Lease Extension Agreement with Karelada Investment Limited - 5665 Yonge Street (Car Park 419)

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The decision

2022-05-27 · Toronto Parking Authority · adopted

As filed

The Board of Directors of Toronto Parking Authority: 1. Requested Corporate Real Estate Management to negotiate, enter into and execute on behalf of Toronto Parking Authority, a lease extension agreement with Karelada Investments Limited with respect to 5665 Yonge Street, in accordance with the terms and conditions as generally outlined in Confidential Attachment 1 to the report (May 11, 2022) and on such other terms and conditions or amended terms and conditions as may be acceptable to the President, Toronto Parking Authority, and in a form satisfactory to the City Solicitor.

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2. Directed the President, Toronto Parking Authority to request Corporate Real Estate Management to have 5665 Yonge Street designated as part of the Municipal Parking Facility known as Car Park 419 at such time as the lease extension agreement is executed. 3. Directed that Confidential Attachment 1 to the report (May 11, 2022) from the President, Toronto Parking Authority, remain confidential in its entirety, as it relates to a position to be applied to negotiations being carried out by Toronto Parking Authority.

On the agenda

As the city filed it

This report seeks authority from Toronto Parking Authority Board of Directors to direct City of Toronto Corporate Real Estate Management to enter into a Lease Extension Agreement (the "Agreement") with Karelada Investments Limited (the "Owner" or "Karelada") for the parcel of land located at 5665 Yonge Street. These lands have been leased by Toronto Parking Authority since 2006 and are currently incorporated into Car Park 419 (the "Property") (refer to Appendix A - Site Location Map).

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Car Park 419 is comprised of both the leased lands at 5665 Yonge Street and a City-owned parcel located at 5667 Yonge Street. Should the recommendations of this report be adopted, Corporate Real Estate Management will negotiate, enter into and execute the Agreement and extend the lease of the land until May 31, 2024 with three (3) optional renewal terms of one (1) year each. The proposed Agreement with the Owner will be in accordance with the terms and conditions outlined in Confidential Attachment 1.

Staff recommended

The President, Toronto Parking Authority recommends that: 1. The Board of Directors of Toronto Parking Authority direct that Confidential Attachment 1 remain confidential in its entirety, as it relates to a position to be applied to negotiations being carried out by Toronto Parking Authority. 2. The Board of Directors of Toronto Parking Authority request Corporate Real Estate Management to negotiate, enter into and execute

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on behalf of Toronto Parking Authority, a lease extension agreement with Karelada Investments Limited with respect to 5665 Yonge Street, in accordance with the terms and conditions as generally outlined in Confidential Attachment 1 and on such other terms and conditions or amended terms and conditions as may be acceptable to the President, Toronto Parking Authority, and in a form satisfactory to the City Solicitor. 3. The Board of Directors of Toronto Parking Authority direct the President, Toronto Parking Authority to request Corporate Real Estate Management to have 5665 Yonge Street designated as part of the Municipal Parking Facility known as Car Park 419 at such time as the lease extension agreement is executed.

On the record

The item as the City filed it

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