possible eco-friendly choices were utilized in paint, lighting, and flooring finishes.

Staff recommended

The Chief Executive Officer, Exhibition Place 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), CNEA, as tenant (the Tenant), and the Board, for a term of one (1) year commencing November 1, 2020 and ending October 30, 2021, with four (4) one (1) year Tenant options to extend, 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, Exhibition Place (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