The filed record
Proposed Long Term Land Lease - City Owned Property at 11 Bay Street
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The decision
2021-05-11 · CreateTO · amended
As filed
The Board of Directors of CreateTO: 1. Confirmed its actions taken in closed session in issuing instructions. 2. Authorized the public release of the information in Confidential Attachment 1 to the report (April 26, 2021) from the Chief Executive Officer, CreateTO following completion of the transactions contemplated in this report, and at the discretion of the Chief Executive Officer, CreateTO.
On the agenda
As the city filed it
The purpose of this report is to report back to the Board of CreateTO with certain supplemental information related to the proposed lease terms negotiated between staff of CreateTO and QuadReal Property Group Limited Partnership ("QuadReal") and Barney River Investments Limited ("Barney River"), the managers acting on behalf for the tenant, in connection with a proposed long-term lease renewal/new lease agreement ("Lease Extension") to permit redevelopment of the City-owned property at 11 Bay Street (the "Subject Property").
Show the rest of As the city filed it, 684 more characters as filed
QuadReal and Barney River have proposed a complete redevelopment of the Subject Property which will result in a new office tower and rebuilt convention centre at grade. At its meeting on January 11, 2021, the CreateTO Board considered an initial report (the "Initial Report") on the proposed Lease Extension, and invited Staff to conduct further due diligence on the background to the Tenant's proposal. At its meeting on March 8, 2021, the CreateTO Board and invited Staff to return to the May 11 Board meeting with certain supplemental information relating to the proposed transaction. This Report contains the supplemental information requested by the Board at its March 8 meeting.
Staff recommended
The Interim Chief Executive Officer, CreateTO recommends that: 1. The Board of Directors of CreateTO authorize the public release of the information in Confidential Attachment 1 following completion of the transactions contemplated in this report, and at the discretion of the Chief Executive Officer, CreateTO.
On the record
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