85 Ellesmere Road - New Lease Agreement for Maryvale Branch and Designation of a Portion of the Property Used by the Toronto Public Library as a Municipal Capital Facility

The Maryvale branch currently occupies 4,998 sq. ft., and the proposed expansion will add 6,762 sq. ft. of new space for a total of 11,760 sq. ft. in a different and improved location within Parkway Mall located at 85 Ellesmere Road. The proposed lease, expected to start on December 1, 2020, has favourable terms as the size of the branch is being increased by 135 percent, but the gross annual cost of the lease is expected to increase by less than 70 percent. The lease proposal also includes a significant landlord contribution that will fund 30 percent of the capital costs. A new capital project to renovate the larger space is estimated at $2.714 million that will be funded by development charges of $1.345 million, landlord contribution of $0.823 million and debt of $0.547 million and was approved as part of TPL's 2020-2029 Capital Budget and Plan. The move to a larger space is an opportunity that arises very infrequently as the mall is undergoing a major renovation and will result in significantly improved library service for the community. The recommendation to invest in Maryvale has been validated by the Library's Facilities Master Plan. The proposed Maryvale branch lease and capital project have both received Library Board endorsement and the branch lease requires Council approval.