Fountainblu Lease Renewal for the Fountain Dining Room

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The decision

2020-02-11 · 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) for the Fountain Dining Room 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, with an option to extend the Lease in favour of

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the Tenant for a further term of ten (10) years from May 1, 2030 to April 30, 2040, substantially on the terms and conditions set out in Appendix A to the report (January 28, 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. 2. Authorized the Chief Executive Officer to request the necessary City of Toronto authorities to approve and enter into the Lease.

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. Fountainblu is formerly known as the Fountain Dining Room. At its meeting of September 19, 2019 the Board approved a new lease between the City of Toronto as Landlord and the Tenant for a term of ten (10) years commencing May 1, 2020 and ending April 30, 2030.

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The Tenant on January 9, 2020 wrote to the CEO of Exhibition Place requesting a term of twenty (20) years expiring April 30, 2040, instead of the ten (10) years approved by the Board in September 2019. 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 enter into a new 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. On January 9, 2020 the Tenant also wrote to the CEO of Exhibition Place requesting a term of twenty (20) years for the QET, which would make the leases co-terminous on April 30, 2040. This request is the subject of a separate report. 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. - Is required to invest $450,000 within the first year of the new Lease to upgrade washroom fixtures, upgrading the front lobby/entrance, and refurbishing the kitchen/bar area.

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") for the Fountain Dining Room 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, with an option to extend the Lease in favour of the Tenant for a further term of ten (10) years from May 1, 2030 to April 30, 2040, substantially on the terms and conditions set out in Appendix "A" 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 CEO to request the necessary City of Toronto authorities to approve and enter into the Lease.

On the record

The item as the City filed it

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