Toronto Port Lands Company - Annual General Meeting and 2024 Audited Financial Statements

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The decision

2025-07-23 · Toronto City Council · adopted

As filed

City Council on July 23 and 24, 2025, adopted the following: 1. City Council treat that portion of the City Council meeting at which the report (June 21, 2025) from the Chief Executive Officer, CreateTO is considered as the Annual General Meeting of the Shareholder for Toronto Port Lands Company, and: a. receive the Board-approved 2024 Audited Financial Statements for Toronto Port Lands Company from CreateTO's Chief Executive Officer, forming Attachment 1 to the report (June 21, 2025) from the Chief Executive Officer, CreateTO; b.

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receive the 2024 Annual Report for Toronto Port Lands Company from CreateTO's Chief Executive Officer, forming Attachment 2 to the report (June 21, 2025) from the Chief Executive Officer, CreateTO; and c. receive the CreateTO's 2024 Highlights Report from CreateTO's Chief Executive Officer, forming Attachment 3 to the report (June 21, 2025) from the Chief Executive Officer, CreateTO. 2. City Council, acting as shareholder of the corporation, and in accordance with section 148 of the Business Corporations Act, dispense with the requirement set out in section 149(2) of the Act to appoint an auditor for the current financial year during this Annual General Meeting.

On the agenda

As the city filed it

Under CreateTO's management, Toronto Port Lands Company (TPLC) continues to advance the long-term vision for a sustainable new community in the heart of Toronto. TPLC is the majority landowner in the Port Lands, which is one of the largest and most valuable undeveloped pieces of real estate in North America. On behalf of the City, TPLC is committed to making sure the people of Toronto get the most value out of this amazing part of the City.

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TPLC manages leases with more than 80 tenants that provide important supplies and services to the downtown core; and is continuing to advance the long-term vision to create sustainable new communities in the Port Lands with McCleary District and Ookwemin Minising; and supporting further development of the film industry in the area through projects like Basin Media Hub. Throughout 2024, TPLC continued its support of the flood protection work by Waterfront Toronto which will unlock many new uses to better serve Toronto residents and visitors. More than 120+ acres of land continue to be leased to Waterfront Toronto to support the completion of the flood protection work. In November 2024, the Port Land Flood Protection (PLFP) project saw a major milestone with the removal of the north plug, which completed the new mouth of the Don River, allowing the river to flow freely, and marked the creation of a new island on Toronto's waterfront. Once completed, this initiative will unleash an abundance of new opportunities from affordable housing to vibrant parks, trails, and commercial hubs. We are committed to continuing to work with our partners and stakeholders to ensure that this distinctive downtown area enriches Toronto to the fullest extent possible. Please refer to Attachment 3, page 5, for Port Lands 2024 Highlights.

Staff recommended

Toronto Port Lands Company Board recommends that: 1. City Council treat that portion of the City Council meeting at which this report is considered as the Annual General Meeting of the Shareholder for Toronto Port Lands Company, and: a. receive the Board-approved 2024 Audited Financial Statements for Toronto Port Lands Company from CreateTO's Chief Executive Officer, forming Attachment 1 to this report; b. receive the 2024 Annual Report for Toronto Port Lands Company from CreateTO's Chief Executive Officer, forming Attachment 2 to this report; and c.

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receive the CreateTO's 2024 Highlights Report from CreateTO's Chief Executive Officer, forming Attachment 3 to this report. 2. City Council, acting as shareholder of the corporation dispense with the requirement to appoint an auditor for the current financial year during this Annual General Meeting pursuant to section 149(2) of the Business Corporations Act.

Considered

2025-07-16 · Executive Committee · amended
Decision as filed
The Executive Committee recommends that: 1. City Council treat that portion of the City Council meeting at which the report (June 21, 2025) from the Chief Executive Officer, CreateTO is considered as the Annual General Meeting of the Shareholder for Toronto Port Lands Company, and: a. receive the Board-approved 2024 Audited Financial Statements for Toronto Port Lands Company from CreateTO's Chief Executive Officer, forming Attachment 1 to the report (June 21, 2025) from the Chief Executive Officer, CreateTO; b.
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receive the 2024 Annual Report for Toronto Port Lands Company from CreateTO's Chief Executive Officer, forming Attachment 2 to the report (June 21, 2025) from the Chief Executive Officer, CreateTO; and c. receive the CreateTO's 2024 Highlights Report from CreateTO's Chief Executive Officer, forming Attachment 3 to the report (June 21, 2025) from the Chief Executive Officer, CreateTO. 2. City Council, acting as shareholder of the corporation, and in accordance with section 148 of the Business Corporations Act, dispense with the requirement set out in section 149(2) of the Act to appoint an auditor for the current financial year during this Annual General Meeting.
2025-07-23 · Toronto City Council · adopted

On the record

The item as the City filed it

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