Amendment to Fountainblu Lease Renewal for the Fountain Dining Room

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The decision

2021-09-28 · 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 the amendment to the permitted use clause (Section 5.1) of the lease dated May 1, 2020 (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 of Governors of Exhibition Place, substantially on the terms and conditions set out in Appendix "A" to the report (September 15, 2021) from the Chief Executive Officer, Exhibition Place and such other terms and conditions deemed appropriate by the Deputy City Manager, Corporate Services, the Chief Executive Officer, Exhibition Place, 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 the amendment for the new 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, which was approved by the Board on February 11, 2020. The Tenant on April 12, 2021 wrote to the CEO of Exhibition Place requesting an amendment to the Permitted Use clause in the Lease to allow for use as a banquet facility, which is already permitted, and to add a new permitted use as a private event/function space, with the ability to offer both banquet and food and beverage events. This report recommends that the Board subject to obtaining the necessary City of Toronto authorization approve the amendment.

Staff recommended

The Chief Executive Officer, Exhibition Place recommends that: 1. Subject to obtaining the necessary City of Toronto authorization, the Board approve the amendment to the permitted use clause (Section 5.1) of the lease dated May 1, 2020 (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 of Governors of Exhibition Place, 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 Chief Executive Officer, Exhibition Place, and in a form satisfactory to the City Solicitor.

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2. The Board authorize the Chief Executive Officer, Exhibition Place to request the necessary City of Toronto authorities to approve the amendment for the new Lease.

On the record

The item as the City filed it

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