Toronto Public Library - Lease Agreement at 2900 Warden Avenue

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The decision

2021-06-08 · Toronto City Council · adopted

As filed

City Council on June 8 and 9, 2021, adopted the following: 1. City Council authorize the Executive Director, Corporate Real Estate Management, to enter into a Letter of Intent and a sublease agreement, to be executed pursuant to the Letter of Intent (collectively the "Sublease"), with Bridlewood Mall Management Inc. (the "Sublandlord"), for use by the Toronto Public Library of the space municipally known as Unit 230,

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2900 Warden Avenue, Toronto (the "Leased Premises") for a twenty (20) year term, substantially on terms and conditions set out in Appendix A to the report (May 12, 2021) from the Executive Director, Corporate Real Estate Management, and the City Librarian and on such other terms and conditions as may be agreed to by the Executive Director, Corporate Real Estate Management in consultation with the City Librarian.

On the agenda

As the city filed it

The purpose of this report is to obtain City Council authority to enter into a sublease agreement with Bridlewood Mall Management Inc., as sublandlord, for approximately 20,000 square feet of space in the Bridlewood Mall (the "Mall") located at Unit 230, 2900 Warden Avenue, Toronto (the "Leased Premises") for a term of twenty (20) years. The agreement enables the relocation of the Toronto Public Library Bridlewood branch to a new and improved location within the Mall, adjacent to the newly constructed Toronto Employment and Social Services space, and expands the current branch by approximately 12,000 square feet, while reducing costs per square foot by approximately $0.50.

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The rent and other terms and conditions of this sublease agreement reflect current market value according to market research and valuation conducted by Corporate Real Estate Management staff. Staff will also seek to designate the Leased Premises as a Municipal Capital Facility in order to exempt the Leased Premises from realty taxation for municipal and school purposes and report back to City Council at a later date.

Staff recommended

The Executive Director, Corporate Real Estate Management, and the City Librarian recommend that: 1. City Council authorize the Executive Director, Corporate Real Estate Management, to enter into a Letter of Intent and a sublease agreement to be executed pursuant to the Letter of Intent (collectively the "Sublease"), with Bridlewood Mall Management Inc. (the "Sublandlord"), for use by the Toronto Public Library of the

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space municipally known as Unit 230, 2900 Warden Avenue, Toronto (the "Leased Premises") for a twenty (20) year term, substantially on terms and conditions set out in Appendix A and on such other terms and conditions as may be agreed to by the Executive Director, Corporate Real Estate Management in consultation with the City Librarian.

Considered

2021-05-27 · General Government and Licensing Committee · adopted
Decision as filed
The General Government and Licensing Committee recommend that: 1. City Council authorize the Executive Director, Corporate Real Estate Management, to enter into a Letter of Intent and a sublease agreement to be executed pursuant to the Letter of Intent (collectively the "Sublease"), with Bridlewood Mall Management Inc. (the "Sublandlord"), for use by the Toronto Public Library of the space municipally known as Unit 230,
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2900 Warden Avenue, Toronto (the "Leased Premises") for a twenty (20) year term, substantially on terms and conditions set out in Appendix A to the report (May 12, 2021) from the Executive Director, Corporate Real Estate Management, and the City Librarian and on such other terms and conditions as may be agreed to by the Executive Director, Corporate Real Estate Management in consultation with the City Librarian.
2021-06-08 · Toronto City Council · adopted

On the record

The item as the City filed it

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