Amendment to Non-Competitive Purchase Order 6048061 for the Retainer with Koskie Minsky for Work on Investment Manager Documentation for the Toronto Investment Board

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The decision

2025-12-16 · Toronto City Council · adopted

As filed

City Council on December 16 and 17, 2025, adopted the following: 1. City Council, in accordance with Section 71-11.1C of the City of Toronto Municipal Code Chapter 71 (Finance Control By-Law) authorize the City Solicitor to amend Purchase Order number 6048061 issued to Koskie Minsky LLP for the provision of retainer services by increasing the over all value by $223,625 net of all applicable taxes and charges ($227,651

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net of Harmonized Sales Tax Recoveries), increasing the non-competitive contract from $476,375 net of all applicable taxes and charges ($484,759 net of Recoveries) to $700,000 net of all applicable taxes and charges ($712,320 net of Harmonized Sales Tax Recoveries) and extending the validity date from December 31, 2024 to December 31, 2027.

On the agenda

As the city filed it

The purpose of this report is to request authority to amend Purchase Order number 6048061 issued to Koskie Minsky LLP for the provision of legal services. The total amendment being requested is $223,625 net of all applicable taxes and charges ($227,561 net of HST Recoveries). Given the length of time required to negotiate and complete agreements with new Investment Managers, a request to extend the deadline of the retainer to December 31, 2027, is also being recommended.

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The additional funds are required to continue work for contracts, tax advice, and other related documentation for external investment managers working as agents for the Toronto Investment Board, including the recent request for documentation update from the Investment Managers as well as fulfilling the final Investment Manager mandates as required by Statement of Investment Policy and Procedures. Koskie Minsky LLP was retained in July 2018 by Legal Services through a non-competitive contract in order to expedite changes in provincial legislation that came into effect on January 1, 2018. Koskie Minsky LLP has drafted and negotiated ten agreements to date on behalf of the Toronto Investment Board. The current retainer ended in July 2023 however, the carryover of ongoing work that started before this deadline with the two external Investment Managers was completed in August 2024 along with reaching a total of $476,375 on the overall retainer for Koskie Minsky LLP . While no additional work has been required since this time, there has been recent request to update documentation with one of the recently mandated Investment Manager which involves a very short and immediate timeline. In addition, as part of the Council-adopted Statement of Investment Policy and Procedures, the Toronto Investment Board would like to initiate a search for two additional Investment Managers to complete the overall requirements outlined in the Policy.

Staff recommended

The Chief Financial Officer and Treasurer, the City Solicitor, and the Chief Procurement Officer recommend that: 1. City Council, in accordance with Section 71-11.1C of the City of Toronto Municipal Code Chapter 71 (Finance Control By-Law) authorize the City Solicitor to amend Purchase Order number 6048061 issued to Koskie Minsky LLP for the provision of retainer services by increasing the over all value by $223,625 net

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of all applicable taxes and charges ($227,651 net of HST Recoveries), increasing the non-competitive contract from $476,375 net of all applicable taxes and charges ($484,759 net of Recoveries) to $700,000 net of all applicable taxes and charges ($712,320 net of HST Recoveries) and extending the validity date from December 31, 2024 to December 31, 2027.

On the record

The item as the City filed it

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