Lease Amendment Agreement for 3 Eireann Quay - by Councillor Ausma Malik, seconded by Deputy Mayor Jennifer McKelvie

In 2021, City Council authorized the City, as Landlord, to enter into a long-term lease with the Canada Ireland Foundation, and to contribute up to $1,976,850 (net Harmonized Sales Tax) towards 'base building' repairs, to consist of various necessary state-of-good-repair and building accessibility upgrades. At the time, this estimate was deemed sufficient to fund necessary base building upgrades to the derelict, mostly vacant facility. Subsequent partial demolition, removals and inspections, in addition to industry-wide construction cost escalations, have resulted in an increase in the estimated total cost to restore this facility to a state of good repair, and to implement necessary accessibility upgrades required by the Accessibility for Ontarians with Disabilities Act. $500,000 of the additional funds requested is available within Corporate Real Estate Management's state-of-good-repair capital budget for the year 2023, the balance of $1,992,150 will be budgeted in 2024. The lease amendment will permit the tenant to access the available base building (state-of-good-repair and accessibility upgrades) repair funds that are needed to keep this active construction project on schedule. Delays in permitting access to the funds may result in construction and building opening delays, which may, in turn, delay other City-led capital improvement projects on the same property. This Motion is urgent because Parks, Forestry and Recreation staff are beginning work on the site prior to the next City Council meeting.

$4,419,000 (net Harmonized Sales Tax), together with such other terms and conditions as may be deemed appropriate by the Executive Director, Corporate Real Estate Management, in consultation with the General Manager, Economic Development and Culture, the Chief Planner and Executive Director, City Planning and in a form acceptable to the City Solicitor.